UI/UX Design of Fintech Products

Interface Design is one of the most important components of any online product. The Interface style is always dictated by the main logical patterns of the product. A convenient and easy-to-use interface often helps the product to perform better, especially in digital banking solutions.

 Interface design influences:

– conversion rates

– number of successful transactions

– bounce rate, etc…

As can be seen from the above, the quality of interface and design directly affects the product monetization.

What is a good interface for payment-related activities?

A good interface gets out of your way. The good interface always seems simple. It allows getting started momentarily, without reading volumes of documentation or special manuals and training.

The issue of the interface is of primary importance for a Fintech service like core banking software, for example, because it can also have an effect on service credibility. Apart from the easiness of use users are also concerned with the security and reliability of their transactions of the service provider.

A good interface for payment-related products can only be made by a team with a solid background in Fintech product design.

It is imperative for designers to possess experience in financial systems design. Otherwise, they are required to scrutinize all the processes which are time-consuming. However, even in this case, you’ll not get a perfect product.

There are many peculiarities in the domain of payment-related services and it is impossible to create an appropriate design without knowing those. That is the reason why even great designers, who lack experience in Fintech, won’t be able to produce a suitable design for a payment-related product.

What makes a good payment UI? Example

The payment process – is one of the most critical parts of any project. Easy-to-navigate payment form defines the customer’s ultimate choice: to make the payment or leave because of payment process complexity.

As per MasterCard’s research, the data entry format has to be identical to the way data is displayed on the physical card.

Users spend less time entering invoice details in case the enter-data sequence corresponds to the way the required data is displayed on the card.

What is the reason for it to be a perfect payment form?

Natural sight orbit during invoice details observation in real life is as follows:

  • Card Number
  • Expire Date
  • Cardholder’s name
  • CVV (backside)

In case the data insertion sequence in the form differs from the way data is displayed on the card, users spend more time searching for information and therefore become less confident they entered the invoice information correctly.

Useful tips to correctly compose a payment form:

– Invoice entering process should not be interrupted by requests for additional information

– 16-digit card numbers should be entered using 4-digit visual blocks

– Form should feature automatic transfer to the next field, alternatively, no division should be used for the card number field

– Month selection should be offered as a manual entry field rather than a drop-down list

– Month format should be identical to the one used on the card. The two-digit style should be used to identify a month. Analogically the card expiry info has been entered as a Two-digit number (identifying the year of expiry)

– First and Last name has to be entered in a single field

– Name should automatically start with a capital letter. Cyrillic letters should be automatically replaced with their Latin equivalents

Above is an example of a perfect design for a payment form. As a rule, payment UI peculiarities is a result of the necessity to strictly follow the established rules and standards of the financial market. That is why other incarnations of payment-related services should follow the same pattern.

6 useful project planning principles for financial services

We use these patterns to develop SDK.finance’s core banking and payments products and the results are already seen. The main principles of good project planning for payment UI are:

  • Close cooperation between developers and designers. In this kind of project design is a development team member in every sense of the word. The designer’s task is not to arrange a ready-to-go system but to create a logical cooperation scheme which means a designer will shape the way the product works on the backend.
  • Designers should possess financial systems design experience. Even the best designers with a lack of Fintech design experience won’t be able to produce a perfect design for a payment service.
  • Attention to user reaction. Any service that presupposes user interaction has to analyze their behavior. It is important to monitor online analytics tools, cipher out conversion rates, goal-reaching, carry out polls, and promptly react to any complication which the user may face.
  • It is important to provide more hints. UX can be compared to logistics. In order not to get lost one has to have quick access to hints which help to get to the destination point. Those hints can be presented in the form of pointers, tool-tips, guiding tours. Many hints cannot be considered a bad thing in this case. On the contrary, a missing hint can lead to dreadful consequences.
  • Do not try to recreate an already existing tool or feature. Why one would try to create a payment form from scratch if it possible to copy and graphically present the interface of the payment card itself?
  • Do not forget to monitor competitors. Keeping the track of your competitors offers is an essential part of your own interface. This applies not only to payment services. Peers face the same challenges which is why their resource’s redesign deserves close attention. Keep in mind the fact that your rivals will be the first ones to check and carefully study your product updates.

About SDK.finance 

SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution. 

Explore our highly scalable banking software:

Digital Retail Bank

Wallet Engine

Event payments

Loyalty Program Software 

Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.

 

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Written by Alex Malyshev on Oct, 07, 2015

#SDK.finance news #FinTech