How UI UX Design Contributes to the Success of Open Banking
Open banking in fintech is the practice of allowing users to securely share their financial data with third-party applications. This can include things like account information, transaction data, and even the ability to initiate online payments. The goal of open banking is to increase competition and innovation in the financial market, while also giving consumers more control over their financial data.
One of the key factors in the success of open banking is the user experience and user interface of the apps and platforms that are built on top of these open APIs. Companies with the best UX and UI designs can play a crucial role in helping banks maintain customer loyalty by creating a consistent and compelling user experience across all customer touchpoints. In this blog, we’ll explore the role of UI UX design in open banking and how it can help drive its success. We’ll also look at best practices for UI UX design and why it’s so important for creating a user-friendly, secure, and successful open banking experience.
The user interface is the bridge between the user and the technology, and good design is what makes that bridge feel natural and effortless.
— Joe Gebbia, Co-Founder of Airbnb
Components of a Successful Open Banking UI/UX
The success of open banking depends on the quality of the UX and UI designs created by product design agencies. The following aspects must be considered for an effective open banking UI UX:
- Ease of use: One of the most important elements of a good UX and UI in the context of Open Banking is simplicity and ease of use. Consumers should be able to quickly and easily access and manage their financial data without having to navigate through a complex and confusing interface. This includes things like clear and intuitive navigation, straightforward forms, and concise explanations of any necessary technical concepts.
- Security and privacy: Since customer data is involved, security and privacy must be given the highest priority. The UI must-have features that ensure data security and privacy. Consumers need to trust that their data is being handled securely and that their personal information is protected. This includes things like secure login processes, encryption of data in transit and at rest, and clear explanations of the security measures that are in place.
- User-centric: In order to achieve success in open banking, it is important to focus on designing a UI and UX that is user-centric. This means that the design should be based on the needs and preferences of the customer, rather than the preferences of the service provider. To do this, it is important to conduct user research to understand the needs and preferences of the target audience. This can include surveys, focus groups, and user testing. This information can then be used to design a UI UX that is tailored to the needs of the customer.
- Personalization: The UI/UX design in Open Banking should also be personalized for the user. Consumers should be able to customize their experience and tailor it to their specific needs and preferences. This includes things like being able to set up custom notifications and alerts, create personalized budgets, and even customize the look and feel of the app.
Adopting a UI UX-Centric Approach
Adopting a UI/UX-centric approach can help banks achieve success with open banking. A UI/UX-centric approach puts the user first, focusing on making the user experience as seamless and intuitive as possible. This approach can help banks avoid some of the pitfalls of open banking, such as low adoption rates due to complex interfaces.
By adopting a UI UX-centric approach, banks can create an open banking experience that is easy to use and provides value to consumers and businesses. This approach can help banks drive the adoption of open banking and position themselves for success in the digital age.
Product design companies like Neointeraction Design have been able to create solutions that make it easier for customers to access their data, manage their accounts, and make payments. One project we worked on was for a multinational firm, Intertrust Group, who wanted to develop a new website for their business that adhered to their brand identity. We were able to provide solutions that were on-brand, fit the client’s objectives, and assisted the bank in increasing new user engagement by 81% by understanding the business logic and the product requirements, planning the design phase, and resolving issues by considering the UI development technologies.
In conclusion, Open Banking has the potential to revolutionize the finance market by allowing customers greater control over their data and providing new opportunities for innovation and growth. The success of Open Banking is dependent on the user experience and user interface design, which play a crucial role in determining the level of adoption and satisfaction among users. By paying close attention to the needs of their users and incorporating cutting-edge design principles, financial institutions can set the example for the successful implementation of Open Banking and open the door for a more secure, accessible, and innovative financial future.