Why is it so important to differentiate ourselves in the market? What should you do to create a unique user experience?
We have previously mentioned that a great UX finance app is no longer a luxury but a necessity for success in this industry. When you start working on your application, you must consider that it should be easy to navigate and should provide users with the information they need to make informed financial decisions.
So, to differentiate yourself from the market and create a unique experience, based on user needs and the used given to the app, you must work on your user engagement tactics, which must be clearly defined.
We recommend to:
- Share your app’s story, mission, and vision: This helps users believe what you do and how you do it. It is an excellent way to build brand trust and loyalty for long-term success.
- Make the experience social: Gamification is the key, and we will discuss it later. Simple features such as leaderboards, challenges, and forums can increase social influence.
- Boost user excitement with competitive features: Studies show that a competitive element makes users more likely to be engaged with your app because it gives users a purpose.
Remember that engagement is all about putting the user first.
What customers look for, in a financial app
Nowadays, mobile banking is becoming more popular than online banking. For this reason, having a distinctive application is a challenge.
So many apps offer the same basic set of features and functions; it is only about time to realize that improving key features is the only way to highlight them.
According to surveys by The Financial Brand, almost 40% of customers will switch to a different provider if they find a better digital experience elsewhere. Therefore, it is crucial to focus on optimizing the user experience and catering to their requirements.
Innovation Opportunities in Fintech Apps
If you want to stay up with consumer preferences, you should adopt the following mobile banking features and functions:
– Renovating Biometrics: It is time-consuming for users to type their passwords to access the app. Face ID has solved this and incorporating it into your fintech app will help you stand out.
– Easy Connectivity: Most users don’t want to spend time running all their financial accounts separately. Be sure to have easy connectivity between bank or credit union apps and other banks, neobanks, and fintechs.
– Seamless Customer Service: These days, chatbots and virtual assistants are a great help, but sometimes they need to be improved. Be sure to include solutions that are easy to find on the app.
– Customizable Alert Systems: Users like to take advantage of everything and always want to be current. Make sure you have customized alerts and push notifications for each user.
Innovation is part of change. Being constantly updated is part of evolution. Analyze the market and try to stand out from the competition by improving the features of your application.
Exploring E-wallet Opportunities in Fintech Apps
Consumer demand is increasing for e-wallets, investment features, and junior accounts. Still, the problem is that mobile banking apps offer similar features in four key categories: money transfer, cards, payments, accounts, and support.
(Check out what you need to know about digital wallets, here)
Most of them do not have unique features, making their products identical to their competitors. For that reason, this is an excellent opportunity to start innovating within your fintech app. You just need to understand the market, identify gaps, and learn from others.
It is essential to highlight that one of the most common reasons users switch banks is due to weak online and mobile banking capabilities. Thus, improving mobile banking features will take you ahead of the competition.
Remember that customers love having tailored products. More is needed to have user-friendly mobile banking experience. Users would prefer a personalized product adapted to their needs because they feel understood.
If you want to be distinguished, it is time to start exploring your e-wallet opportunities by identifying gaps and learning how others have solved typical problems.
Meeting Customer Demands: Essential Features for Mobile Banking Apps
As mentioned above, customers often own multiple bank accounts in different financial institutions. They use various apps, one for saving money, another for sending money abroad, paying friends, or investing.
For this reason, improving and developing features is crucial so that users have everything in one place.
Here are some examples that you should include or improve:
Gamification
Users love to be motivated and encouraged. Creating a gamified user experience is one of the most effective ways to achieve this. We all know that games help us learn, unwind, and activate our creativity; if they are well-created, they will challenge us. For that reason, incorporating gamification into your app will increase revenues, reduce churn, keep retention rates high, and improve customer engagement.
But what does it mean gamification, and what kind of parameters do I have to follow to leverage trust and motivation through it?
Gamification is the process of incorporating game elements into non-game contexts to engage and interact with consumers, employees, and partners. You will only need to understand and apply these three concepts to achieve this goal:
- Set objectives: A clear goal will allow you to provide users with a clear guideline on what they need to achieve to receive a reward.
- Always reward them: By rewarding users, you will create a positive environment, making them consume the application more and more every day.
- Competition: A little bit of competition always helps us to perform better. Remember to add a scoreboard with graphs and charts to help users visualize their progress.
Biometric and Secure Sign-In
When selecting a fintech app, customers want to feel safe. They are betting that your application will help them manage their money and they need to be sure they will be protected. Robust security features will help your customers feel safe, elevate their experience, and fortify your application’s security.
We recommend going beyond security questions and passcodes and replacing them with seamless and user-friendly interactions, for example, using their fingerprints, voice, facial recognition, or iris scan.
Remember that even though users like to feel secure, they also enjoy a design that is simple and easy to understand and use. Create an outstanding balance between security and simplicity.
Push Notifications & Alerts
Another way to make users feel secure about their finances is through push notifications and alerts. One of the most common notifications are:
– Updates activities, like transactions, payment confirmations, and others
– Security alerts, for example, when someone logs in from a different device.
– Payment reminders help avoid late fees.
It is essential to ask users’ permission during onboarding, explaining why and how they will benefit them. This way, you will avoid overwhelming them with notifications they don’t want to receive. Remember that overdoing notifications is one of the reasons why people will uninstall an app.
Support
It is important to be there for our customers, and the only way to do that is to offer features they can use when needed. It could be from support with financial documentation to intuitive support systems such as chatbots.
Nowadays, chatbots are in trend because customers can receive information about any process, be guided on how to solve an issue step-by-step, be shown community discussion threads, contact a live agent, and others.
Always try to innovate and improve user support so that the user does not feel alone in the process.
Debit Card Protection
This feature must be incorporated into your fintech app because it has always been a critical customer need.
When a debit card is stolen or lost, customers should be able to block or cancel, but at the same time, they should be allowed to reinstate it once it is safe to use or order a new one.
Also, a few fintech apps have introduced virtual debit cards, which is helpful because users can access their funds and continue their activities while waiting for the replacement card.
Data Visualization
This feature is a great help for users to visualize the trend, progress, and performance of their money. By incorporating dashboards, personalized widgets, visualizing transaction history, and tracking goals, they can follow up on their investments and spending with a comprehensible and informative overview of their financial data.
As you can see, fintech apps are growing, which means there is much opportunity for innovation. Always check the competition. Remember that user feedback will give you the answers to keep improving.
Ready to take the leap?
Consider partnering with ThinkUp, an experienced fintech app development company that understands the intricacies of fintech mobile apps. Let us help you transform your business and stay competitive in today’s fast-paced.
