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BUILDING USER TRUST
Designing for the fintech ecosystem
From the desk of Manivarma, Design, with inputs from Vikalp Gupta

In 2020, we got the opportunity to conduct multiple user studies for three major fintech clients, including Slice. We understood we'd have to approach these studies differently compared to other projects, because the industry itself emerged as a response to consumers wanting faster, easier and safer financial platforms for everyday use. Over and above that, humans are emotionally driven, consider themselves uniquely placed when making financial decisions, and take a while to gain full confidence in a financial service.

Therefore, our experience as both product builders and consumers highlighted that gaining and maintaining our user's trust had to become top priority, so that users can continue to use the product safely and willingly. But to see that trust flow naturally when using the final product, we first had to achieve it in the planning stage.

This path was creatively challenging — and it also highlighted critical insights that will feed our fintech research processes well into the future.

Here are some of our key takeaways on designing for the fintech ecosystem — to keep in your pocket if you're new to the game, want to build a financial product, or want to lift the veil on designing with restraints.

Show the product's value from the get-go

It's a given that fintech products are bound to strict compliance systems. Despite that, if you can help your users understand the product's value even before they sign up, that's an unmissable opportunity to build trust.
Personalise the experience

Most users feel a sense of uniqueness when it comes to finance and investments (don't we all?). When you personalise experience according to user behaviour, you're setting yourself up for success.
Educate without language dependence

Financial literacy is essential, and helping educate users through your platform goes a long way. But when creating such content, we'd recommend favouring simple language over complicated jargon.
Keep your services transparent

Nobody likes being kept in the dark, least of all financial platform users. Try to ensure as much transparency as possible in charges, ledgers and other factors to assure users that their trust isn't misplaced.
Factor in community opinions
 
Users might have unique financial circumstances, but many decisions are often influenced by their discussions within trusted circles — and this is worth keeping in mind when building for financial growth.
Consider the diverse playing field

Financial needs of users differ depending on many societal and economic factors — and these can influence your research insights. When you build with these nuances in mind, trust is never far behind.
The world of fintech has incredible opportunities for those who dare. Regardless of what you choose to offer, building trust with users—and channeling that to create a transparent, user-friendly product—is the first stop on the product-building journey!
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Book a 1-to-1 virtual session about designing for fintech systems with the author Manivarma, or our contributor Vikalp.
 
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OBVIOUS CURATES
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UX Design Guidelines for Fintech platforms

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IN OTHER NEWS
Updates from us 


Concluding our first engineering workshop

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Remote-first hiring strategies

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