5 Ways That Investing in UX/UI Helps Your Fintech

Wouldn’t it be better to build your apps the right way from the start?

(Spoiler alert)

Yes, it would.

Here are five ways that user experience (UX) and user interface (UI) investment pays off for your fintech business...

It cuts development costs

If you spend a dollar on making a fintech app that users like before you release it, then you won’t have to spend nine dollars afterward on fixing what they hate. Actually, the saving is between $10 and $100 for every one spent according to Roger Pressman in Software Engineering: A Practitioner’s Approach.

Research has shown that 50% of programmers’ time is wasted on avoidable work, but UX/UI designers establish what users want from your new app first, so their time is more productive.

It helps you to attract new users

A recommendation is the most powerful form of advertising. If someone we trust likes a product, we’ll give it a try.

Every successful company knows this, so they’re all working constantly to make their offerings easier to use. They know that more loyal fans mean more free recommendations for their products and services to others.

And the beauty of it is that any business can improve their UX to attract new customers too.

It increases the conversion of leads into customers

75% of people judge a website based on how it looks, and a user-friendly interface is more likely to turn leads into customers.

An entire generation has grown up interacting with screens, and the longer they’ve been doing it for, the higher their expectations have become.

They want an interface that they can understand and use straight away with minimal instruction.

Good UX design streamlines your selling process and looks good while doing it. It’ll be as short as it needs to be while still engaging them.

And with a clear call to action, your leads will be able to take up your offers with just a click or a tap.

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It builds long-term user loyalty and trust

Your brand is a lot more than just a logo and a slogan. It’s the identity and reputation of your business. Customers get a feeling for it at every touchpoint, so you can’t afford to tarnish it with an app interface that frustrates and confuses them. This is especially true for fintechs which often experience lack of trust and authority.

Professional, simple and intuitive UI can help fintechs instill trust and loyalty. Research by Bain & Co. found that a 10% increase in user retention leads to an average increase in your business’s value of 30%, so that’s a powerful reason to want to keep your customers loyal.

It reduces your customer support costs

If your fintech product is simple enough and easy-to-use then customers won’t need to bother you about it. Which means you won’t have to spend excessive amounts of resources on supporting them.

Your takeaways

Investing in UX/UI design at the start of your fintech project will help you avoid any expensive problems later. On top of this, it can also help you turn more leads into customers, encourage brand trust and loyalty, and lower your support costs in the long term.

Want to talk it over? UX design can help your fintech business, so book a call with a product design pro with more than 10 years of success in your sector and a long list of returning customers.

I’ll be happy to explain how you can leverage UX to grow your business, raise investments, and much more.