Ingredients To Optimize User Experience with Wealth Management Technology

6 min read
Apr 5, 2023 3:30:00 PM

Did you know that return on investment (ROI) is directly impacted by user experience (UX)?  

According to analysts, a contemporary, user-friendly design yields a favorable first impression and a lower bounce rate. 

Delivering a fantastic user experience helps businesses draw in customers, reduce churn, and set their wealth management solutions apart from the competition. 

Why is UX Design Important?  

Aspects like user interface (UI) design, wireframes, usability, and brand impression are all included in user experience (UX). The user experience (UX) affects how clients feel when utilizing a wealth management solution, such as how simple it is for them to switch between screens and carry out the required tasks. 

Comparing finance to other application kinds, providing an intuitive UX is significantly more difficult. Rich functionality and domain jargon may be difficult for end users to grasp in solutions for online banking, investing, and budgeting. 

Hence, it is crucial to build an application so that users can quickly understand the content and locate the information they need. 

Asset and wealth management (AWM) companies should consider the fact that most consumers still do not trust fintechs while creating specialized software. 

Data privacy, lack of information, fear of the unknown, and sparse industry regulation are the main causes of this. 

In this respect, businesses must attain the greatest degree of security, offer openness on the transfer of personal data, and make use of fintech trust signals. 

Ingredients to Optimize User Experience with WealthTech 

  1. Design a convenient information architecture 

A user-friendly information architecture (IA) must be created while creating a wealth management app in order for consumers to engage with the product automatically. 

A financial institution will be able to draw in new consumers and sustain existing ones by structuring its content and functionalities such that users can concentrate on their duties and have a favorable experience. 

The hierarchy of content, which consists of a flow of screens or pages, is developed by UX specialists with this goal in mind. 

Also, professionals in fintech UX must offer fluid navigation that governs how users travel through the app, moving between screens, and carrying out the required operations. 

UX designers apply a variety of techniques to properly execute an IA. 

Companies establish the groundwork for a user experience that is free from tension by creating a comfortable information architecture for a wealth management solution. 

  1. Do more with consolidated data

Natural language processing (NLP), machine learning (ML), and artificial intelligence (AI) are going to have a big impact on wealth management companies. 

Automated data analysis enabled by AI can speed up the study of massive datasets for asset managers. 

Advisers may help with customer segmentation, product personalization, and better understanding consumer behavior. Marketing for financial products may benefit as well from it. 

Digital assistants built on NLP can be used by wealth managers to improve customer satisfaction. 

With the use of graphs and other visual aids, historical data, and the most recent research, digital assistants can comprehend and respond to inquiries about the markets and the present prognosis for investors. 

Also, they can respond to questions regarding account opening procedures and other customer service requirements. Advisors may focus on more important responsibilities while saving time with the help of these digital assistants. 

A company that is technologically enabled may be guaranteed that its next-generation platform is not only achieving a short-term objective but also laying a solid basis to satisfy rising business demand. 

Effective transformation involves maintaining development rather than just arriving at a predetermined point and stopping. This is accomplished through improving the delivery procedures and ensuring the teams have the necessary qualifications. 

Organizations must implement agile delivery procedures, continuous integration, continuous testing, continuous monitoring, and agile operations in order to deploy technology quickly. 

For engineering teams to be successful in a dynamic and demanding environment, they must adopt agile working practices and upgrade their skills. 

  1. Design a distinctive branding look

A distinctive branding concept is essential to showcasing product uniqueness and differentiating from competitors in the fiercely competitive fintech market. 

The use of consistent colors, typefaces, symbols, and other design components is also crucial. The same design elements will appear incorrect and strange if they are rendered differently.  

Prior to beginning the construction of a wealth management app, it is crucial to research current UX design trends and perform competitive analysis. 

This will help you learn how to create a product that will stand out from the competition. 

  1. Create an easy-to-use user interface

While financial solutions typically include extensive functionality and industry-specific jargon, it just takes a modest effort on the part of UX professionals to avoid creating applications that are challenging for end users to grasp. 

In this manner, it is crucial to create a self-explanatory UI while putting an emphasis on simplicity and clarity. 

An AWM company must ensure that a wealth management solution does not offer the same functionality on multiple screens or pages to avoid confusion among clients. 

Every screen ought to have a specific function. The user interface (UI) shouldn't be overrun with visual elements like buttons, icons, search boxes, or pop-up windows. 

It's crucial to position all the pieces in a finance app design where users are likely to find them. For instance, the top right-hand corner frequently houses a closed window. 

UX experts must organize a document rationally if the financial solution needs consumers to complete a contact form, such as when requesting a loan. So, queries should be broken up into parts and presented on separate pages. 

It is suggested not to use a terrifying red color to highlight significant information when using a color palette. 

The information must be repeated in confirmation windows instead. You may get people to notice the necessary parts by using CTAs and buttons that have bright, contrasting colors. 

  1. Platform approach

Using the features of top FinTech products can enhance customer experience, decrease time to market, or enable the development of products with the capacity to provide end-to-end services.  

Creating a platform that can give users access to a variety of capacity items while maintaining a consistent user interface helps boost advisor outreach, adoption, and client retention. 

Wealth management companies would be able to provide different subscription tiers for their platform by building a marketplace ecosystem of different capacity goods. 

Some businesses choose to employ vendor goods, but when these products are heavily customized, it might take longer to update them, depriving end users of the advantages of these innovations and improvements right away. 

The design of the next-generation platform should strike a balance between using vendor products "as is" and changing them. 

  1. A strong data foundation

A profitable and effective wealth management firm depends on data. A "one source of truth" is required. 

The volume and sources of data increase as firms move toward various product-based solutions. Building a data architecture with a "golden record" or master source should be the objective. 

Using connectors and procedures that allow data transmission without duplicating records, the "single source of truth" may be built. 

Vendor product dependencies can be decreased by creating a consolidated data store that adheres to a business taxonomy and makes use of a canonical structure. 

It makes it possible for corporate operations to cover a range of items and results in effective client-servicing workflows.  

Strong governance regulations and security protocols are needed for consolidated datastores in addition to scalable cloud-based infrastructure in order to accommodate developing data capabilities. 

With a flexible and scalable data architecture, advisors may integrate alternative data sources or third-party datasets and provide insightful data for prospects to increase client conversion rates. 

To Sum Up 

By creating the ideal transformation roadmap to create next-generation platforms that provide an amazing client experience, businesses have the chance to acquire a competitive edge.  

Businesses must adopt a value-driven, customer-centric strategy that combines scalable technological solutions with a data architecture to maintain a "gold-record" or a single source of truth in order to effectively undertake a business-led transformation. 

Connect with the best digital transformation company to get assistance with navigating these changes and accelerating your digital transformation so you can better understand your clients, potential dangers, and the steps you need to take to run your company more profitably. 

To acquire popularity and make money, a wealth management tool must provide a flawless user experience. You will be able to boost user retention and create a loyal consumer base by implementing the greatest UX design principles. 

It's critical to develop your fintech solution with the demands of the end user in the forefront of your mind. Before beginning the project, consider conducting an audience analysis for this reason. 

Please feel free to get in touch with our team if you want to start a wealth management app or remodel an existing one. 

We produce high-quality applications with a strong focus on usability and a distinctive branding aesthetic because of our extensive expertise in developing banking software. 

Our software specialists will provide a design that meets or even exceeds your expectations by adhering to design rules and staying current with UX trends.