4 min read

Trends in Fintech,The Future of Banking, and Why UI/UX is Absolutely Necessary to Thrive

Authentic Studio

Experts valued the global fintech market at $127 billion (USD) in 2018. This figure is expected to continue to grow rapidly in the coming years.

If you're in business, fintech is probably already relevant to your operations at some level. To bring your business to its full potential, however, you'll need to keep up with the latest fintech trends and use them to your advantage.

Read on to learn more about fintech, UI/UX, and the future of banking.

What Is Fintech?

In case you didn't already know, let's start with the basics. Fintech is short for financial technology. Therefore, any technological innovation which relates to the world of finance is considered fintech.

Like all varieties of technology, fintech has begun to expand in every direction in recent years. Below are some of the key technological developments that have taken hold in the banking industry as of late.

Increasing Use of AI

Artificial intelligence (AI) has become an important part of many different businesses in recent years. The financial sector is no different.

A big part of this is robotic process automation (RPA). This allows computers to take on roles that would traditionally have required human involvement, such as risk assessment, data analysis, security checks, and even customer onboarding.

More recent AI technology can even carry out tasks like this without being directly instructed to do so. They can simply observe human behavior and learn the processes themselves.

Cryptocurrency & Blockchain

After their well-publicized market surge in 2017, cryptocurrencies have become an important part of the global financial landscape. Banks and financial institutions are starting to devote more and more of their resources to trade in cryptocurrencies.

Closely related to the development of cryptocurrencies is a technology called blockchain. Blockchain is a complex record-keeping facility that has quickly risen to prominence in the financial world over the last number of years.

While financial institutions were initially slow to embrace blockchain, they have had to engage with it a lot more in recent times.

Mobile Payment

For users of retail banking services, this is one of the most significant changes currently happening. Mobile payment services are everywhere to be seen now, and will only continue to proliferate in the coming years.

Not so long ago, cash was your only payment option when you entered a store. Nowadays, physical payment is quickly becoming a thing of the past.

Indeed, with innovators integrating more and more payment solutions into our smartphones, even credit and debit cards may soon be outdated.

What Is UI/UX?

UI/UX stands for "User Interface/User Experience." The field as a whole deals with app design.

User Interface relates to the different elements of an app that you interact with when you open it. Common User Interface tools include buttons, text, images, sliders, and clickables.

User Experience looks at how convenient or enjoyable it is for a user to work with these User Interface tools once they are in place. The easier it is for a user to navigate a website or application, the better the UX designer has performed.

Enterprises have begun to leverage UI/UX to solidify their visual brand identity.

Web and app design is a relatively new area, but it's developing all the time. Below are some of the areas in which the most notable changes are occurring.

Minimalism

Minimalism is something that's been around the world of art and design for a long time. However, it has only recently taken hold among UI/UX designers.

On apps and web pages, minimalism generally refers to greater use of white space. This is in contrast to previous approaches, which looked to grab attention by using as much color and contrast as possible.

Audio

If you surf the internet a lot, you may have noticed an increase in the number of pages that feature automatic pop-ups with audio. This is part of a growing trend towards the inclusion of audio in web content.

When done right, this can make apps and web pages a lot more engaging. When done wrong, however, it can ruin the user experience. This is why you should always go for talent and experience when hiring a UI/UX designer.

How the Future of Banking Will Be Shaped By Fintech & UI/UX

Technology becomes more and more crucial to the world of finance every day. When you consider the scale of the advancement of fintech over the last few decades, this becomes obvious.

The first ATM was brought into existence in 1967, just over 50 years ago. Since then, the way we use money has transformed completely.

Now, most experts agree that cash is soon to become antiquated. Online payment is obviously impossible with cash, and even many physical stores around the world have stopped dealing in notes and coins.

Once this transition is complete, we'll need financial technology for even the simplest of daily transactions.

This is where UI/UX comes in. 

As our payment structures move completely online, the competition to provide the most streamlined, user-friendly experiences will intensify.

Banks and financial institutions, as well as stores accepting virtual payment, will clamor to make the process as hassle-free as possible for consumers. The responsibility for making this happen will fall on the UI/UX designers of the world.

Bringing Your Business to a New Level With the Latest Technology

The latest fintech trends are relevant to everyone, whether you're a business owner or not. However, if you are in charge of a company, these trends can have a major bearing on your profitability.

To ensure you stay profitable as technology changes, you need to stay up to date on all the relevant advances happening in the world of fintech.

If you're interested in improving your company's digital presence, or you have a question about the services we provide, contact us today.