How To Design Inclusive Fintech Products
Have you ever wondered why people are willing to put money in a savings account, knowing that it has a possibility to reduce due to bank charges, rather than invest the money and potentially double it over time?
Or why people are generally more willing to spend money with a credit or debit card than they’ll spend with cash? I’ve spent the last three years designing FinTech products for millions of users, and I’ll tell you for free that when money is involved, so many things are different.
Money is a language that everyone understands irrespective of their economic class, and people’s expectations of how financial products work are influenced by several factors like their background, risk level, exposure, income, expenses, etc.
If everyone uses money, no one should be left behind as a result of evolution from traditional banking to financial technology. From the unbanked in remote locations to the rich, everyone should feel like we had their interests in our minds when we were building the products.
As more companies are using technology to disrupt the traditional ways we deal with money, while maintaining the fundamental principles, I’m excited about a reality where design is at the forefront of all of that. Where, as designers, we are building products that help our users carry out their financial tasks easily while meeting the business goals of the products.
So here are some few tips from my experience that can get you started on designing inclusively for Fintech. - DB 💜