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UX & UI Design in Banking - Industry & Recruitment Opportunities

about 3 years ago by Luigi Muscat Filletti
Computer and other office related items

Through digital innovation, companies in the Financial Services are shifting to online forms of banking and payment, and as new services are being offered at the tips of one’s fingertips, it becomes more important for Fintech companies to provide a seamless and efficient experience of their website and smartphone apps to customers.

In this fast-paced way of life, users will want an easy and straightforward navigation on online banking platforms, and therefore it is becoming more important for companies in this sector to recruit talent to develop and design user interfaces which are well composed in terms of practicality and functionality, in order for the user to make the most out of the services the company has to offer.

What to Consider

There are a few areas for banks and Fintech companies to take into consideration before developing the right user interface, which are the combination of AI and Big Data in the aid to create a more behaviour-based and informative experience according to user data, the integration of user devices and applications on an online payment platform to settle payments all in one space, and the option for cryptocurrency payment within a blockchain ledger technology environment which provides a quick, easy and transparent method for online financial transactions. Technologies of AI, IoT, Big Data and Blockchain play a game-changing role in the development of excellent online financial solutions and thereby should be taken into account by Fintech companies which are serious about providing their customers with the best possible digital platform to address all their financial needs.

Technology in AI and Big Data are now giving banks greater ability to gather large volumes of data which can be analysed in real-time to form more effective proposals to customers based on their behaviour and interests. Moreover, the connectivity of devices through IoT creates a network of payment facilities, such as eWallet features, and Blockchain ledger technology allows a more transparent and secure form of payment.

With such technologies offering greater opportunity for companies to optimise their operations and services, organisations in the financial services should certainly look into recruiting talented software developers which specialise in UX and UI in order to ensure that services are customer-oriented  - placing the customer in the centre of the service and understanding their needs and wants allows a company to tailor its services better. Ultimately, design plays an essential part in the user’s experience, even more so when it is a digital experience, which demands clean, understandable, and effective interface design to really allow the user to feel at ease with the system.

So, What Creates a Successful User Experience?

The bank of the future is destined to become a personalised financial assistant and advisor - this alone generates the urgency for banks to shift their attention to forming a strong online presence. Below are a few key factors which determine a successful user experience.

Spending Insights & Financial Advice

As user’s data is collected, AI software can detect patterns of user spending habits and by learning the overall behaviour, suggest various ways through which the user can optimise their savings and cut down on expenses. This area also ties with IoT technology in Fintech - should devises and smart appliances which are connected to the platform report data on usage, performance or damage, then the machine learning technology of AI can inform the user on how to optimise their devices accordingly to save on expenses or pay the bills in due time.

In addition to this, IoT can connect smart home assistants such as Google Home or Amazon Echo and introduce voice-enabled banking - payments and financial recommendations can be made through voice recognition. By preparing proactively for such innovation, banks can enhance user engagement tremendously. Therefore, by investing in talent, banks can work proactively towards a digital future in banking and be ahead with greater competitive edge.

More in-depth data could provide the user with infographics related to their past financial situations to compare progress over the previous months or years, as well as an area for them to view all incoming and outgoing payments. Also, based on income and expenses, as well as pattern recognition of market data and behaviour, AI technology can assist the user with financial advice in terms of investments through an in-built app area which allows the user to analyse stocks and shares of the live market.

It is no surprise, therefore, that this area offers various career opportunities in technology - experts in AI and IoT are needed to progress the banking evolution, and recruiting UX and UI designers will help reinforce the productivity and efficiency of such digital innovation by developing and designing professional looking and functioning interfaces through which users can experience the company’s services.

Simplified Payment

Payments should be completed in a simple and straightforward manner - through the use of Blockchain technology, the behind the scenes processing of financial transactions will ensure speed and transparency which should be clearly communicated to the user through the online platform. This can be done through interactive features which shows the stages of the transaction process and informs the user upon completion. Bank transfers, P2P payments, automatic payments and currency exchanges can all be completed through such a process. By recruiting the right professionals in technology, a bank can  implement Blockchain technology to develop the necessary processes, and  through UI and UX professionals, design an engaging platform where users can view their progress and be informed about their payment situation. 

Secure Verification

A user’s identity should be verified securely. New methods of authentication through touch identification, face and voice recognition allow further levels of security to one’s account. Behind the scenes work through cybersecurity should also be seen to in order to ensure prevention of account infiltration, data loss or financial theft. It therefore goes without saying that talented individuals in cybersecurity software development should be recruited by banks to improve the online safety of the company and its customers. This, in turn, should be visually communicated through good interface design to reassure the user that their account is secure.

Composing it all on a screen

Providing customers with excellent services or payment solutions does not necessarily mean success. It’s one thing to offer top services, but if those services are hard to navigate through and demand a tedious process to complete, a company would be loosing valuable time and resources. In order to  increase online conversions, UX and UI designers work to develop a well-designed dashboard on the online platform with an organised dropdown menu where the user can easily navigate through services conveniently - providing interactive and easy to read graphs, infographics and charts, performance progress in terms of percentages, easy call-to-action buttons, straightforward step-by-step processes and clear notifications are all but a few ways of composing a well-designed interface for smartphone app or web.

To Conclude

Now is the time for banks and financial institutions to make the most of the early stages of this technological innovation and do their utmost to create engaging online platforms for their customers to experience their services. Therefore, software development job opportunities are consisting of more UX and UI related disciplines, with Fintech companies recruiting talent in these areas to aid them in offering professional financial solutions within a professional digital environment.