Have you ever stopped to think about how some companies have revolutionized ordinary habits through often simple improvements? The computer industry has never been the same after Apple. Tourism has totally changed after the concept introduced by Airbnb. And in the same sense, fintech has transformed the already known bureaucracy characteristic of the financial market.
More and more financial start-ups have been gaining space in the market, becoming Unicorns, and even Dragons. Behind this, a common strategy has ensured the success of the representatives of this segment: the UX (English acronym for user experience). Understand how the concept of User Experience has been employed in the universe of fintech.
What is UX and how has fintech been using this strategy?
Although recently included in the business vocabulary, User Experience has been one of the great bets of several brands to ensure greater acceptance among users of certain platforms. This expression, which is inserted in the concept of innovation, refers to the ability that design has to contribute not only to the layout offered to customers, but also to the usability guaranteed to them when using the services.
And providing a satisfactory experience to users is what drives the vast majority of fintech. The segment, which was born precisely from a common pain among customers of traditional banks about the bureaucracy characteristic of this type of institution, seeks to guarantee its customers more ease and agility in the procedures offered.
For this reason, financial start-ups have been betting on UX to guarantee more efficiency in their processes. It can be said that the strategy focused on user experience has helped fintech in its purpose of disruption concerning traditional banks.
Better experience, more positive results
The modern consumer is increasingly demanding. Eager to solve their problems in an increasingly shorter space of time, customers have been making their decisions regarding contracted services, often according to the agility they can provide in this regard.
Therefore, one of the first benefits that UX has provided not only to fintech but to other segments that use the technique, is the increase in user conversion. By having a more intuitive platform, the path followed from the creation of the registration until the effective use of the services is facilitated, ensuring more speed and assertiveness to the user.
On the other hand, UX also ends up influencing the platform’s own reputation, since it is directly linked to the perception that users have about it. The value given to the efficiency in solving problems within the application is directly linked to the brand behind it. As a result, the consumer’s perception of the business is positively influenced, improving its positioning in the face of competition.
How fintech are using UX to compete with traditional banks
Fintech have discovered great possibilities by implementing the potential of UX not only in application development, but in the entire DNA of the business. Proof of this is that the design of the platforms is not only thought of as a marketing lure to attract customers, but as a true strategic approach with a focus on the customer.
In addition, fintech’ flexibility concerning regulations that banks are subject to ensures that they can adapt quickly to changes in the industry. This allows the customer experience to be enhanced based on new market trends and perceived consumer needs.
Fintech has further invested in UX to build a holistic environment, compared to the fragmented environment of traditional banks. Instead of directing the user to different platforms or sectors for each reported need, they have ensured a more seamless flow in the services provided, which makes meeting demands faster.
Fintech that have already achieved results through UX
Some of the representatives of the financial start-up sector can already see their businesses take off through the application of the strategy focused on user experience. One of them, Nubank, which can already be considered a Dragon among fintech, bases most of its updates on customer perception.
An example of this is the score obtained through the use of the company’s credit card, which allows the user to convert it into benefits in multi-fidelity programs. The idea came from a common discomfort among bank customers, who often feel “hostage” to the few points programs offered by financial institutions.
One of the largest credit bureaus in Brazil, holder of the largest database in Latin America, also managed to optimize the processes offered to customers through UX. To do so, it counted on the assistance of Monitora, a software development and technology consulting company, which took care of the project from the new platform layout to the allocation of agile squads that have contributed to the company’s digital transformation.
The strategy focused on the customer is already a prerequisite for the success of companies from various segments, as is the case of fintech. Therefore, applying UX to the processes offered to users is fundamental for start-ups that want to stand out in the financial segment.
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