How Does UX Design Help in Visualizing Big Data in the FinTech Industry?
In 1994, Bill Gates said banking is necessary, not the banks. This is evident in the fintech sector.
Fintech comes from two words- Finance and technology. It refers to any software that allows people to access and manage their finances or make financial transactions. Fintech offers user-friendly, intuitive, and accessible financial services.
Today, users prefer mobile banking to going to a branch because of lower costs, ease of use, and faster service. And to gain insights into your finances, UX design plays an essential role in the fintech sector.
Check out the role of UX design in visualizing Big Data in the Fintech sector and how it helps businesses with our blog!
How Does UX Visualise Fintech Big Data?
UX principles help design effective Big Data visualizations so that users and service providers make informed decisions. Visualization helps to organize Big data in an easy-to-perceive manner. It works to make sense of the data to communicate it to relevant stakeholders.
Curious to find out how UX Design works? Here is your answer!
- Learn User Behavior: First, it is important to understand the user behavior for better decision-making. Before designing UX, check out the users' level of expertise and their understanding of visualizations.
- Define Solution After Understanding The Problem: Using big data visualization, you must define the problem to resolve. UX design process data and present it in visualization accordingly.
- Select Visualization Type: The primary purpose of a visualization is to provide ways to analyze and define the relationship of the Fintech data. Choose visualization types based on the available data and user expectations. Common types are Sunburst Chart, Sankey Diagram, Polar Coordinates Chart, Parallel Coordinates Chart, and Heatmap.
- Check Out Interactions and Display Necessary Information Only: Get better insights into the given data; the user wants to interact with the visualization. You should now decide on the key metrics the UX design will use in decision-making.
Application Of UX Design's Big Data Visualization
Finance usually deals with complex data. Hence, a well-designed user experience can make all the difference for Fintech. UX design helps in visualizing big data in the FinTech industry in the following ways:
Fintech companies employ unique dashboards intending to simplify the intricate world of finance. It offers personalized dashboards that users can customize. They can customize it to display essential data, like investment portfolios, expense tracking, or market trends. Other features include real-time data updates and interactive visualizations where users can interact with the data, zoom in, pan, and even conduct what-if scenarios.
UX design ensures that insights are derived from complex financial data. There are tools to filter and sort information, visualization styles like heatmaps, scatter plots, pie charts to facilitate understanding, and predictive analytics to offer users insights.
Standard markings play an essential role for the users in the Fintech industry to compare financial performance against benchmarks like market indices, peer groups, or their own financial goals. Fintech UX design provides historical performance data, offers visual comparisons, and aids users in adjusting their financial strategies.
Fintech requires access to users' information, and UX maintains a balance between comprehensive data filling and a user-friendly interface. It allows detailed financial reports and advice/ tips to users for certain transactions.
How Better UX Designs Help Customers/ Businesses?
At its core, the role of UX design in the Fintech industry is to offer a better user experience to attract and retain customers. Here are some of how UX designs help businesses to provide better customer service:
A better UX design reduces user friction as much as possible to the level it suits best in the financial sector. It should adequately safeguard against errant taps or accidental financial transactions that users perform. A proper balance is to be maintained between user-friendliness and user protection from unwanted accidents.
For digital natives, UX design must work so that they entrust an app with control over their finances. They need to know that they can trust a fintech service before they allow access to their personal information. Here, UX design should constantly assure and validate the user that their data is secure. Also, ensure there are ways to acknowledge that users' transactions are successful with a strong design.
Onboarding new users should require identity verification. Collecting users' financial data and anti-money laundering checks must be performed, which may sometimes be time-consuming yet necessary. Here, UX designs are essential in making the experience manageable by dividing the whole process into smaller chunks.
Personalized customer service
Fintech digitalizes banking services and offers better services. For example, it incorporates sound effects, graphics, and conversational language to delight customers. Moreover, it provides personalized banking offers to customers based on their history, CIBIL score, and more.
In this Fintech revolution, UX design has played an essential role in improving accessibility to address the pain points of customers that they usually have when using banking services. Building and maintaining trust has made financial jargon less intimidating, helped visualize financial information, and made frequently performed actions easier.