{"id":5813,"date":"2022-06-24T09:12:09","date_gmt":"2022-06-24T09:12:09","guid":{"rendered":"https:\/\/lollypop.design\/?p=5813"},"modified":"2025-10-14T06:04:16","modified_gmt":"2025-10-14T06:04:16","slug":"rise-of-fintech-through-digital-design","status":"publish","type":"post","link":"https:\/\/lollypop.design\/blog\/2022\/june\/rise-of-fintech-through-digital-design\/","title":{"rendered":"Impact of Digital design on fintech products in the Middle East"},"content":{"rendered":"

Introduction<\/strong><\/h2>\n

The payments landscape in the Middle East region is experiencing a significant change. Although the region\u2019s population is digitally savvy, most of them have been heavily dependent on cash. Only about a third of retail transactions are done digitally, according to a report by <\/span>McKinsey<\/span><\/a>. The report suggests that the low adoption rate could be attributed to an underdeveloped digital payments infrastructure and services, underbanked consumer and merchant segments, and a cultural bias toward cash.<\/span><\/p>\n

However, the scenario is heading for a change now. Digital banking services have gained a lot of momentum in this region. <\/span>Is fintech the future?<\/span> Yes! Fintech services in the Middle East are an essential sector within the financial industries. Various startups are now operating in the fintech space in the region. <\/span>According to the<\/i><\/b> Milken Institute<\/i><\/b><\/a>, over 465 fintech companies are currently available in the region, (as of April 2022) compared to just 30 in 2017.<\/i><\/b><\/p>\n

Why fintech? <\/span>The pandemic has triggered an increased adoption of digital payments. The new government and regulatory initiatives, along with the entry of new payment providers, are also contributing to this positive shift. Both investors and tech-savvy innovators are flocking to the Middle East as a FinTech hub.<\/span><\/p>\n

What are fintech products<\/span>?<\/span> Besides payments, banking, insurances, online financing, stock trading, and cryptocurrencies, there are other financial services under the fintech umbrella which are gaining popularity in the Middle East.\u00a0<\/span><\/p>\n

So what does it take to get users to start using a product?\u00a0<\/span><\/p>\n

What motivates them to continue using the product?\u00a0<\/span><\/p>\n

What factors influence customer behavior?\u00a0<\/span><\/p>\n

Let\u2019s dig into them one by one.<\/span><\/p>\n

How can design help a brand with all these?\u00a0<\/b><\/h3>\n

\"How<\/p>\n

1. Building Trust<\/b><\/p>\n

This is the primary and most important factor for any product customers use. When it comes to fintech products that handle sensitive and private information, trust is not just a consideration, but a top priority. The product should make users feel safe <\/span>and trustworthy with their personal information. Design, from onboarding to gathering user information, all the way to having a user make their first transaction, plays a key role in building trust.<\/span><\/p>\n

2. Creating North Star Experience<\/b><\/p>\n

Finance can be complex. Terms we use in finance can be alien to users; ever-evolving government regulations can be a nightmare, and providing users with all the required details to make informed decisions is critical. With these challenges in mind, the experience we provide our users is what keeps them engaged with the product and keeps them coming back. Design contributes to simplifying the journey and making it more consumable for the user.<\/span><\/p>\n

For example, when we worked for <\/span>Paytm Money<\/span><\/a> , an online platform for mutual fund investments, the design was in such a way that the user is always guided throughout using small animations, detailed videos, and colorful interfaces.\u00a0<\/span><\/p>\n

3. Being Transparent<\/b><\/p>\n

The information users provide to Fintech products is quite extensive. It is important to explain why we need users\u2019 information to comply with the regulations as well as clearly indicating the costs associated with transactions the user conducts through the product. Providing users with information about what we do and why we do it helps in bringing transparency, which in turn builds trust.<\/span><\/p>\n

4. Discoverable and Scalable<\/b><\/p>\n

Financial products are ever-evolving and their ultimate goal is to become a marketplace for all users\u2019 financial needs. The expectations from users are also similar. They want everything in one place. As the product grows, new features get added, and the application becomes complex and might turn out to be overwhelming for the user. Grouping the information logically and focusing on the ease of navigation is essential for the users to continue using existing features while exploring the new ones.<\/span><\/p>\n

How do we design a user-centric product?<\/b><\/h3>\n

Understanding what is needed to develop a trusted and user-friendly Fintech product isn\u2019t enough. It is important to <\/span>understand users\u2019 pain points<\/b> while using fintech products and address them. Let\u2019s explore a few well-known problems faced by users:\u00a0<\/span><\/p>\n

\"How<\/p>\n