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Mobile Banking Apps: Four Key Features of a Thought-out UX/UI Design

Nowadays, banking apps are widely used not only by professionals. Leading banks cooperate with experienced fintech software development companies to create efficient banking solutions that will meet the requirements of any client. In the epoch of increased mobility digital services are getting more and more popular, therefore, it is vitally important to offer customers both web services and mobile apps. Clients want to be able to manage their money in most situations and do it in the easiest possible way. The comfort of use greatly depends on an app’s design. Let’s touch upon the importance of UX/UI design when developing mobile banking solutions.  

 


The reasons behind the popularity of mobile banking apps

Digital banking solutions are among the most important and popular fintech apps. Others are loan, insurance, tax filing and management, personal finance management, payment processing, and investment apps. Banking apps allow people to control their finance, pay bills, exchange currency, pay for services, or transfer money.

In 2021, 64% of Americans used banking apps, and the number of people willing to manage their money online is gradually growing. Using the Internet instead of going to a regular bank branch helps customers to save time. Digital services are available 24/7, in any corner of the world, which is extremely convenient. You can go on vacation abroad and still be able to pay for your landline, electricity, or other utilities. The COVID-19 pandemic has also affected the growth of online banking transactions as people want to reduce unnecessary contacts. According to the American Bankers Association, 99% of adults are extremely pleased with their digital banking experience. 

Financial companies also profit from banking apps. They allow them to reduce operating costs, get a good ROI, enhance customer experience, and implement a personalized approach. 

 

 

Key design features that define the success of a mobile banking app

There are crucial principles developers should keep in mind while creating banking software. For example, security is a top priority feature of any fintech app: customer data and money must be protected. 

UX/UI design seems less important than data protection functionality. However, it defines if an app is user-friendly and thus affects its popularity. No matter how many functions a banking solution has, if it is difficult to use, customers will abandon it for a competitor app. Let’s consider the key features of a well-thought-out design.

  • Simplicity.

Fintech apps deal with complex data but should remain user-friendly. An online banking solution will profit from a simple and minimalist design helping customers to concentrate on the most frequently used functions. Designers should not overload the app interface. It is better to place only essential content on the home screen (for instance, cards, operations history, balance information, and transfer/payment option) and hide secondary features. Simplicity also makes an app aesthetically pleasing. 

  • Intuitive design.

Clients should not be put off by the complexity of an app, especially when managing their money. Predictability and clarity help users navigate an app without reading instructions. It is worth applying elements widely used in other applications to create an impression of something familiar. Intuitiveness helps customers to make transfers, pay bills, or exchange currency quickly. Thus, intuitive design saves time and effort.  

  • Customizability. 

People who use mobile banking apps have different needs and preferences; their aesthetic perception is also not the same. That is why users must be able to customize an app to make it convenient. Modifications may affect both user experience (when only primary functions are left on the home screen) and user interface (if a client changes the background color or picture). One should be able to keep all the relevant information and functions at hand. It is worth providing different main screen variations to choose from. 

  • Adaptability.

Nowadays, customers access mobile banking apps not only on their smartphones but also on tablets and smartwatches. Their screen sizes may differ significantly. The amount of information convenient to read on a tablet may be next to impossible to perceive using a smartwatch. Also, typical use cases are not the same. A bank client is highly unlikely to perform complex transactions via their smartwatch. They’d rather use it for checking their balance somewhere in a department store. Therefore, developers should consider the adaptive design and create separate layouts for smartphones, tablets, and smartwatches. But they must keep the brand style, fonts, colors, and icons to show that it is still the same product meant for different devices. 

 

Some steps to take when working on an app UX/UI design

To develop efficient banking solutions, you must take the following steps:

  • Research your target audience

To develop a solution that will be both convenient to use and appealing, you need to research your target audience. What needs do your future app users have? What transactions and operations are they likely to perform the most often? What problems do they usually face when interacting with a fintech app? What mobile banking features do they see as primary? All these and other relevant questions will help designers to define key functionality. 

  • Work out user flows

When building scenarios of possible use cases, designers must create user flows. It will allow them to understand the logic of typical user actions and define their order. It is important to predict all possible scenarios and create different user flows. 

  • Create a sitemap

A sitemap depicts the hierarchy of a banking app. Visual representation of key features helps designers to develop a solid and rational structure needed to ensure seamless user interaction with the app. 

  • Create wireframes

These simple layouts indicate the location of elements on each screen. They schematically show what the app will look like. 

  • Build a prototype

This is an interactive version of an app that looks almost like the final product. It includes more detailed information and demonstrates the app’s functionality. 

  • Test the app

To finalize the app design, it is necessary to test it. A good option is A/B testing. By offering separate user groups different versions of the banking app design, you may find the most convenient solution which will rely on actual user preferences. 

 


Conclusion

When developing a mobile banking app, you should consider both its functionality and usability. Clients will benefit fully from a simple, intuitive, and aesthetically appealing solution. Its UX/UI design can also influence the overall image of a financial institution. If customers receive additional evidence that a company cares for them, they will stay loyal and recommend it to their friends and relatives. 

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