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7 fintech UX trends you need to know in 2023

Blog cover 7 fintech UX trends you need to know in 2023
Apr 20, 2023
Shweta Joshi
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What sets fintechs apart from traditional financial services providers?

Traditional financial service providers struggled with dry user interfaces that were confusing and intimidating to use. Part of this included complicated menus, hidden features, financial jargon, and unhelpful customer service.

Today’s fintechs, however, offer several key benefits over banking and other financial services incumbents, such as a lower barrier to entry, better service, and greater ease of use.

Here are the top 3 ways that today’s fintech companies are a world apart from their traditional counterparts.

They have a lower barrier to entry

With services like fully mobile accounts and low- or no-cost stock brokering tools, fintechs lower financial services’ barriers to entry. This levels the playing field and makes it easier for underserved consumers to take control of their money and, ultimately, achieve financial freedom.

Related to this, many fintechs make educating their users a top priority in response to the massive appetite for financial knowledge. This includes investing in courses, webinars, podcasts, events, and product-driven social communities where users can learn from one another.

They provide better service

Fintechs thrive on finding new ways to leverage customer data to provide better, more personalized solutions to users’ problems.

Compared to traditional financial services providers, fintechs also tend to invest more in self-service help or support options like detailed FAQ content, well-trained chatbots, user communities and forums, knowledgeable social media response teams, and mobile-friendly support channels like in-app chat.

This way, fintechs can meet their online-native customers where they (the customers) are comfortable—instead of forcing them to visit a branch or (shudder!) make a phone call to resolve their issue.

They’re easier to use

Fintechs design their products with the customer’s user experience in mind. From the account signup and verification process to checking balances and spending trends, making immediate payments to friends, setting financial goals, tracking savings progress, to contacting support—successful fintechs actively remove friction from the equation.

Historically, financial services websites and apps haven’t been exciting or engaging tools to use. Even now, most banks, insurers, and investment firms tend to have boring, corporate, cold user interfaces that scream SAFE and PREDICTABLE while being surprisingly confusing and intimidating to actually use. This is due partly to complicated menus, hidden core features, indecipherable financial jargon, and impossible-to-reach customer service.

In light of this, it’s hardly surprising that fintechs have turned this industry upside down by simply putting the customer at the center of their business model and designing a better user experience.

This boils down to a few core UX principles:

  • Help the user achieve more items on their mental to-do list in one place

  • Allow the user to do what they’re trying to do with as few taps or clicks as possible

  • Keep your menus simple, intuitive, and easy to navigate

  • Use simple, accessible language that users understand

  • Keep your most important features front and center

  • Make your user interface (UI) design uncluttered, calming, and visually pleasing

  • Provide easily customizable data visualization tools

  • Help your users reach their goals by incentivizing desirable behaviors

  • Use gamification elements to make boring tasks more fun

Below, we dive into the top seven UX trends for fintechs. While some of them build on these basic and fairly universal UX principles, others are more specific to the fintech user experience and the major trends currently playing out in this industry.

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Use Sendbird to improve your fintech app's UX - and make finance fun

While all of the fintech UX trends mentioned above are important, some of them are already par for the course, while others are emerging and present opportunities to differentiate your fintech offering from the crowd. Chief among the latter category are the trends of gamification, conversational support, and social banking.

Adding a social layer to your product is rapidly becoming a tactic to differentiate yourself from the competition. People are social creatures by nature, and products that have social interaction embedded into their fabric benefit from network effects, increased staying power, and a range of other advantages.

Sendbird’s in-app chat API and SDKs give you the tools to make your fintech app social-first for an improved user experience and a significant engagement boost.

Read about how mobile payments app PicPay used Sendbird to offer users a social engagement layer and found that the resulting network effects lead to an increase in transactions and average spend.

Sign up for Sendbird (free for 30 days (or forever!), no credit card required) and improve your fintech user experience by implementing a secure in-app chat solution.

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