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Design for Fintech: 6 UX UI Practices You Should Not Miss!

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Designing an app for the digital financial services platform or FinTech isn’t the most glamorous project to work on. Most UX designers wouldn’t be particularly excited about studying the complex bureaucracy of federal banking systems.

Fintech UX UI Application design

Image Source: Google

FinTech apps can feel cold, and complex and designers can be lost in a maze trying to figure out the intricacies of tax audits or learn about the minutiae of compliance standards.

It therefore wouldn’t be an exaggeration to say that FinTech app projects are challenging and a tad bit uninspiring. This however should be viewed as a challenge rather than an obstacle. While there are regulatory obligations that require FinTech apps to behave a certain way, it doesn’t mean that there are no opportunities to make the experience fuss-free and fun for users.

When it comes to designing financial apps, try to keep these interesting UI/UX design practices in mind that offer a great user experience instead of following a drab status quo model.

Effective, hassle-free onboarding and identity authentication process

Onboarding in FinTech – especially from a legal point of view – is a crucial process that helps in preventing money laundering and other financial scams. This is a key element of the FinTech app’s security measures. The onboarding process should cover customer verification, identification of the beneficiary, verification of tax residence status, and the identification of the nature of the client’s business.

Designing the app with a user-friendly interface so that customers actually feel engaged with the platform, and don’t feel that the process of giving out information is cumbersome is very important. By designing a step-by-step guide to help users reach the goal set for them, it will make it easier for users to share their information.

For ensuring that the onboarding and identity verification process is kept simple and easy, the app should be designed with detailed user guides, an explanation of why personal data needs to be shared, and fast resolution of problems (for example, user-generated errors like a photo wrongly uploaded, etc).

1.Visualization, color, and flow

Investing in vivid illustrations and graphics is vital to breathe life into a dry subject like FinTech. For instance, instead of only displaying numbers to users, you can opt to use diagrams, charts, and schemes in the financial dashboard design so that they can easily understand the data and economic indicators of their present funds. This will help your users to easily absorb the data without having to call their financial advisor or bank.

Using the right color helps to increase brand recognition by a whopping 80% and most people decide if they’re attracted to an app or product based on color alone. Spending time on a color palette for your app and getting an idea of the basic color schemes and combinations you want to work with can go a long way.

Typically, green and red hold great significance in the FinTech app space given that these two colors are loaded with universal meanings – profit and loss, buy and sell. A lot of people also tend to use blue as their brand color.

No matter what color you choose, make sure to pay attention to contrast, use positive colors to stimulate users, and don’t overwhelm users by using a lot of intense colors.

After nailing visualization and color, be mindful that the flow is kept simple and smooth, especially because financial services are complex and generally use a large amount of information. Try not to overwhelm your users with a lot of tasks, instead stick to a gradual structure.

For example, user registration can be broken into two parts. In the first part, ask for basic personal data. Based on the shared information, you can show users a draft of the services that the app is offering and if they accept, you can then move on to the second stage by asking them to provide your financial details to make a transaction.

2.Copy and microcopy

Copy and microcopy cover all the text found in the application. The text within the FinTech app should be understandable by everyone, regardless of their financial education and expertise. Since finance is already a complex field, your FinTech app should be designed with easy-to-understand language that is devoid of jargon and technical terms. Even if you do find some hard terms like LTV calculator or overdraft, find ways to explain these terms to users without overloading the app with a lot of text. Remember to keep the tone conversational.

3.Device adaptation and display of content

Adaptability is an important feature when it comes to designing FinTech apps. All data and information that users expect to receive should comfortably fit into any screen, ensuring a great user experience for any display size.

Another distinctive feature is being able to display a massive amount of data such as statistics, reports, investment reports, and so on in large tables. These reports and sheets should ideally be designed in a way that doesn’t overwhelm users and displayed on a screen for customers to easily navigate and make sense of it all. They should be readable, scalable, and logically built.

4.Gamification

Even though your app belongs to the financial industry, which has the reputation of being strict and serious, it doesn’t mean you can’t inject a bit of fun into the UX! Gamification in FinTech can help you lower the entry barrier to financial apps and make the app interesting and fun for your users. Gamification elements will help users to enjoy transactions and also enhance their user experience.

Take GooglePay or GPay, for example, the app comes up with fun games during holidays to encourage users to do more transactions on the platform.

5.Predictions based on user behavior

There’s a huge buzz in the FinTech industry regarding the usage of complex algorithms and machine learning to get to know users better and offer them predictions based on their behavior. Forecasting is achieved in various ways that give users a feeling that they’re dealing with personalized products which are crafted to suit their unique needs. Machine learning even helps in evaluating massive amounts of data in real-time and giving users instant updates.

Conclusion

We’ve covered a handy list of UI/UX practices that you should not miss if you’re designing a FinTech app. Employing these practices will help you deliver an app that not only has an intuitive UI but is also successful in making users feel that the app they’re using will manage their money and all finance-related queries.

About the Author-

Sushree is the Marketing Manager of Divami Design Labs, one of the most reputed UX UI Design Firms. In her stint there, she picked up a lot of tricks when it comes to the design & development of any app and loves to share her point of view on them. You can connect with her through her LinkedIn profile here.

Source: https://blog.ionixxtech.com/design-for-fintech-6-ux-ui-practices-you-should-not-miss/

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Bitcoin proponent Max Keiser announces the F*ck Elon Tour

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Bitcoin maximalist Max Keiser has announced the F*ck Elon Tour scheduled to take place on July 8 -9 in Austin, Texas.

Earlier this month, Keiser hit the headlines during the Bitcoin Conference in Miami for several reasons. But chief among them was his antics on stage with MicroStrategy CEO Michael Saylor, in which he repeated the words, “we’re not selling,” and “f*ck Elon.”

This was in reaction to the Elon Musk energy-FUD, which many believe was responsible for Bitcoin’s 45% slump from its all-time high of $65,000.

“F*ck Elon” has now become something of a tagline for Bitcoin maximalism. But with tribalism responsible for toxicity in the cryptocurrency space, is the F*ck Elon Tour doing more harm than good?

What’s the F*ck Elon Tour about?

Despite this week’s bloodbath in the markets, as well as continuing uncertainty at the macroeconomic level, in linking tour information, Keiser confidently stated that Bitcoin can reach a new all-time high in the coming weeks.

The F*ck Elon Tour is introduced as a Bitcoin maximalist event that encourages more maximalism for the simple reason that maximalism is what “got us here.”

“We don’t need less toxicity from Bitcoin maximalists. We need MOAR!!! A LOT MOAR!!!! Toxicity and plebs got us here.”

Rather than a discussion of developments and educational content, the Tour is pitched as a party event featuring special guests. But more importantly, for Bitcoiners only with no mention of altcoins allowed, and most of all no Karens.

Ticket prices range from $50, for “Plebs” tier, to $200, for “JIMI” tier. The cheapest tiers, “Plebs,” “Buzzcocks,” and “Casbah” are already sold out.

Bitcoin maximalism accused of cultism

Keiser has always maintained a maximalist approach towards Bitcoin. But his stunts during the Bitcoin Conference have drawn fire on several fronts.

One such incident was an interview with CNBC Africa in which he launched into a tirade on political corruption. Although there is truth in what he said, it was his outburst and overzealous reaction to the questioning that drew condemnation.

“Do you know that with the Bitcoin I have I can buy any frickin senator or congressman I want? I make the laws. He who has the Bitcoin makes the laws Ran. We’re not just going to sit around and let the God damn government tell us what to do…”

However, the f*ck Elon rant is perhaps the most controversial. Social media responses to the video include comments about presenting a poor image, parallels with the cultism of Bitconnect, cringe, and so on.

There’s no doubt that Keiser is a passionate believer in Bitcoin, which shows through during his public engagements.

But at the same time, his showmanship is rubbing people the wrong way, which in turn does little to convince the undecided on the merits of the leading cryptocurrency.

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Source: https://cryptoslate.com/bitcoin-proponent-max-keiser-sets-up-the-fck-elon-tour/

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Billionaire Mark Cuban Says Bitcoin Is ‘Better Than Gold’

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Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”

In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.

Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.

When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.

Cuban added:

Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.

The billionaire investor noted that right now there is more demand for the precious metal than for the flagship cryptocurrency, although he believes this will change as “BTC is easier to transact,” and will in time be “better understood and marketed.”

The gold market, Cuban predicted, will shrink as a result. Cuban, as CryptoGlobe reported, invested last month in Ethereum layer-two scaling solution Polygon (MATIC) but has not disclosed the size of his position on the cryptocurrency. The investment has been disclosed on one of his websites.

Earlier this year, billionaire  investor Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that while he is still a long-term dollar bear and gold bull, and that he sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Unsplash

Source: https://www.cryptoglobe.com/latest/2021/06/billionaire-mark-cuban-defends-bitcoin-is-better-than-gold/

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I’m Putting My Billion In Bitcoin, Billionaire Ricardo Salinas

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Billionaire Ricardo Salinas talked with the director of Blockchain Land about his investment in Bitcoin. Salinas has said that he has 10 percent of his assets in bitcoin. Salinas is a staunch believer in bitcoin. One of the high-profile advocates of the coin with the bitcoin hashtag on his Twitter profile.

He has always been an advocate for bitcoin. He posted on his Twitter profile that paper is worthless. And the best thing to put your money in is Bitcoin. The third richest man in Mexico has revealed that he is not afraid to put his money in bitcoin.

Bitcoin Is As Solid An Investment As Gold

Ricardo Salinas still believes strongly in bitcoin despite the recent price crash.

Enumerating the benefits of bitcoin, the billionaire compares it to gold. Saying that bitcoin with all its benefits qualifies it as a modern form of gold.

Related Reading | Senator Cynthia Lummis: I’m All In On Bitcoin

He made the argument that bitcoin is easy to carry. It enjoys extreme liquidity internationally. And most of all, bitcoin supply is limited. The limited supply of the coin is why Salinas has so much faith in the coin.

Bitcoin supply is hard-capped at 21 million. No one can create more bitcoins. This means that it cannot be manipulated by the government for their gain. The coin supply can also not be manipulated by any developer.

This imposed scarcity means that bitcoin is not subject to inflation. Which is a major concern for the billionaire.

Bitcoin chart

Bitcoin back in the green | Source: BTCUSD on TradingView.com

Salinas continued on to talk about inflation. He mentioned that when he first started working in 1981, a dollar was 20 pesos. Now 40 years later, a dollar is worth 20,000 pesos. Bitcoin’s limited supply is a way to avoid this. If you cannot make new coins, you cannot devalue them.

How About Altcoins?

While Ricardo Salinas is very bullish on bitcoin, he is not so much on altcoins. He attributes his reluctance with altcoins to their inflationary models. He gave Ethereum as an example.

Ethereum has an unlimited supply. This means, unlike bitcoin, an endless number of coins can be produced. Governments can create new coins when they want. An endless supply means that the value depreciates over time instead of appreciating. Due to the fact that there are so many coins in circulation.

Salinas stated that he does not believe that altcoins have the potential to outpace bitcoin. Bitcoin is a finite asset which makes it more valuable.

Related Reading | Is It Too Late To Buy Bitcoin?

Although he does have faith in some altcoins because they provide privacy.

A finite resource does not depreciate. Instead, due to its scarcity, it becomes even more valuable. This is because the number of people that want it increases, while the supply available remains the same. Hence there is a higher demand for it than there is supply.

Ricardo Salinas believes that every investor should have a part of their portfolio in bitcoin.

Featured image from Smart Liquidity Network, chart from TradingView.com

Source: https://bitcoinist.com/im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas/?utm_source=rss&utm_medium=rss&utm_campaign=im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas

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