We wanted to share our learnings after partnering with a fintech, to help with building their product. It is a privilege to partner with companies – where innovation and prototyping is alive and kicking… where status-quo is looked down upon. The culture is set up to encourage new ideas and learn from their mistakes and always keep reminding themselves of their vision. It is also really important to create a target audience by doing UX research and creating lean personas.
Promote a Cashless Society
Mobile wallets, contactless payments, wearables – all these technologies are encouraging us to get away from cash. As fintech companies are taking major risks with new technologies to get a breakthrough with their customer and win them over with convenience. Trust is one of the biggest challenges, but they are pushing hard for a dream of a cashless society.
They are Fearless
They are looking to challenge every fundamental principle we take for granted. And especially with banking industry being fairly old and lucrative, comes a lot of opportunities. Most of the larger companies are so focused on optimizing their existing process, instead, fintech companies are rethinking the way we will do transactions from the ground up.
Keep it Simple
The mindset starts with, how can we make it as simple as Amazon’s one-click button. What can we do to avoid more than one step? Also, questions are always raised such as is there a way we can make it more intuitive for the user? Interestingly, the thought doesn’t start with how customers are interacting and doing transactions with the banks today, it’s more about how the consumer of the fintech solution would interact.
Again, the project is still ongoing and we have learned a lot partnering with a fintech company. Stay tuned for an upcoming article about UX design for fintech.
Idea Theorem has recently launched UX Audit services for you to understand where you are missing pieces to gain more user base. You can also check out DIY UX Audit where we have provided you with our insights that will help your business grow.
Idea Theorem is Toronto based digital agency which creates simple and usable products for web and mobile. Our human-centered design approach lets us understand your customers, identify their pain points & deliver solutions that enhance their experience with your brand. Contact Us if you have any questions and we will be happy to help you.