The global mobile banking market size is expected to grow to US$18.7 billion in 2030 from US$7.72 billion in 2022, growing at a CAGR of 11.7 percent. If you have always wanted to start your own payment gateway business, there is no time better than today.

Today, banking apps have become more popular than social media apps which is a fact confirmed by new research from Mastercard. However, the mere existence of a banking app doesn't imply its success as the key to developing a successful and engaging banking app lies in the level of user experience that it brings to the table.

Designing banking applications can be a complicated process, given how important and complex the topic of money is for each one of us. An individual using a digital product to manage their money grants it a fair amount of trust and even the smallest of user experience or design hiccups can simply ruin or undermine the entire user experience.

Let us have a close look at some of the best banking app UI/UX design practices to ensure banking app users feel safe at all times while using the apps.

Best banking app UI/UX design practices

Make things easy to find

Banking apps come in different forms and shapes, yet they all have a single and unified goal to help users better manage their finances. That's why information such as spending analytics, account balance, last 5 transactions, recent spending, or anything relevant should be easily accessible to individuals using the product. A solid information architecture (IA) is paramount to ensure superior findability and discoverability towards a better, frictionless experience.

Product Stability is the key

Banking apps must be highly scalable, i.e., they must withstand heavy server loads and should evolve in terms of usability, customization, security, and accessibility over time. It must have a clean and intuitive user interface for easy navigation and quick access to essential features. Also, the banking app must be compatible with various devices and screen sizes for a seamless user experience.

Security is the most important aspect

Banking apps are expected to leverage the best of technological advancements and innovations. They must be characterized by robust user authentication methods, such as multi-factor authentication (MFA), transaction confirmation prompts, one-time passwords, and biometrics (fingerprint, face recognition, etc.).

Focus on Personal Financial Management

The banking app must provide tools for users to better set saving goals, manage their finances, and track their spending behaviors. It should also help users easily and quickly customize their experience within the app, such as setting preferences, favorite transactions, or personalized dashboards. Furthermore, it should also be accessible to users with disabilities by following accessibility guidelines (e.g., Web Content Accessibility Guidelines).

User-Centric Design

Banking apps must always be developed after a careful understanding of the target audience and their beliefs, expectations, requirements, concerns, challenges, and pain points. A clear and logical hierarchy for menu items and navigation buttons is highly recommended. Moreover, the need for extensive typing should be reduced as much as possible by incorporating dropdowns, pre-filled options, and smart defaults.

All the important interface elements should be appropriately highlighted and visible. Also, users should not make more than 3 clicks to move from one section of the app to another. Furthermore, information should be broken down into groups or logical blocks so that it can easily be understood by users.

Consistent visual identity

A good banking app should maintain a consistent visual identity across platforms with the brand, including colors, fonts, and logo placement.

Offline Functionality

The app must offer basic functionality even when the user is offline; the app must sync data immediately once a connection is reestablished.

Legal and Compliance

It must adhere to stringent legal, security, and compliance requirements for financial applications, such as GDPR, PCI DSS, and financial regulations.

User Education

The app must have a dedicated section to include tooltips, tutorials, or onboarding processes to help users understand how to use the app effectively.

Live Chat and Support

The app must be compatible with various operating systems (iOS, Android) and devices (smartphones, tablets). Also, there should be a responsive customer support system round the clock with options for customer help options such as live chat, FAQs, and in-app help features.

Scheduled Maintenance

App users should always be informed in advance about scheduled maintenance to minimize disruptions.

If you want to start your own payment gateway business and run banking apps, you must ensure real-time transaction processing is enabled to provide users with up-to-date information on their account balances and activities. Also, real-time feedback for user actions, such as successful transactions or errors, must be provided. Integration with digital wallets is highly recommended to enhance the app's versatility, enabling users to make payments using popular services like Apple Pay, Google Pay, Paytm, or other regional wallets.

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