As the Fintech space becomes more saturated and competitive, companies are turning to the newest and most innovative ways to stand out from the crowd. For the next generation of Fintech companies, putting user experience (UX) first is proving to be critical towards promoting user adoption.
Traditionally, UX has been treated as an afterthought, with developers instead choosing to focus their efforts on the software and app functionality. Nowhere is this truer than in the Fintech space, where strict regulations for compliance have often suppressed UX as it relates to the collection of personal data.
Layering UX on top of existing software is an outdated practice. Once the software is built, it takes on a personality of its own, and creates restrictions for the development of UX and the onboarding of new users. In Fintech, UX represents an untapped resource for lowering the barrier of entry by offsetting the requirements placed on the user and encouraging the adoption of Fintech applications.
In effort to retain UX under the strict compliance inherent with Fintech, companies, such as nTrust, are designing platforms that work to the customer’s advantage by offering a majority of their services with only a basic profile. This unique design gives customers the ability to quickly sign up for an account and use the services right away. Through nTrust’s approach to UX, the company is provided with the opportunity to create sign up and referral promotions by rewarding customers with free money credited to their Cloud.
While there are many components to consider in a Fintech platform, there is arguably no more important factor than the user’s experience. While UX is already disrupting the Fintech industry, it will likely be gaining even more ground over the coming years as it continues to be the key to the success of companies.
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