Financial digital experiences are not just about product simplicity and ease of using the interface. The best designed apps often cannot attract the right audience in the first place. Those that do, are not able to retain their interest long enough and end up shuttering as the marketing dollars run out.
Financial technologies are also about user’s emotions, biases, and existing habits. The maths and rationale of personal finance and investment are easy. It’s the psychological side of money that’s hard.
At New Wealth, we use a proven Behavioral Design Framework to build highly personalized and engaging financial experiences.
Behavioral Design Framework
Behavioral Diagnosis & Mapping
The first step toward changing user behavior is understanding and mapping user’s current behavior at the most granular level.
Psychological Bias Labelling
Identify and label the psychological biases a user encounters as they proceed along the behavioral map in previous step.
Create a Choice Architecture
Designing a “choice architecture” to encourage consumers to make the right decisions without additional effort on their part.
Behavioral Design Patterns
Here are some examples of behavioral design patterns we use to nudge users towards the desired outcome:
Game design, not gamification
It is not about adding loyalty points, rewards, and badges for some extrinsic motivation. We want users to do things because they find them inherently motivating and satisfying. The underlying experience in New Wealth Solutions is designed based on game design principles such as goals, emotions, controls, toys, and flow.
Removing friction with a happy path
When it comes to making decisions, most people tend to look for the path of least resistance, even when it’s not always the best choice. At New Wealth, there is always an extremely smooth happy path. Along this happy path, users are given many choices to progressively make it more personalized for themselves.
Embedded financial education
Our products are designed to provide nuggets of financial tips and knowledge throughout the experience by adding exclusive and contextual content that is easy to understand and quick to implement.
Talk to one of our experts
Sudhir Nain, behavioral design expert:
•UX/Product design thought leader
•20+ years design experience
•15+ years designing FinApps
If you are interested in applying Behavioral Design to your new project or in co-creating new Smart Solutions together with New Wealth, please send an email to X-lab@newwealth.com.sg for an initial conversation.