Learn the best practices for UIUX design in Banking applications
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The document outlines best practices for UI/UX design in banking applications, highlighting the significant growth of the mobile banking market. Key recommendations include ensuring easy access to information, maintaining app stability and security, focusing on personal financial management, and implementing a user-centric design. Additionally, it emphasizes the importance of consistent visual identity and responsive customer support for enhancing user experience.
Learn the best practices for UIUX design in Banking applications
- 1. Learn the best practices for UI/UX design in Banking applications
- 2. Introduction The global mobile banking market size is expected to grow to US$18.7 billion in 2030 from US$7.72 billion in 2022, growing at a CAGR of 11.7 percent. If you have always wanted to start your own payment gateway business, there is no time better than today. Today, banking apps have become more popular than social media apps which is a fact confirmed by new research from Mastercard. However, the mere existence of a banking app doesn't imply its success as the key to developing a successful and engaging banking app lies in the level of user experience that it brings to the table.
- 3. 1. Make Things Easy to Find Banking apps come in different forms and shapes, yet they all have a single and unified goal to help users better manage their finances. That's why information such as spending analytics, account balance, last 5 transactions, recent spending, or anything relevant should be easily accessible to individuals using the product. A solid information architecture (IA) is paramount to ensure superior findability and discoverability towards a better, frictionless experience.
- 4. 2. Product Stability is the Key Banking apps must be highly scalable, i.e., they must withstand heavy server loads and should evolve in terms of usability, customization, security, and accessibility over time. It must have a clean and intuitive user interface for easy navigation and quick access to essential features. Also, the banking app must be compatible with various devices and screen sizes for a seamless user experience.
- 5. 3. Security is an Important Aspect Banking apps are expected to leverage the best of technological advancements and innovations. They must be characterized by robust user authentication methods, such as multi-factor authentication (MFA), transaction confirmation prompts, one-time passwords, and biometrics (fingerprint, face recognition, etc.).
- 6. 4. Focus on Personal Financial Management The banking app must provide tools for users to better set saving goals, manage their finances, and track their spending behaviors. It should also help users easily and quickly customize their experience within the app, such as setting preferences, favorite transactions, or personalized dashboards. Furthermore, it should also be accessible to users with disabilities by following accessibility guidelines (e.g., Web Content Accessibility Guidelines).
- 7. 5. User-Centric Design Banking apps must always be developed after a careful understanding of the target audience and their beliefs, expectations, requirements, concerns, challenges, and pain points. A clear and logical hierarchy for menu items and navigation buttons is highly recommended. Moreover, the need for extensive typing should be reduced as much as possible by incorporating dropdowns, pre-filled options, and smart defaults.
- 8. 6. Content Visual Identity A good banking app should maintain a consistent visual identity across platforms with the brand, including colors, fonts, and logo placement.
- 9. 7. Live Chat and Support The app must be compatible with various operating systems (iOS, Android) and devices (smartphones, tablets). Also, there should be a responsive customer support system round the clock with options for customer help options such as live chat, FAQs, and in-app help features.
- 10. Conclusion If you want to start your own payment gateway business and run banking apps, you must ensure real-time transaction processing is enabled to provide users with up-to-date information on their account balances and activities. Also, real-time feedback for user actions, such as successful transactions or errors, must be provided. Integration with digital wallets is highly recommended to enhance the app's versatility, enabling users to make payments using popular services like Apple Pay, Google Pay, Paytm, or other regional wallets.
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