Tips for Designing Great Financial Apps
Wouldn’t it be nice to open your banking app and feel a sense of calm and control instead of the usual dread?
This is the magic of incorporating psychology into financial UX design.
Banks and fintech companies are in fierce competition to outdo each other with innovative features.
Users, having experienced the convenience of top-notch products in other domains, now expect the same from their banking apps.
The secret to an exceptional financial product is user-centric design, grounded in human psychology.
A survey conducted by Opinium in 2022, involving 3,000 adults aged 18 and over, revealed that 29% of adults experienced stress, 34% faced anxiety, and 10% felt hopeless due to financial concerns. [1]
So, what can we do to change this narrative?
How can financial products be designed to alleviate stress rather than add to it?
Here are some key psychological principles that can transform financial UX:
Aligning with User Expectations
Users come with preconceived notions based on previous experiences.
When a financial product aligns with these mental models, it feels intuitive and easy to use, enhancing the overall experience.
Make sure your product design integrates these mental models, allowing users to apply their existing knowledge from other interfaces without having to re-learn anything.
Make Information Accessible
Financial data is often complex.
Using clear visual elements like icons and well-organized text helps users process information quickly and easily.
A picture is worth a thousand words, especially in financial UX design.
Simplified visuals can demystify complex data, making it more approachable for users.
Apply Jakob’s Law
Jakob’s Law states that users prefer websites that function like the ones they are already familiar with.
This means integrating familiar UI elements and scenarios to make navigation second nature.
Familiarity reduces stress and increases satisfaction.
Gestalt Principles: Create Visual Harmony
Users judge a site’s appeal in a fraction of a second.
Designs that follow Gestalt principles create harmony and appeal, making users comfortable and engaged with the product.
Visual appeal isn’t just about aesthetics; it influences trust and satisfaction.
Organized, harmonious designs make users feel more at ease and in control.
Simplify Options
Too many options can overwhelm users, leading to decision paralysis.
This is Hick’s Law in action, which suggests that the more stimuli or choices users encounter, the longer it takes them to make a decision.
Simplifying choices and offering fewer, more relevant options reduces cognitive load and makes the experience more satisfying.
Encourage Users to Learn
Users are often afraid of making mistakes, especially with finances.
Interfaces that allow safe exploration without fear of irreversible errors encourage deeper engagement.
Clear messages and easy recovery options are key.
Providing a forgiving environment where users can explore features and understand the app’s functionality without fear enhances confidence and satisfaction.
Focus on User Goals
Users have specific goals, like checking their balance or making a payment.
Designing interfaces that support these goals without distractions ensures a streamlined and satisfying experience.
Understanding and prioritizing these goals in the design process means users can achieve what they came to do efficiently and effortlessly.
Make It Fun
Using rewards and gamification in banking interfaces encourages good financial behaviour and makes the experience enjoyable and rewarding.
It’s about making the interaction not just functional but also fun.
For example, offering badges or rewards for achieving savings milestones can motivate users to engage more deeply with their financial health.
Build Trust Through Design
Trust is fundamental in financial services.
A professional, trustworthy design is crucial for first impressions.
Beyond security features, the overall look and feel of the app play a significant role in building user confidence.
A clean, professional design coupled with reassuring messages about security can make users feel more secure.
Nowadays, financial apps have the potential to become sources of comfort and confidence instead of just tools for managing money.
The goal is to turn financial management from a stressful chore into a positive part of daily life.
After all, living in a world where checking your bank balance fills you with pride, managing your budget becomes an enjoyable game, and financial decisions are made confidently rather than with anxiety, is incredibly rewarding and comforting.
Wouldn’t we all agree?
This vision is possible through thoughtful, psychology-driven design.
Ultimately, it’s about humanizing technology.
We have the tools to make financial apps that are not just about numbers but about enhancing the human experience.
Let’s use these tools to create financial products that people love to use—products that support, educate, and provide comfort.
This way, we can build a future where financial well-being is accessible, enjoyable, and stress-free for everyone.
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