Business Transformation Services

Creating lasting experiences for fintech users

To create a great user experience, it's crucial to understand the wants, goals, and needs of your target audience. In this podcast, Sourav discusses the creation of lasting user experiences in the Fintech world.

Podcast Audio Transcript

Mimi: Hello listeners, this is Mimi; thank you for tuning in to yet another exciting and informative podcast from us at Infosys BPM. Today, we are discussing about creating lasting experiences for fintech users. And to talk about this, we have here with us, Sourav Ghosh, Senior Industry Principal – Digital Transformation Services. Welcome Sourav. How are you?

Sourav: I’m doing great Mimi. It’s nice to be back in this podcast again.

Mimi: Great to hear that Sourav. It’s always a pleasure for us to have you here with us. So, in the ever-evolving sphere of fintech, the user experience (UX) has taken a paramount role. Fintech encompasses a wide range of innovative digital solutions, from mobile banking apps and peer-to-peer payment platforms to robo-advisors and blockchain-based financial services. Given this transformative impact, could you elaborate on the importance of user experience within the fintech industry?

Sourav: Certainly, Mimi. User experience is at the centre and heart of fintech success today. The fintech landscape has grown immensely, offering a wide array of investment opportunities to people. However, the real challenge lies in making these platforms not only accessible to all including senior citizens and the “unbanked” but also highly secure and exceptionally user-friendly.

In this competitive environment, great UX can truly make or break a fintech company. It goes beyond aesthetics; it's about building trust with users. A seamless and intuitive user experience streamlines complex processes, making financial interactions more straightforward. This, in turn, ensures that users have a hassle-free and enjoyable journey, fostering long-term relationships with the platform.

Mimi: Absolutely, that makes sense. I have myself found it useful to have mobile apps to do the transactions for which we used to go to the bank back in the day.

Let's delve into the critical aspects of this. User experience in the fintech sector can directly impact customer retention rates and customer loyalty. Why is it imperative for a fintech company to place a high emphasis on delivering an exceptional user experience right from the initial interactions of users? Also, could you elaborate on some essential aspects to consider in this regard?

Sourav: That’s a very important point you mentioned. Prioritizing a good user experience in the initial stage of a customer's interaction with a fintech app or website is critical for several reasons. This stage is the first point of contact between the user and the business. It's the moment of truth, rather, when potential customers form their first impressions. A well-designed and intuitive user experience instantly sets a positive tone and can convince potential users to sign up for the service.

In the context of financial services, where trust and security are paramount, an intuitive user experience not only builds trust but also ensures that the information-sharing process is easy and secure. On the flip side, a poorly designed product can deter potential customers who need the services but don't find the presentation layer intuitive enough to sign up. Additionally, signing up and onboarding is the stage in which prospective users transition into active users. Users today expect solutions to their problems quickly, and a good app or website design streamlines site navigation. This means clients can complete tasks with minimal effort and fewer clicks or taps. Furthermore, offering easy-to-understand financial terms and quick access to consumable information is crucial.

In conclusion, well-designed user interaction sets the foundation for a positive user experience in fintech. Prioritizing good UX/UI design not only builds trust but also ensures efficient onboarding and simplifies complex financial processes, ultimately contributing to the success of a fintech company.

Mimi: I agree completely. A well-designed user interface reduces complexity and enhances the overall experience.

Another major paradigm when it comes to fintech is the immense amount of data these companies can generate through their customer interactions. Could you elaborate on the role of data in enhancing user experience and the overall success of a fintech company?

Sourav: Absolutely, Mimi. Data is the backbone of fintech innovation. The more users a platform attracts, the more data it accumulates. With the right UX design, you can harness the power of data to gain insights into user behaviour and preferences. This, in turn, allows you to refine your services, making them more personalized and effective. Embracing these dynamic learnings and continuously evolving is the key to staying competitive and successful in the fintech industry.

Mimi: Thank you so much, Sourav, for sharing your expertise on creating lasting experiences for fintech users. It's been an enlightening discussion, and our listeners will undoubtedly find these insights valuable.

Sourav: It was indeed a pleasure, Mimi.

Mimi: Dear listeners, if you enjoyed our podcast today, please don’t forget to share and like it on social media. Our social handles are mentioned in the podcast page. The podcast will be available on various platforms like Google Podcasts and Spotify, in addition to our website.

Also, if you have any queries, do reach out to us through the email address on the podcast description. Watch this space for more exciting podcasts coming up. Once again, thank you for tuning in, stay safe and stay sharp. Have a nice day!

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