You’ve probably heard the oft-repeated jargon "UX", you may even know that it stands for "User Experience"– but do you understand what it really means?
Squarely put, the moot purpose of user experience (UX) is to understand the users. As we know, most human users have a changing set of behaviors, preferences and goals. It is always a challenge to balance their needs with the competing needs of the business, resources, market demands, brand, etc. UX design is paramount to achieve this balance and make the product more useful, understandable and usable.
Traditionally, user experience has been deemed as an afterthought, with developers mostly choosing to focus their efforts on the software and the app functionality. Layering UX on top of existing software has become an outdated practice. A software has a personality of its own, and inevitably imposes restrictions for the designing of UX after development. A far better approach to design a product is to conceptualize the UX first and then create the product/service with the help of top UX design agencies in the world.
As the FinTech innovation space is becoming more and more saturated, banks are now conceptualizing newer ways to stand out. To be a next generation FinTech company, it is important to put user experience (UX) first for promoting user adoption.
When it comes to FinTech, UX constitutes an untapped potential for lowering the entry hurdle by offsetting the expectations placed on the user and encouraging the adoption of FinTech. A solid UX design can prompt customers to transition from branch banking to digital banking and help in delivering unparalleled customer experience (CX).
While there are many aspects to consider while designing a FinTech platform, there is perhaps no factor more important than the overall user’s experience. While UX is already disrupting the hesitant FinTech industry, it'll likely be gaining even more ground over the coming years as it continues to be the key to the success of companies.