Specifics of UX consultants and fintech designers in the banking industry

Choosing the right fintech designer and UX consultant for a financial company's digital product is crucial for building a great service and a solid and positive financial brand image. The Pareto principle states that 20% of efforts impact 80% of success. In terms of digital financial products, actions related to user experience (UX) have the biggest impact and often determine whether a financial service will be demanded by the customers.

Despite the fact that 87% of organisations recognize the importance of customer experience, especially when it comes to building customer loyalty, only 30% of organisations have an executive on the board accountable for customer experience. Most companies are managing digital experience at a business unit level and don't have strong teams of experience design specialists to bridge the gap between customer needs and their products, according to Dimension Data.

Who are Fintech Designers and Financial UX Consultants

Fintech designers and financial UX consultants specialize in designing financial technology products and services. They use their expertise in user experience design and user interface (UI) design to create innovative solutions that improve the way people manage their finances and access financial services. Fintech designers may work on a range of products, including mobile financial apps, personal finance management tools, and online investment platforms. They collaborate with developers, product managers, and other team members to bring financial product designs to life.

Financial UX designers are different from designers in other industries in that they must have a deep understanding of the financial industry and the specific needs and requirements of financial institutions and their customers. This includes an understanding of financial concepts and processes, such as payments, loans, and investing, as well as an understanding of relevant regulations and technologies, such as data security and privacy laws, and blockchain and API's. 

Financial UX designers must also be able to design systems that are easy for customers to use, but also meet the complex and often specialized needs of financial institutions. This may require designing for a wide range of user types, including retail customers, small business owners, and financial professionals, and being able to create solutions that are suitable for each user group. In addition to these specialized skills and knowledge, financial UX designers should also possess the general skills and competencies that are common to all UX designers, such as user research and usability testing, design thinking, and prototyping.

Many modern mobile banking, wealthtech, insurance and other financial service design examples are found on Google and Pinterest. Though the visual appearance is important, often these products turn out to be a nightmare for the customers. Due to an over-stylized UI and complex financial information architecture, users are unable to find the necessary elements and important user scenarios.

In digital financial product design, we can divide fintech designers into two categories─those focused on the artistic side with the goal of making an impression and those who aim for a beautiful design that would meet the user's needs and be intuitive and easy to use.

When it comes to finance, the ability to create an attractive design covers only 1% of the required competence. If you decide to hire designers who do not have enough competence and experience in human-centered fintech design it's not possible guarantee great product usability in sync with user expectations and the specifics of the business strategy.

Here's an example from UXDA's experience. A huge insurance company requested a redesign of a recently launched product. They had hired seemingly talented designers with track records in multiple domains and spent a great deal of money on creating a fancy product that turned out to be unusable. These creative designers had made a beautiful flow with tons of pleasing illustrations and animations but it was overwhelming and distracting. From the user point of view, the process of getting insurance was a nightmare. We were forced to start with user research in order to create an intuitive information architecture and to ensure that all flows are aligned with the user's needs. In the end, we crafted an inspiring design that was attractive and easy to use.

To avoid this unusable beauty trap when you're ready to hire designers, it's handy to explore not only the social profiles of the designers but also the status and essence of their product designs. Are they launched? What are the customer reviews? What kind of methodology do the designers have? Do they pay enough attention to the research and the engineering phase or go straight to design?

Here are some steps to follow when hiring fintech designers for your digital financial product or service:

1. Identify the specific skills and expertise you need

Fintech designers have a wide range of skills and expertise, including UX design, UI design, and knowledge of the financial industry. Identify the specific skills and expertise that are most relevant for your project and look for designers who have those skills. Do designers have expert publications and case studies that confirm their competence, as well as UX and design awards?

2. Look for designers with experience in the financial industry

Fintech designers who have experience and methodology in the financial industry will have a better understanding of the unique challenges and opportunities in this field. This can help them create designs that are specifically tailored to the needs of financial institutions and their customers. How extensive is their experience of working with complex financial companies that have many stakeholders and requirements, such as banks, for example?

3. Consider the designer's portfolio and work samples

A designer's portfolio and work samples can give you a good idea of their skills and expertise, as well as their design aesthetic and approach to problem-solving. Review these materials carefully to ensure that the designer's work aligns with your vision and goals. What financial products did they design, and how unique and innovative are these solutions?

4. Talk with the designer via video conference

Meeting designers via video conference can give you a better sense of their personality and communication style. This can help you determine if the designer will be a good fit for your goal and your project. Are they ready to take on any job and promise whatever you want, or do they approach the task strategically and comprehensively analyzing it based on their experience?

5. Check out the reviews

Read reviews of the designer from previous clients and explore track records. This can give you insight into a designer's work ethic, reliability, and ability to deliver on their promises. Do these reviews reflect the specifics of the task and design approach, or is it more of an abstract praise left by friends?

Overall, when hiring fintech designers to create digital financial products and services, it is important to look for individuals who have the relevant skills and expertise, as well as a proven track record of success in the financial industry. By following these steps, you can find the right designer to help you create innovative and user-friendly digital financial solutions.

Specifics of UX Design in the Financial Industry

There are cases in which a financial company decides to hire designers to create a great product, but the end result is far from perfect. This is because even a skilled design specialist might not be able to bring his A-game when it comes to the specifics of financial services or bank digitalization.

The primary responsibilities of UX consultants and fintech designers in the banking industry include designing and improving the user experience of the bank's digital products and services, such as its website, mobile app, and online banking platform. This may involve conducting user research and usability testing to understand how customers use the bank's digital products and where they encounter difficulties, and then using this information to design solutions that address those issues. 

UX consultants and designers may also be responsible for creating wireframes, prototypes, and high-fidelity mockups to communicate their designs to developers and stakeholders, as well as working with developers to ensure that the final products are implemented according to the design specifications. Other responsibilities may include staying up-to-date with the latest design trends and best practices, collaborating with cross-functional teams, and participating in design reviews and presentations.

In financial user experience, the smallest mistake can lead to both financial losses and loss of customer loyalty and trust. It's extremely important to have in-depth knowledge and understanding of the specific financial product and the industry at large. To work with financial services, it is crucial to have knowledge and experience in the specifics of this complex industry as well as user psychology behind finances.

Hiring a UX designer without in-depth financial knowledge might seem like a win in the short term due to the possibility of cutting expenses, but might incur a high cost in the end.

Main risks of a bad product design in the financial industry include:

• Loss of customers. Poor product design can lead to a bad customer experience, which can result in customers switching to other banks or financial institutions.

• Reduced revenue. Bad product design can make it more difficult for banks to generate revenue from their products and services, which can impact their overall profitability.

• Security risks. Poorly designed financial products and services can be more vulnerable to security threats, such as cyber attacks or fraud. This can put customers' personal and financial information at risk, which can lead to damage to the bank's reputation and legal liabilities.

• Loss of trust. Bad product design can make it difficult for customers to trust a bank, which can impact the bank's overall reputation and its ability to attract new customers.

• Regulatory issues. In some cases, poor product design may result in products and services that do not comply with regulations or industry standards such as WCAG, which can lead to fines, lawsuits and other penalties.

Here's a real-life example. A certain bank had hired UX designers to redesign their mobile financial app as part of the process of the bank digitalization. Shortly after the launch, the bank’s support team received thousands of customer calls with similar struggles. This was because an “unimportant” detail missed by the designers was actually a major element for service usability.

The success of the financial brand and its products depends on an in-depth understanding of the specifics of financial products, business strategy, marketing, psychology, human behavior and digital technology.

Fintech Designers Role in Digital Breakthrough

Even the most skilled financial design experts might still not deliver the desired results. This is because the impact of the designer's knowledge and skills is decreased if their influence is limited to the surface level of the product.

If the designers aren't able to thoroughly analyze the product and design experience at a deep level, it might lead to a standardized, non-competitive solution. This explains how boring digital financial solutions appear in the process of bank digitalization.

It's important for fintech design specialists to become user-centric facilitators at every level of the company, integrating these values into the company culture and inspiring and coaching the employees to become user advocates who ensure the best possible customer experience in finance.

From a financial businesses' perspective, the top benefits of hiring fintech focused designers compared to traditional designers are:

1. Improved customer experience

Fintech designers have a deep understanding of user experience (UX) design and user interface (UI) design in the financial domain, which allows them to create financial products and services that are easy to use and intuitive. This can result in a better overall customer experience and can help banks retain customers and attract new ones. 

2. Faster time to market

Fintech designers are skilled at creating financial products that are both innovative and feasible, which can help banks bring new products and services to market faster than they would be able to with traditional designers.

3. Increased competitiveness

Fintech designers can help banks create designs that are at the forefront of the industry, which can give them a competitive edge over other financial institutions.

4. Greater potential for growth

Fintech is a rapidly growing field, and hiring fintech designers can help banks stay ahead of the curve and capitalize on new opportunities for growth.

5. Better collaboration

Fintech designers often work closely with developers, product managers, and other team members, which can help foster collaboration and drive innovation within the bank.

6. Improved efficiency

Fintech designers are skilled at creating designs that are efficient and streamlined, which can help banks reduce costs and improve their overall operations.

7. Higher customer satisfaction

Fintech designers are focused on creating designs that are specifically tailored to the needs of financial institutions and their customers, which can result in higher levels of customer satisfaction.

8. Enhanced ability to adapt

Fintech designers are well-versed in the latest technologies and trends in the financial industry, which can help banks quickly adapt to changes in the market and customer needs.

9. Greater potential for revenue growth

By creating innovative and user-friendly financial products and services, fintech designers can help banks generate more revenue and achieve their business goals.

The overall success of financial digital products and the financial brand often depends on the actions taken by the UX experts. The decision to hire UX designers hugely impacts the end value the customers will receive, as well as the speed at which the product will be implemented.

To avoid the trap of limiting the power of design in financial products, fintech designers need to have the appropriate influence over the company’s inner processes. It's also crucial that the C-level executives support the designer’s efforts and ensure the whole team is engaged in the process of user centricity and deliver the best possible experience.

Competent fintech designers are crucial in the banking industry because they are responsible for creating the software and systems that enable banks to provide best financial services to their customers. These systems must be reliable, secure, and easy to use, as they handle sensitive financial information and transactions. In today's digital age, a large portion of banking is done online or through mobile apps, so it is essential for fintech designers to create intuitive and user-friendly designs that make it easy for customers to access and manage their accounts. Additionally, fintech designers must stay up-to-date with the latest technological innovations and industry standards to ensure that the systems they create meet the needs of both banks and their customers.