What is a Fintech UX Designer? Resources to Hone Skills Necessary for this Budding Industry

As fintech becomes more and more popular, the need for UX designers who can create a smooth, user-friendly experience for customers grows along with it. After all, the fintech industry is absolutely soaring at the moment.

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The cryptocurrency market is projected to hit $32.4 trillion by 2027, which is nothing to scoff at. And in reality, it would be foolish not to at least explore the needs of those in this industry from a services standpoint. To clarify, if you specialize in UX design, figuring out what those in fintech expect, need, and desire is a good idea. At the very least, you’ll know what to provide such clients. And at best, you can delve into this as a new speciality.

With all of this in mind, if you’re interested in becoming a fintech UX designer, or just want to learn more about what this industry entails, read on. This article will provide you with resources to hone the skills necessary for a successful career in fintech UX design.

What is Fintech?

a laptop with financial information on screen

The term “fintech” is an umbrella term that covers many different types of financial services. Broadly speaking, it encompasses any use of technology to improve, manage, and provide access to financial services. This definition can include everything from mobile banking apps to online marketplaces and cryptocurrency exchanges.

That means fintech UX designers must understand the ins and outs of different types of financial services, including banking, investment, insurance, payments, and more. In addition to understanding how these services work from a technical standpoint, fintech UX designers should also be aware of the industry regulations that govern them.

What is a Fintech UX Designer?

In a nutshell, a fintech UX designer is somebody who uses their expertise in user experience design to create services that are easy and pleasant to use for customers. This means taking into account users’ needs, preferences, and behaviors when designing a service or product.

The ultimate goal of the fintech UX designer is to create an interface that makes it easy and enjoyable for customers to access financial services. As a result, this job requires the UX designer to be knowledgeable about both finance-related terminology and user experience principles.

The Skills Required of Fintech UX Designers

Fintech UX designers need a wide range of skills in order to succeed in this role. These include an in-depth knowledge of user experience principles, a thorough understanding of financial services and regulations, and familiarity with the latest trends in technology.

In addition to technical skills, fintech UX designers must also be highly creative problem solvers and excellent communicators. They need to be able to understand user needs, create solutions that meet those needs, and communicate their ideas effectively to stakeholders.

Types of Fintech Services You May Design For

a banking/finance concept that shows a bank ledger, calculator and coin money

The major types of fintech you may be tasked with designing for are as follows:

  • Online banking and payments services
  • Digital wallets
  • Wealth management platforms
  • Cryptocurrency exchanges
  • Peer to peer lending platforms
  • Insurance companies
  • Security, risk, and compliance solutions

Let’s take a look at each of these types of fintech websites or apps now, discuss their notable features, and offer insights into what the typical user would expect from their user experience.

Online Banking and Payments Services

One of the most common types of fintech services you’ll be designing for is online banking and payments. These platforms offer customers a secure way to transfer funds, check account balances, and manage their money. As such, they must adhere to strict security regulations set by governing bodies like the PCI (Payment Card Industry).

When designing for this type of service, you should ensure that the user experience is secure, intuitive, and aesthetically pleasing. You’ll also need to consider how customers will add money, transfer funds, and manage their accounts in an easy and effortless way.

Digital Wallets

Digital wallets are an increasingly popular type of fintech service. They allow users to manage their payments and financial transactions in one secure place. As a UX designer working on this type of platform, your goal should be to create an interface that makes it easy for customers to manage their finances without ever feeling overwhelmed.

Wealth Management Platforms

These platforms provide users with personalized advice and strategies for growing their wealth. As such, they typically have a more complex user experience than some other types of fintech services.

When designing for this type of service, you should focus on creating an interface that is intuitive and easy to use while still being feature-rich enough to meet the customer’s needs. You’ll also need to consider how users can access their financial data and make informed decisions about their investments.

Cryptocurrency Exchanges

Cryptocurrency exchanges are online platforms where customers can buy, sell, and trade digital currencies like Bitcoin or Ethereum. As a fintech UX designer, you need to create an interface that is secure, intuitive, and easy to use. 

The goal should be to make it effortless for users to buy and sell digital currencies without confusion or delay. That means buttons should look and function as expected. 

Peer to Peer Lending Platforms

Peer-to-peer (P2P) lending platforms allow customers to borrow money from other customers without going through a bank. For these platforms, the user experience must be secure and easy to understand. You’ll need to consider how users can apply for loans, manage their payments, and understand the terms of the loan so you can build a design that drives the user toward this information effortlessly.

Insurance Companies

Insurance companies provide customers with a variety of products and services, including auto insurance, life insurance, health insurance, and more. As a fintech UX designer, you’ll need to create an interface that makes it easy for customers to understand their coverage options and manage their policy changes, i.e. menus should be categorized in ways that are aligned with the industry and so forth.

Security, Risk, and Compliance Solutions

Compliance and risk-focused solutions help companies ensure that their data is secure and compliant with industry regulations. When designing for these sorts of fintech apps, you’ll need to create an interface that makes it easy for customers to protect their data while still being user-friendly and aesthetically pleasing. 

Additionally, the interface should be intuitive enough for users to manage their security settings without feeling overwhelmed by too many options at once.

These are just a few of the common types of fintech services you might be designing for. No matter what type of service you’re working on, your goal should always be to create an interface that looks great, functions well, and is easy to interact with. With the right UX design principles in place, you can help customers manage their finances and make informed decisions.

How to Get Started in Fintech UX Design

a woman looking at charts and maps on her smartphone

Fintech UX design requires a unique skill set that combines user experience design principles with an understanding of finance and technology. If you’re interested in exploring this field, the best thing to do is to follow these steps:

1.  Learn the Basics of UX Design

To begin, get familiar with the basics of UX design, including principles like user-centered design, visual design, prototyping, and usability testing. If you don’t have experience in these areas yet, consider taking an online course or attending workshops to learn more.

2. Familiarize Yourself With Fintech Trends

It’s important to stay up-to-date on the latest fintech trends so that you can create designs that are relevant and in line with industry standards. Research new products and services, as well as emerging technologies like blockchain or AI, to get a better understanding of the current market.

3. Develop Your Portfolio

Start building your portfolio by creating a few projects and gathering feedback from peers or mentors. This is also a great way to practice applying UX design principles to fintech services and get hands-on experience in the field.

4. Take a Class or a Certification Course

If you want to learn more about fintech UX design, consider taking a class or an online certification course. This will help you gain a deeper understanding of the field and get valuable insights from industry professionals.

A few online options include:

5. Look for Opportunities

Finally, start looking for job opportunities in fintech UX design. Many companies are now looking for designers with expertise in this area, so take advantage of the opportunity and start applying to jobs that match your skills.

By following these steps, you can get started on the path to becoming a fintech UX designer.

Additional Resources for Learning About Fintech UX and Growing Your Design Skills

If you’re looking for additional resources to help you learn more about fintech UX design and grow your design skills, the following websites are great places to start:

These websites offer helpful articles and tutorials that can help you gain a better understanding of fintech UX design principles and stay up to date on current trends. 

Additionally, they provide great networking opportunities so you can connect with experienced professionals in the field and get valuable insights.

What Kind of Fintech UX Designer Will You Be?

The world of fintech is constantly evolving and UX designers need to stay up-to-date on the latest trends and changes in order to create effective user experiences. By following best practices for designing secure, intuitive, and aesthetically pleasing interfaces, you can help customers manage their finances in an effortless way.