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UI Design and Technology Trends for Mobile Banking & Fintech Apps
2023 has continued to witness the emergence of new mobile banking and fintech apps, although this year is expected to be a period of recalibration for the BFSI corporations. Since we navigate the ever-evolving world of finance, mobile apps have become a necessary tool for millions of users to access their banks conveniently.
The digital customer experience is at the forefront of this evolution. Both midmarket and large financial institutions are more concerned than ever about investing in UI design and technology advancements to win customers’ hearts.
Every year at KMS Solutions, we compile a comprehensive overview of the prominent UI/UX design trends, mostly derived from our experience when working with clients in the BFSI sector. Stay tuned to discover the trends that are revolutionising the mobile banking experience in 2023 and beyond.
UI Patterns and Trends for Banking and Fintech Apps
Crafting a robust UI hinges on ensuring that it is both intuitive and simple to navigate, catering to different types of mobile app users. Thus, your primary objective is to lessen the cognitive load on your customers and facilitate the seamless and swift execution of mobile financial activities.
Additionally, in our recent study, banking customers who have an emotional connection with a bank show a 306% higher lifetime value. To improve users’ interest in your fintech apps, here are some prominent design trends to reach those two goals:
1. More Vibrant Colours
Historically, banking software has often adhered to a more conservative and subdued colour palette, emphasising trustworthiness, stability, and professionalism. However, designs are changing. From neutral tones, we’ve seen much more in the way that banks and financial institutions adopt bright and eye-catching colours to appeal to younger generations, who are increasingly becoming the primary users of mobile banking apps.
Here are some critical aspects of the trend towards using bright colours in banking app UI design:
- Captivate customers' attention and create a visually appealing experience.
- Vibrant hues can distinguish essential buttons or calls to action
- When appropriately employed, these colours can convey positivity, energy, and dynamism to users, establishing an emotional connection between the user and the fintech app.
It is essential for designers to strike a balance between vibrancy and usability, ensuring that these colours enhance the overall user experience without compromising on functionality and professionalism. The Commonwealth Bank has adopted this trend in its banking app’s latest version to deliver a superior user experience:
Source: The Commonwealth Bank
2. Data Visualisation and Progress Bars
Any financial app processes a multitude amount of information, including account balances, transaction histories, investment portfolios, and more. When this data is illustrated in bulk, it may confuse users and affect their financial decisions.
Stemming from the minimal design philosophy, the BFSI businesses should reduce the cognitive load by using simplified charts and graphics offered in a digestible manner. Whether it's visualising investment portfolios, tracking expenses, or monitoring market trends, simplicity in design ensures that users can quickly interpret and act upon the data presented. This visual clarity empowers users to make informed financial decisions and stay in control of their finances.
As an example, the Selfwealth trading app concentrates on displaying real-time market data through candlestick charts and line graphs, providing insights into trading volumes and stock trends.
Microinteractions in a banking app refer to the small, subtle, and often imperceptible animations, visual cues, or feedback mechanisms that improve the overall customer experience.
Interactive design elements go hand in hand with animations. While they may seem minor, this trend plays a significant role in guiding users, providing feedback, and creating a more enjoyable and efficient banking app experience.
Some examples of microinteractions in banking and fintech apps include:
- Button Animations: A subtle animation, such as a button press effect or color change can be applied when a user taps into a button to confirm that the action has been registered.
- Loading Spinners: While waiting for data to load, a spinning icon or progress indicator lets users know that the app is working, preventing them from feeling frustrated during brief delays.
- Confirmation Sounds: Auditory cues, such as subtle notification sounds or vibrations, can confirm successful transactions or receipt of important messages.
Digital Banking and Fintech Technology Trends
Great user experience (UX) is about creating a seamless digital banking journey and ensuring customers can execute main financial activities effortlessly. Technological innovation encourages more institutions to keep up with trends and be more appealing to customers. Here are some key technology trends that were shaping the digital banking and fintech landscape:
1. Personal Financial AI Assistant
The BFSI industry is witnessing a surge in AI adoption, particularly in the development of digital voice or text-based assistants. Given customers' demand for immediate interaction, maintaining 24/7 customer support is essential. Since user inquiries can be countless and repetitive, banks and fintech corporations will need to move beyond traditional customer support to AI assistants.
AI-based conversation chatbots in banking apps can handle customer queries, provide account information, assist with transactions, and offer financial recommendations personalised for different contexts. By leveraging Natural Language Processing (NLP) and ML algorithms, these chatbots can understand customer intent and deliver accurate responses, same as Apple’s Siri or Microsoft’s Cortana.
Recently, Westpac introduced a virtual assistant, “Red”, to help the bank serve up to 4.9 million digital customers’ requests, reduce the number of enquiries coming into its call centres and help drive down costs spent in the customer services team. These AI assistants enable users to send texts or pose questions from “Send $100 to my mother” to “Find the nearest ATM.”
2. Fast and Imperceptible Authorisation
Users seek swift access to essential functionalities such as urgent bill payments, quick balance inquiries, or sending money. Nowadays, biometrics authentication is developed to grant instant access to services with an acceptable security level, making traditional authentication via passwords a throwback.
To maximise security, we recommend the use of multi-factor security solutions. You may request two of the following varieties of ID verification:
- A known PIN or password
- Verification using a mobile phone, card reader, or one-time passcode device
- Biometric verification, e.g. fingerprint scanning or facial verification.
For high-sensitivity functions such as security settings, changing limits, or transfer of large sums, additional authorisation would be needed.
As the first automatic transaction chain in Vietnam, the LiveBank app of TPBank allows customers to conduct transactions 24/7 using biometrics. Due to the utilisation of AI, LiveBank can reliably identify millions of customers' identities in just 3 seconds, issue cards after 5 minutes of registration, and eliminate the need to carry personal papers, bank cards, or remember passwords when conducting transactions.
3. Open Banking
Open Banking has the capacity to revolutionise the financial landscape by offering users increased authority over their data and opening up new opportunities for innovation and growth. With the emergence of open banking, customers can access banking from different channels and choose the financial product that suits their actual needs.
Open Banking API is essential since it streamlines the process of making payments, transfers, and initiating financial transactions. This involved reducing friction and making these actions quick and intuitive. Additionally, this trend can help customers simplify the process of managing their money and comparing diverse financial products and services, all for making more informed financial decisions.
Develop Your Next-Gen Financial Apps
Since we move forward in the digital age, the collaboration between innovative UI design and technology will remain pivotal in meeting the evolving needs and expectations of users. These trends not only improve the aesthetic appeal of these apps but, more notably, they contribute to the functionality, security, and overall user experience.
If you want to develop cutting-edge financial products for a significant competitive edge in the digital era, get in touch with us now! Leveraging the capabilities of financial UI design and emerging technologies, KMS Solutions can assist you in transforming your business into a beloved financial brand that forms a deep emotional bond with your clients, leading to success, high demand, and enduring customer loyalty.
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