9 Worst Myths of UX/UI FinTech Apps Design

Designing a well-functioning and nice looking user interface for FinTech is more difficult than just following trends and choosing popular color schemes. In fact, there is a whole scientific process to it, and creating one according to the established rules requires not only artistic talent, but also a comprehensive approach to how users perceive and interact with programs. Unfortunately, many designers and product owners forget a lot of factors that need to be considered during the design process. Are you aware of them? Let’s find out!

Perception of actual users versus myths about user experience

Like any other art, user experience is also an area full of legends. Some of them are absurd and irrelevant, while others believe that they can lead to disaster and complete failure of a promising application. In order to design a user interface that people will love, designers must understand how users think and what they expect to do from the app. Also, what they hate.

FinTech UX design revolves around two main things: smooth navigation and emotions. Details like choosing the right color palette, button shapes, or even text on them are not as important. You want the user to be certain about the action that leads to the results, if that fails, all else fails. If the user wastes time searching for jobs, the application fails.

UX is also a human-machine interface. Machines do not understand abstract reasoning and are unable to understand users’ intentions, so commands must be accurate. If the feature is not designed logically, the application will fail again.

In short, UX isn’t about how apps look, it’s about how they work in practice.

FinTech UX Biggest Myths and How They Can Kill a Product

1. Solve problems by intelligent design – busted

In fact, design is not intended to solve problems for users, it is a very common misconception, and perhaps the worst. An app should solve problems, not design it. The designers are not solely responsible for making the app deliver what the user is looking for. The entire company is responsible for this, from the HR department who assigns developers to managers who need a clear view of the product.

Design in this case is just one of the factors and is mostly about conceptualizing and presenting the concept in an understandable way. The designer’s job is to discover and identify problems, so that the whole team can find a way to solve them.

2. UX only focuses on the user who is set

Focusing on the customer is one thing, but it cannot be the leading approach to all issues. Even if it looks good. In fact, projects can be quite complex and something as basic as creating product mockups is a process that requires a lot of people to do it right. It requires a combined effort by project managers, graphic designers, UX/UI designers, and many more. In such a team, everyone has the right to express their opinions and all of them should be taken seriously.

To have a good user experience in FinTech application, creators need to know the personality of their users, understand their needs and expectations. Next, they need to break everything down into smaller pieces and put those pieces together as a real product. So how does it relate to customer centricity? Well, since the products are created by teams of actual people, these people always influence the bottom line and leave a part of their DNA in what they make.

3. UI design focuses only on what the product will look like – Disabled

UI and UX design is not just about the visual aspects. Many users and even decision-makers of companies that decide to create a new product believe that the appearance of the application is the most important factor when it comes to a successful launch, but it is not. Often they think so, because they expect the product to work flawlessly, but the road to this step is long and winding. Success is not given and how the app looks is less important than how it is used. In fact, creating a good user interface is like translating a mental model into visuals. A mental model needs to take into account users’ habits, typical behaviour, way of thinking, and expectations.

4. It is enough to test FinTech applications on 5 users – set

The world has changed a lot since the first commercial software. However, many developers still take what was written 30 years ago for granted. Let’s take a look at the case of Robert A.’s paper. There he claims that a focus group of 5 should work well enough. But that simply isn’t true anymore. The contemporary solution is more expensive and the rule is simple: if you can afford it, pay 500 users for the tests. If you can’t stand this, add 5 to basic 5. Then add another 5, rinse and repeat. Only focus group maximization and repeated testing can ensure that the problem is resolved.

5. Be an imitator, because people like what they already know – it’s set

This idea is simple and seems correct at first glance, but blindly following it leads to one important problem – you are stealing. Why would anyone consider choosing your product, if it looks the same, but is new? The competition already has a user base, how can you steal it by offering the same, only new? Moreover, why not fix what the competition can’t do right and just copy its mistakes? Be brave, come up with new solutions that people will love instead.

6. I can’t stand it – busted

Don’t be silly – you can take it and you need it. This wrong approach is often the result of belief in other myths, for example those related to UX design that focuses only on the visual aspect. In fact, investing in proper UX design is essential in the current market conditions, because every big company is doing it. And how do you cleverly beat them with one important ingredient missing from your recipe? Let’s say you are thinking of designing a user interface for a financial application. Fintech giants, such as Revolut, are successful because their products are well designed. Without a good UI designer on board, you can either copy the competition or fail to offer anything new and functional at the same time. Additionally, consider the emotions your users feel when they interact with your app – this is what we call user experience.

One might argue that such services are still very expensive. This may only be true when it is not well planned and implemented. Small businesses don’t even need to hire a full time expert, they are often outsourced and paid for what has already been done which saves a lot of money.

7. UX designer just needs to understand users – it’s set

The actual scope of what a good designer does is much broader. Or, at least, it should be. After all, a software product is a way to make money and an application business model, market environment or even competitive solutions are important aspects that must be taken into account. Contemporary designers have done more than they did in 1992, when the aforementioned paper was written by Virzi. Modern UX engineers have a number of great tools to choose from when working. They have access to market research, they know precisely the company’s business objectives, they can collect data from users, and they participate in creating a product vision. Everything matters, not just the user.

8. Only Advanced Solutions Matter – Opened

From a technological point of view, it is usually better to use the most advanced technology. But let’s not forget the users here. Let’s ask a simple question: How can we make people happy while they interact with our product? It’s always good to keep up with the latest trends, but sometimes it’s just too much. Don’t overcomplicate simple things just because someone has invented something new. Moreover, Moore’s law is almost dead, the computing power of modern devices is already at a level that does not limit most functions and we are not getting new devices faster as we used to 20 years ago. The revolution phase is over, and now the technology is developing.

9. First create, then test – set

It is an old and outdated way of thinking. In contemporary and agile business methodologies, every step in the software development lifecycle must include testing, right from the start. Testing the application and every bit of it every sprint or every few days allows bugs to be caught before they develop into bigger problems. Adjusting the product in real time results in huge savings, both in time and money.

What works for one may not always work for the other

We compiled this list thanks to interviews with experienced FinTech UX and UI designers and they all agreed that if something works for one company, it doesn’t have to work with another. What is important is always a careful and unique approach. Trusting professional engineers and designers is the only way to get them to take such an approach. Because users don’t always know what’s best.


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