Learn more about the opportunities, responsibilities, and salaries of UX/UI designers in the financial technology sector here.
Here’s what we’ll cover:
In 1994, Bill Gates famously said “banking is necessary; banks are not.” Nowhere is this more evident than in the fintech sector where the rise of user-friendly, intuitive, and accessible financial services technologies have forced legacy banks to up their game.
Today, around 89% of all consumers use mobile banking, according to a Business Insider Intelligence Study, with 91% of users preferring mobile banking to going to a branch. Research from Capgemini found that the three main reasons people switch to from legacy banks to fintech services is because of lower costs, ease of use, and faster service.
Throughout the fintech revolution, UX/UI designers have played a key role in improving accessibility and using design to both address the pain points customers normally have when using banking services, while also building and maintaining trust. Understanding the importance of design in attracting and retaining customers, both fintech startups and big banks are snapping up UX/UI design talent to help give their products and services a competitive edge. This rise in demand has led to more job openings in fintech, higher salaries, and exciting opportunities to shape the way people understand and manage their money.
At its core, UX/UI design in fintech isn’t too different from UX/UI design in other industries—the ultimate goal is to create a positive user experience that will lead to stronger user engagement, retention, and, depending on the product or service, conversion. But the specific applications of UX/UI design can differ greatly, and in fintech, where customer’s finances are involved, the stakes can be high.
Below are some of the ways in which UX/UI design is deployed in fintech.
Most UX/UI designers bring technical design skills to the table such as the ability to conduct and make sense of user research; wireframing and prototyping; interactive design; visual communication; information architecture; and proficiency with tools such as Sketch, Invision Studio, Proto.io, Webflow, Balsamiq, and Axure. And while these skills might help a designer build a visually appealing homepage or app, fintech UX designers need to also understand users’ priorities and have some domain knowledge.
For example, UX designers in fintech need to have some knowledge of the regulatory landscape to ensure that their designs are in compliance and don’t create any potential problems for the user or company. “Usually, fintech companies have a legal department that keeps everybody up to date about current and upcoming regulations,” according to product designer Julia Bondarenko. “However, it might not always be the case, or they might think that there is nothing to do with design. Do your research.”
As far as users’ priorities are concerned, UX designers in fintech need to understand user psychology well enough to know what information should be displayed prominently and how it can best be visualized. “Allowing users to view their finances in a graphically meaningful way is one of the most useful things fintech products offer,” according to the founder of a UX design agency, Adam Fard. “It allows us to have a better understanding of our earnings, expenses, and the relationship between them.”
Some of the key responsibilities of UX/UI designers at fintech organizations include:
Among hiring managers, UX/UI design is one of the top five most in-demand skills, according to a LinkedIn report, with the demand expected to rise throughout 2021. As banks, financial services, and startups continue to digitize and compete for customers by being more accessible, user-friendly, and trustworthy, UX/UI designers are only going to see more opportunities available in fintech and finance.
UX/UI designer salaries are typically determined by education, years of experience, location, and organization type. As of 2021, the average base salary of an entry-level UX/UI designer in fintech is around $96,604. The average base salary of a senior-level UX/UI designer in fintech is around $124,040.
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