The FinTech industry has by far changed the consumer behaviour and patterns by bringing money management to an online platform. Today verticals like Banking (mobile and internet), Equity trading, Mutual fund, Loans, Money management, Peer-to-peer lending, and Cryptocurrency have all adapted to the online platform and servicing through ace apps. Apps like Paytm, Google Pay, Policy Bazaar and CRED might be on everyone’s mobile today, and this is the dependency and trust FinTech has brought in our life today.
However easy, comfortable and dependent a FinTech service might seem, it is all about consumer money. UI/ UX designers who are working on FinTech assignments or FinTech companies need to very well gauge the consumer sentiments that come with their money and offer secure, reliable, and intuitive designs.
As consumers, we all must have at some point used a FinTech service. There is no way one can avoid a FinTech service today for the ease of operations, time-saving measures, and comfort it provides. To go behind the façade of a FinTech service is to understand the high-stake industry and the consumer pain points.
FinTech is a service industry and beyond the regular design, information architecture, user personas, buyer research, interactive design and security measures designers can adapt the TAPE concept for creating a holistic approach towards design, engagement, and service.
TAPE: (T)rust, (A)ttachment, (P)ersuasion, and (E)motion
Creating design and user experiences around the TAPE concept is taking a deep dive into consumer expectations to offer enhanced experiences. Let us understand how and what attributes the TAPE concept captures in creating designs and influencing consumer journeys.
The most important and endearing factor a consumer might look at when trying a new FinTech site is establishing trust. The consumer might come with many apprehensions and being able to bust these is the work of a good design.
Wallets
Bringing consumers to deposit money in the wallets for making different transactions. A secured transaction system that is backed by validations and notifications could be what a consumer might look at.
Celebrity Endorsements
While all might not vouch for this, but celebrity endorsements are a great hook to persuade an audience to consumer decision journey.
Operations / Locations / Offices
Physical office addresses, and support centres, all set a tone of reliability in the audience to the consumer journey.
Total online process: Time-saving
The online process comes with a clear advantage of time-saving measures and hence makes the entire process easy and acceptable. Streamlining the entire flow of processes online would mean no more physical office visits or stand in queues for consumers.
Offers
Timely offers that are specific to members or their interest quotient can create a definite desire to transact often through the medium. Exclusive offers for newbies can be alluring beyond service offerings.
Milestones
Publishing different milestones, like consumer count, accounts created, clients served, years in operations, or associations garnered would establish credibility and a sense of pride for the consumer and set trust for transacting.
Terms of Use
A detailed manuscript of the terms of use will give an elaborate perspective of the mode of operations, and expectations. These checks will ensure secure transactions.
Customer Support:
Prompt helps in terms of chatbots, mail communication or customer support agents is a satisfactory experience that means, you have been heard and taken care of. Establishing a dedicated support system is in itself an ecosystem that creates and retains a larger chunk of the consumers.
Easy Signups:
Simple processes mean easy gratification. Keeping the process short and simple means allowing the consumer to spend more time transacting than merely registering.
Help Menu:
A good structure Help menu that is a ready reckoner to every query a consumer might have should be addressed through the site.
Frequently Asked Questions:
Addressing frequent questions would further simplify for the consumer to initiate the process.
You are aware of your client persona, their service requirements, and their spending capacity, what needs to be incorporated is touchpoints that trigger the human elements in affecting conversions. TAPE is a vast concept and today not only FinTech, but many other industries are adapting it to enhance their user experience and enhance business conversions.
Contact Us today and get your FinTech app designed by us with all the above recommendations.
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