7 Reasons to Consider UX Writing Expertise for Your FinTech Digital Product
UX writing has had a significant impact on the world of product design. Banks and FinTech companies stand to greatly benefit from focusing on the language used in their digital products. In this article, we will discuss the reasons why to begin incorporating UX writing into your work and uncover some of its key benefits.
Table of contents
- What is UX Writing?
- The Role of UX Writing
- 7 Points of How UX Writing Benefits the FinTech Industry
- Final Thoughts
What is UX Writing?
UX writing, or user experience writing (also known as content design and product writing), is a specialized form of writing that focuses on creating a clear, intuitive, and engaging interface between users and digital products. In the FinTech industry, UX writing can be used to create user-friendly instructions, simplify complex processes, and provide an intuitive user experience. As the industry continues to grow and innovate, UX writing keeps making one of the most important impacts on it.
The Role of UX Writing
By writing clear and concise instructions, UX writers help ensure that users are able to navigate and interact with digital products and services with ease. According to the Nielsen Norman Group study, “How Long Do Users Stay on Web Pages?”, users spend most of their time on other websites, forming their first impression of your site in the first few seconds. If they can’t understand what your site is about or can’t find what they’re looking for, they’ll leave. To keep users engaged on your site, it is critical to have clear and concise writing that is easy to understand.
Another research, “How Users Read on the Web” by the Nielsen Norman Group, states that users read only about 16 percent of web content. They do so by scanning the page in an F-shaped reading pattern (for left-to-right languages) which means the text on the top left of the page gets the most attention. The further down and right the text goes, the less attention it gets.
However, good UX writing can also improve the overall readability of web and app pages, which can encourage users to read more of the content on offer. In the financial technology sphere, clear and concise UX writing can be especially crucial, as users can often be looking for specific information or instructions on how to use a product or service.
A considerable amount, nearly 19% of UX writers are employed in the FinTech sector, which is significantly higher than the proportion working in eCommerce (11%) or the health industry (7%).
But what’s the reason that FinTech companies employ so many UX writers?
The answer is simple: UX writers simplify complex concepts into easy-to-perceive language for users. When conducting competitor analysis and information architecture research, UX writers also help reduce text redundancy, thus reducing task completion times. With less content but more effective, users complete tasks faster and easier, hence satisfactorily using digital products, which reflects positively on the product, and so the brand.
It is also important to mention that UX writing is inclusive. When the content is written with the needs of users who rely on screen readers or have impaired vision, a website opens up to a larger audience and serves more users.
7 Points of How UX Writing Benefits the FinTech Industry
1. UX Writing For FinTech Provides Brand Consistency
A consistent voice and enhanced tone help a brand tell a cohesive story. By providing a set of guidelines with language tailored to customer segments, (such as using more technical terms for experienced traders but simpler terminology for novices), UX writers ensure that all communications are on-brand and that the brand’s voice is in a line across all channels.
Moreover, according to the Content Marketing Institute, companies that use a content marketing strategy are more likely to see a positive return on investment than those that don’t.
2. UX Writing Smoothens and Simplifies User Experience for FinTech
A report by the consulting firm Capgemini found that 80% of customers prefer companies that prioritize a seamless customer experience, with user-friendly language being a key component of that experience. By using human language in UX writing, FinTech companies can make their products more accessible to a wider audience, which can lead to increased user engagement and loyalty.
ila Bank’s mobile app exemplifies the perfect use of user experience (UX) writing. With a clear and concise language that is easy to understand, ila Bank has hit the nail on the head when it comes to creating a seamless user experience.
Find more about the design process on ila Bank’s app in our Case Study.
Moreover, digital banking products often require intricate and lengthy processes to ensure the highest level of security. The user journeys may have a need to verify various factors such as income, expenses, and spending habits, while keep secure.
Thus, the aim of UX writing is to create products that are so straightforward and smooth, that users not necessarily may need tutorials, instructions, or customer service calls. Clarity is also essential in building trust. If users come across text that is confusing, they may become suspicious, and with good reason.
Additionally, UX writing techniques can be applied to other aspects of design, such as layouts, visuals, and typography, in order to ensure a consistent look and feel across all platforms. Furthermore, by leveraging analytics tools to track user behavior on the website or app and adjust the content accordingly based on user feedback, it is possible to further improve user experience over time.
3. UX Writing Helps Reduce Calls to Customer Support
Clear and straightforward digital products can lead to fewer calls to customer support. When users can easily complete their tasks without assistance, they are less likely to seek help. This not only benefits the users by eliminating the need for them to contact customer support, but it also improves the experience for the bank as well. Fewer support calls mean less pressure on customer support staff, which in turn leads to better service.
4. UX Writing Raises User Satisfaction and Trust in Financial Products
The Journal of Financial Services Marketing found that users who interacted with digital products using clear, concise language were more likely to remain loyal to their brand for longer periods of time.
80% of users said that having good UX writing on financial websites would make them more likely to use the website's services or products.
The same survey also revealed that 73% of respondents felt better about their overall experience when they encountered clearly written text in comparison with confusingly written words while browsing a FinTech company’s website or app.
There has been a trend toward using more conversational language in online experiences. Using “plain English” is becoming increasingly common, and this is leading to a written language that more closely mimics spoken language. Nowadays, financial institutions want to avoid sounding too formal or rigid in their communications. Instead, they aim to clarify their features and processes from the perspective of their users.
The conclusion is that UX writing helps raise user satisfaction and trust in financial products by providing clear, transparent, and easy-to-read instructions and explanations. By focusing on creating a simple, logical, and intuitive user interface, UX writing can help users quickly and easily complete tasks without feeling overwhelmed by complex processes. And with a good user experience, users are more likely to be satisfied with the product and more likely to trust it.
5. UX Writing for FinTech Enhances Security
UX writing helps enhance security in FinTech digital products by making the user interface more intuitive and easy to use. This makes it less likely that the user will make a mistake that could compromise their security, such as, for example, entering their login credentials into the wrong field. Good UX writing can help reduce user anxiety and confusion, thus ultimately helping keep users safe.
When users can’t understand how a system works, they tend to overestimate their abilities to use it and make risky choices.
6. Error Rates Are Reduced With the Right UX Copy
This point stems from the previous one. UX writing helps create a more intuitive user experience by providing precise and concise instructions, feedback, and error messages. It allows users to understand the product they are using better, which, in turn, reduces the chances of making mistakes or errors while using it.
Additionally, UX writing can provide helpful tips and tricks that make it easier for users to navigate through digital products without having to guess how things work.
Appropriate error messaging guides users through difficult processes or alerts them when something has gone wrong. For example, compare the error samples below. Which one precisely describes the problem and what went wrong? Which one provides a constructive suggestion on how to solve the problem and carry on forward?
By creating an environment where users have fewer questions about how something works or why something is happening, UX writing helps reduce user error rates overall.
7. UX Writing for FinTech Increases Conversion Rates
By creating an intuitive user interface, UX writers can help reduce customer service inquiries and increase satisfaction by making it easier for users to complete tasks, find the information they need, and understand how a product or service works. Additionally, UX writing can improve website navigation and search engine optimization (SEO), increasing visibility on popular search engines like Google and Bing. It can drive more traffic to a site or product page, potentially resulting in higher conversion rates.
Overall, UX writing has a powerful impact on FinTech digital products. It reduces user frustration, increases usability, and enhances security. As the FinTech industry continues to grow and innovate, UX writing will play an essential role in building and raising product recognition, as well as developing user loyalty. And moreover, it is an important part of the UX/UI design, which helps keep a digital product cohesive & consistent. Our team creates consistent FinTech products with deep research, detailed analysis, concise copy, and an award-winning design. Discover our industry expertise.