UI/UX Design of Fintech Products

Interface Design is one of the most important components of any on-line product. The Interface style is always dictated by main logical patterns of the product. Convenient and easy-to-use interface often helps the product to perform better.

 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. Good interface always seems simple. It allows to get started momentarily, without reading volumes of documentation or special manuals and trainings.

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

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

It is imperative for designers to posses experience in financial systems design. Otherwise, they are required to scrutinize all the processes which is 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

Payment process – is one 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:

 Credit card design

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:

  1. Card Number
  2. Expire Date
  3. Cardholder’s name
  4. CVV (back side)

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. Two-digit style should be used to identify month. Analogically the card expiry info has be entered as a Two-digit number (identifying the year of expiry)

– First and Last name have 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 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 the these patterns to develop and the results are already seen. Main principles of good project planning for payment UI are:

  1. Close cooperation between developers and designers. In this kind of project designer is a development team member in every sense of the word. 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 product works on the backend.
  2. Designers should posses financial systems design experience. Even the best designers with lack of Fintech design experience won’t be able to produce a perfect design for a payment service.
  3. Attention to user reaction. Any service that presupposes user interaction has to analyze their behavior. It is important to monitor on-line analytics tools, cipher out conversion rates, goals reaching, carry out polls and promptly react to any complication which the user may face.
  1. 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 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.
  2. 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?
  3. 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 that fact that your rivals will be the first ones to check and carefully study your product updates.

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