The rise of new mobile banking and fintech apps has continued in 2024, albeit this year is projected to be a period of recalibration for BFSI firms. Since we traverse the ever-changing banking world, smartphone applications have become a crucial tool for millions of users to access their bank accounts effortlessly.
The digital customer experience is at the center of this transformation. Both midmarket and major financial institutions are more concerned than ever with investing in user interface design and technological innovations to capture clients’ hearts.
This blog takes a close look at the biggest mobile app design services trends for 2024. We’ve gathered insights mainly from our work with customers in the BFSI sector. These trends are shaping the future of mobile banking. If you’re curious about how user experiences will evolve, keep reading. We’re diving into the key changes that will impact both users and banks.
Trends Technology in UI Design for Mobile Banking & Fintech Apps
Crafting a strong UI requires ensuring that it is both straightforward and easy to browse, appealing to all sorts of mobile app users. Thus, your major goal is to reduce your consumers’ cognitive load and promote the seamless and rapid execution of mobile financial tasks.
Furthermore, according to our latest research, banking customers who have an emotional connection with a bank have a 306% higher lifetime value. To increase user engagement in your financial apps, here are some popular design ideas to achieve those two objectives:
1. More vibrant colors.
Historically, banking software has frequently used a more conservative and subdued color palette to emphasize trustworthiness, stability, and professionalism. However, designs are changing. From neutral tones, we’ve witnessed a significant shift in how banks and financial institutions utilize bright and eye-catching hues to appeal to younger generations, who are quickly becoming the primary users of mobile banking apps.
Here are some essential characteristics of the tendency to use bright colors in banking app UI design:
Capture customers’ attention and provide a visually pleasing experience.
Vibrant colors help discern important buttons or calls to action.
When used correctly, these colors can communicate enthusiasm, vitality, and dynamism to consumers, forming an emotional bond between them and the financial app.
2. Data Visualization with Progress Bars
Any financial app processes a large quantity of data, such as account balances, transaction history, investment portfolios, and more. When this data is presented in quantity, it can confuse people and influence their financial decisions.
Following the basic design principle, BFSI organizations should reduce cognitive burden by employing reduced charts and images presented understandably. Whether it’s visualizing investment portfolios, managing spending, or monitoring market movements, simple design guarantees that users can rapidly interpret and act on the information offered. This visual clarity enables people to make informed financial decisions and maintain control over their resources.
3. Micro-interactions
Micro interactions in banking apps are small, subtle, and often invisible animations, visual signals, or feedback systems that enhance the overall client experience.
Animations and interactive design components complement each other well. While they may appear little, this trend has a big impact on directing users, offering feedback, and producing a more fun and efficient banking app experience.
Some examples of micro-interactions in banking and fintech apps are:
- Button Animations: When a user presses a button to confirm that the action was registered, a subtle animation, such as a button press effect or a color change, can be performed.
- Loading Spinners: While waiting for data to load, a spinning icon or progress indicator informs users that the app is operating, avoiding frustration during minor delays.
- Confirmation noises: Subtle notification noises or vibrations can signal successful transactions or the receipt of vital messages.
Digital Banking and Fintech Technology Trends
Great user experience (UX) is about providing a seamless digital banking journey and ensuring that clients can easily carry out their primary financial tasks. Technological innovation helps more businesses to stay up with trends and become more desirable to consumers. Here are some important technical trends that were influencing the digital banking and fintech landscape:
1. Personal Financial AI Assistant
The BFSI industry is seeing an increase in AI use, particularly in the creation of digital voice or text-based assistants. Given clients’ need for quick engagement, providing 24-hour customer service is critical. Because user inquiries might be many and repetitive, banks and fintech companies will need to transition from traditional customer care to AI assistants.
AI-powered conversation chatbots in banking apps can answer consumer inquiries, provide account information, aid with transactions, and provide financial recommendations tailored to certain settings. These chatbots, like Apple’s Siri and Microsoft’s Cortana, can grasp user intent and provide accurate responses when any mobile app design company employs Natural Language Processing (NLP) and machine learning algorithms.
Users want quick access to critical features including bill payments, balance queries, and money transfers. Nowadays, biometric authentication is being developed to provide rapid access to services while maintaining an acceptable level of security, rendering password-based authentication obsolete.
To maximize security, we recommend using multi-factor authentication systems. You may request two of the following types of ID verification:
- A known PIN or password
- Verification via mobile phone, card reader, or one-time password device
Additional authorization is required for functions with high sensitivity, such as security settings, modifying limitations, or transferring big amounts.
3. Open banking.
Open Banking in the modern world holds great potential for reshaping financial landscapes. With Open Banking, customers can easily access banking services through various channels. Instead, they can choose the financial solution that fits their needs best.
The Open Banking API is essential because it simplifies the process of making payments, transfers, and beginning financial transactions. This entailed decreasing friction and making these motions simple and intuitive. Furthermore, this trend might assist clients in simplifying the process of managing their money and evaluating various financial goods and services to make better-educated financial decisions.
Conclusion
As we progress in the digital era, teamwork between inventive UI design and technology will become increasingly important in satisfying consumers’ changing requirements and expectations. These trends not only enhance the visual appeal of these apps, but also increase functionality, security, and overall user experience.
If you want to produce cutting-edge financial solutions that will provide you with a substantial competitive advantage in the digital age, hire mobile app developers immediately!
