What I Learned from Financial Product Design
As a designer who has worked in the Financial Product Design niche for years, I know it is among the most challenging and rewarding niches.
In a world where digital solutions are replacing traditional banking, the need for intuitive and user-friendly financial products has never been greater.
Designing digital products for corporate banking is a complex and challenging task that requires a deep understanding of the industry's regulations and security requirements and the need to provide clear and concise communication to users. With the rise of digital solutions in the finance industry, corporate banking has evolved significantly, and it is more important than ever to create intuitive and user-friendly digital products.
Corporate banking involves serving the needs of large organizations, such as corporations, governments, and other financial institutions. These organizations require sophisticated financial products and services to manage their finances, investments, and transactions. As a financial product designer in this niche, I have learned that designing for corporate banking requires a balance of security, business needs, usability, accessibility, and creativity. In this article, I'll share my experiences and insights into the unique challenges and opportunities of financial product design in the corporate banking industry.
Balancing Security and Usability
One of the biggest challenges in financial product design is balancing security with user experience. Finding the right balance is crucial to ensure users feel secure and trust the product while navigating and using it efficiently. As economic data is susceptible, security must always be a top priority. At the same time, the product must be easy to use and provide a seamless user experience.
For example, when designing a web banking app for a large corporation, we had to ensure the login process was secure and easy to use. To comply with industry regulations and protect sensitive financial information, we implemented multi-factor authentication, requiring users to enter a password and a one-time code sent to their mobile device. While this added an extra step to the login process, it greatly enhanced the app's security.
To balance security with usability, we provided clear instructions and feedback during the login process, including on-screen prompts and error messages. This ensured that users could easily access their accounts, even if using the app on the go or in a hurry. However, we also recognized that some user journeys could be hectic for users, particularly during the security assessment process. To address this, we conducted extensive user testing and made iterative improvements to streamline the process while maintaining high security to protect our clients.
Overall, this example demonstrates the importance of balancing security and usability in financial product design for corporate banking. By implementing strong security measures while providing clear instructions and feedback, we created a web banking app that met the needs of our clients and their employees.
Designing for Accessibility and Inclusion
Another critical factor in financial product design is creating products that are accessible and inclusive. Not all users have the same level of financial literacy or technical expertise, and it's essential to consider the needs of all users. This can include providing clear instructions and explanations and designing products that are easy to use for people with disabilities.
Finding the Intersection of Creativity and Technology
Finding the intersection of creativity and technology is another challenge in financial product design for corporate banking. As designers, we want to create innovative and visually appealing interfaces that meet our client's business needs. However, we are also limited by the technologies and third-party API providers that we work with.
For instance, in one project, we suggested tracking specific financial information (which I cannot mention for confidentiality reasons) and displaying a graph of its historical movement to give the user a clear overview of their financial report. However, we faced limitations because we do not store the information in our app database, and we get instant information from an API push.
To address this challenge, we worked closely with our development team to find creative solutions. We explored several options, such as creating a custom API to store the historical data or using a third-party tool to track and visualize the data. After careful consideration, we decided to use a third-party tool that could integrate with our app and allow users to track and visualize their financial information.
This example highlights the importance of finding creative solutions that meet our client's business needs and the limitations of the technologies we work with in financial product design. By collaborating closely with our development team and exploring alternative solutions, we provided our corporate banking client with a valuable feature that allowed users to track their financial information more effectively.
Interacting with Bank Stakeholders
Interacting with bank stakeholders is another critical aspect of financial product design for corporate banking. As designers, we must work closely with our clients to understand their business needs and objectives, as well as the needs of their users. This requires us to learn more about the world of finance, especially the banking field, and stay up to date with industry trends and regulations.
During my experience working on corporate banking projects, developing a deep understanding of the industry was vital to creating effective design solutions. It allowed us to better understand our client's business goals and objectives and establish user-centered design solutions that met their needs.
Finding the Intersection of Creativity and Technology
In my experience, financial product design requires a balance of technical expertise and creativity. It's important to understand the limitations and constraints of the finance industry while also pushing the boundaries of what is possible in terms of user experience and design. As I like to say, "Creativity and technology go hand in hand in financial product design."
Useful Links and Resources for Designers Starting Fintech or Banking Projects
- Figma Fintech Design System - a comprehensive UI kit for designing fintech interfaces, including banking, trading, and investment platform components.
- Banking & Finance Icon Set - a collection of 50+ icons specifically designed for banking and finance projects.
- Crucial Considerations for Aspiring Fintech UX Designers - a guide from Gints Ziverts that covers the unique challenges and considerations when designing for fintech.
- Fintech Insider - a podcast that covers the latest news and trends in fintech, featuring interviews with industry experts.
- FinServ usability testing - What to know when conducting usability testing in financial services.
- Designing for Financial Inclusion - a report from the World Bank that provides insights into designing products and services that are accessible and inclusive for underserved communities.
- Things to learn when designing for Fintech - a great article from Jessica Lascar.
I hope you find these resources helpful for your fintech or banking project!
Conclusion
In conclusion, financial product design is a unique niche that requires designers to balance security, business needs, usability, accessibility, and creativity. While it can be challenging, creating products that help users manage their finances quickly and efficiently is incredibly rewarding. As a designer who has worked in this niche, I have learned the importance of thoughtful and user-centered design in the finance industry. Balancing security with user experience, designing for accessibility and inclusion, interacting with bank stakeholders, and finding the intersection of creativity and technology are all key factors that contribute to successful financial product design.
Originally published on LinkedIn.
