So, what is Fintech? Fintech refers to the technology used by financial institutions to enhance their services and products for customers. It presents some of the most exciting challenges for UX because of the nature and history of the industry.
Traditionally, financial institutions conducted their business on paper; older processes, products, and models were established through written agreements. All interactions occurred through physical paperwork and face-to-face meetings with advisors, who significantly completed these processes and sold products. The average consumer often needs help understanding complex financial terminology. Some may argue that this complexity was intended to provide financial services with a sense of premium value.
However, this landscape is changing with companies like Wealthsimple, Robinhood, and Revolut revolutionizing financial transactions by shifting them to a digital platform.
Today's customers demand simplicity, autonomy, and a deep understanding of financial products. The challenge for UX professionals is simplifying complex financial terms and processes, providing users with tools to educate themselves and gain control over their financial decisions while offering the guidance necessary to help them avoid poor choices.
The winning approach for any FinTech company is to offer transparency and a simple user experience and give confidence to their customers to take control of their financial decisions, whether it's banking, investment, insurance, business banking, or business insurance.