Tips for Designing for Habits in Fintech Apps
The financial services sector accounts for 9.4% of the UK’s GDP. Financial services is also a big employer, with 130k employees. Financial technology is a significant part of this rapidly growing sector, with a number of emerging FinTech startups looking to cash in on demand for finance applications. Contracts for difference traders have seen a huge 150% rise in FinTech venture investment and FinTech is leading the way in the UK tech sector.
For FinTech startups, these are exciting times, but many of Fintech applications never achieve their potential. What some developers fail to take into account is UX. If your design approach misses the boat on this score, it doesn’t matter how innovative or cutting-edge your app is — it will sink without a trace, lost in the sea of obscurity.
UX or User Experience should be your key metric when designing any application. Most experienced app developers know this, but not everyone fully understands what it means. UX is how the user engages with the app rather than the aesthetics of what an app looks like. The app has to be intuitive and easy to use, but this is not the whole story. What developers are realising is that user habits are increasingly relevant.
What are User Habits?
Think about how you manage your money or investments. Do you prefer to ringfence money in separate accounts, or are you comfortable keeping all your savings in one account? Would you rather use separate apps for different functions, or do you prefer to have one app to manage your savings, investments, and current account? We all have our own preferences and habits. Some of us are more motivated than others to save and a few of us associate finances with pain.
What is Your Target User?
When designing an app, it is important to take your target user’s habits into account. Let’s say, for example, that we are building an app to help users access their bank account. If we want users to save money, we need to make it easier for them. An easy-to-use user interface that allows money to be moved between accounts will encourage users to budget better.
User Behaviour
B. J. Fogg’s Behavioural Model looks at users’ behaviour patterns. It examines motivation, ability, and trigger. Users need to be motivated to use the app. You have to design an app that enables them to do what they want to do — in other words, solve their problems. Lastly, the app should trigger the desired behaviour.
When designing for habits in Fintech apps, figure out who your user is, work out how the app can solve the user’s problem, and use triggers to make sure use of the app becomes a habit.
Aim for the Lowest Hanging Fruit
Finally, make KISS your new buzzword. KISS, or ‘keep it simple stupid’ should be an app developer’s mantra. Only a small minority of app users are experts. Most people will be turned off by an app that isn’t easy to use. If your app is too complicated, nobody will use it. Sad, but true.
