Financial UX Design is About Saving People's Lives

Karina Skara , UX Architect / UX Consultant at UX Design Agency

01.06.2018 07:30 am

Most people can remember a situation in their lives in which they experienced a huge amount of stress when dealing with money. Whether it was a bad encounter with online banking, a struggle when planning a budget or keeping track of spending, the majority of us can relate. But, how often do we wonder about how these situations can impact our lives, and those of our families and loved ones? In order to create a life-saving financial design, it’s vital to understand the role that emotions play when it comes to money.

Personal budget and money management is a sensitive topic and not something people tend to discuss with their colleagues or acquaintances. However, in many cases, when people experience stress due to finances, the first ones to feel it are their family members, who often experience the backlash themselves. It is not hard to see that money has a major impact on our lives. Even what might seem to be a minor problem can cause major consequences. The good news is that a well-designed financial user experience is here to help and can even save relationships, families and people's lives.

Money is Causing Dramatic Emotions That Ruin Lives

Financial institutions, such as banks and Fintech companies, are seeking solutions. Many are already doing a lot to help their clients have a pleasant financial experience and manage their money by offering various easy-to-use solutions. However, according to a survey from Independent, in 2018, money worries are still the leading cause of marriages falling apart.

Another study named “Love & Money” from SunTrust Bank showed that that Finances are the main reason of stress in relationships, where 35% of all respondents who experienced relationship stress named money to be the main factor causing issues. On a more positive note, this is a chance to inspire Fintech companies and banks to conduct research into how and why people make bad financial decisions.

This article originally appeared at: Finextra