How Are the Trends of Design in Fintech Startups?
There is a lot of talk about Fintech Startups. In recent times, a lot of these startups have emerged. There is a lot to talk about the trends of design in these startups. Let’s address the key trends which are going to rule in coming times.
1. Efficient Onboarding Process
The significant part of design in Fintech startups will be the onboarding process. This process majorly about capturing the essential and important data of the users ranging from verification, identification, pre-scoring and scoring. The Fintech startups are now designing and improving the process when the users know exactly about what they are in the particular process, what is actually and already done as well as what are the steps they are required to complete.
The main challenge is to keep this process transparent for the users and also inform them about the subsequent step as well as reason for collection of the data. It is quite important in the European Union because of the new GDPR regulation. Same goes for other countries too. So, it is rather a crucial design trend which will be followed.
2. Improved Identity Authentication
Second important trend is the identity authentication. Acquisitions of the new users is considered to be the key measure of the success of any Fintech startup. However, when it is comes to crucial and sensitive data along with transactions, asset management etc., it is quite important to deal with the real people. Since internet provides the user with a sense of complete anonymity, the Fintech startups has to identify as well as authenticate their users within the apps. It is why a document verification process is quite important part of the complete user journey. This verification process can essentially be fully automated or made purely manual. These Fintech organization works best where prestamos de dinero or money loans are plenty in demand. The advantage of manual verification lies in its accuracy and the advantage of machine learning lies in the speed. So, this is rather an important design trend that needs to be considered in the near future. The selection of the verification process is made with the compromise between the budget and time that is kept in mind. Fintech startups which have access to various ambient touchpoints with their particular users will certainly have the advantage. So, this design trend will be rule in the coming time.
3. Introduction of Biometric Verification
Another important design trend that will be important will be the Biometric verification. There can’t be any compromise when it comes to the security. In recent times, the Biometric verification is becoming quite easily available on most of the mobile devices and the two-step verification is considered to be the standard in the financial industry. Even with this, there are certainly no limit when it comes to exploration of various verification methods. For instance a security code can easily be pre-populated for the users in two separate ways: as animage for manual re-typing or as a QR code.
4. Interactive Charts and Call-To-Action
Another challenge that Fintech startups face is to fit in numerous traditional bank features within their app. So a well-designed dashboard certainly helps both the form as well as function matter. Smartphone users can easily and conveniently access the data regarding the performance of their own assets with easier to apply sorting filters. The interactive charts provide displaying the most complex conjunctions of assets, values and time. When we add any particular essential call to action button, we can then only compare it to the monitoring of stock exchange and constant calls made to the brokers. However, this may look simpler and more accessible in the certain form of a smartphone app which is a perfect argument for the existence of digital products. Hence, this trend will be quite important in future.
5. Precise Behaviour Prediction
Lastly, the behaviour prediction in the design will be essential for Fintech startups. There is the growing use of machine learning as well as complex algorithms to get to know the users in better way, and predict their particular behaviours. Forecasting can easily be achieved in various different ways which provide the user a feeling of dealing with different personalized products particularly crafted for their unique aspirations and needs. We can only compare this to a well-trained and dedicated agent who certainly knows the users along with the needs and capabilities. Fintech solutions will certainly have the advantage in terms of costs, time as well as scaling possibilities.
6. Improved Scoring
When it comes to the biggest risk for process’s both sides within the industry is scoring. With many third-party companies providing useful data, it is quite a great practice to proactively inform the users about the existing scoring as well as suggesting them the ways to improve. Fintech startups are now learning how to deal with the issue of user evaluation. This is now being embedded in the design part of these startups. However, one thing is quite certain that with more sources to monitor, more trust can easily be earned. It is certainly great to use best UX practice to ask for different sources of knowledge to minimize the risk as well as offer interesting financial products.
7. Increased Transparency
Another important design trend in Fintech startups in the transparency. Fintech solutions are now detached from their physical branches so it is a crucial practice to offer as much related data that can be possible to allow their products to remain understandable and also avoid the users spending a lot of time on the support and help channels. This can certainly lead to more frustration as well as dropped services.
Most companies try to redefine the market and want to capture their market share but they need to think about the customers first. Fintech startups may be inclined to think that is simply a marketing philosophy, but real business essentially proves that is much more than simply a platitude. Design plays a crucial and essential part of the journey of end user in Fintech and it is quite crucial to master the UX as well as UI experience. When it comes to design effort, ROI is completely justified. So, the above-mentioned trends of design need to be considered by the Fintech startups in the near future.