Definition of Mobile-First Strategy

The Mobile-First strategy is a development and design strategy that focuses on creating user experiences and interfaces, particularly for mobile devices. It prompts developers and designers to prioritize mobile devices over computers or other platforms at the beginning of a project.

On the other hand, Fintech UX design involves using ideas, specialized skills, guidelines, and patterns to improve digital experiences for financial services and financial products such as banking, insurance, lending, payments, and more. The Mobile-First approach is important for Fintech UX design. This is because the Mobile-First approach creates intuitive and user-friendly experiences for financial institutions’ end customers.

Overview of the Fintech Landscape in Bangladesh

The fintech industry of Bangladesh is currently going through big changes in both business models and technological advancements. Bangladesh has 198 officially tracked fintech startup companies, but the real number might be over 500. 

These fintech startups offer various services, including savings, payments, alternative finance, financial management, credit underwriting, remittances, and insurance. Mobile financial services are quickly changing how people in Bangladesh access and handle their money.  

There are over 200 million MFS accounts registered in the nation, with 60% from rural areas. According to Bangladesh Bank, mobile financial services processed over 563 million transactions valued at $109 billion during the fiscal year 2022–23. 

Bkash is a mobile payment platform and the first unicorn in Bangladesh. It offers P2P transfers, payments at merchants, top-ups, bill payments, savings, and cash-out services. 

Bkash has more than 70 million registered users, 40% female customers, 330,000 agents, connections to 44 commercial organizations, and enables millions of transactions each year. Other major MFS providers in Bangladesh include Nagad, Rocket, and Upay.

What Are The Unique Challenges for Fintech in Bangladesh?

Despite its significant growth, Bangladesh’s fintech industry still faces many challenges. The key areas that need attention are given below:

• Lack of interoperability
• Cybersecurity issues 
• Low financial literacy among people 
• Complex regulations 
• Limited early-stage investments

Various stakeholders are addressing these issues. Educational institutions are encouraging digital skills and financial literacy. As regulations improve, more foreign investors are exploring opportunities in Bangladesh’s fintech industry. Venture capital investments in the fintech industry exceeded $429 million in 2021 and 2022. 

Some prominent investors include Ventures, Softbank, Valar Sequoia, and Startup Bangladesh Ltd. Furthermore, over 60% of the population in Bangladesh is under 35, which supports the potential for quick generational change associated with general digital adoption.

Benefits of Mobile-First Approach on Fintech UI/UX

Enhanced App Performance

Page load times are crucial for mobile users because they tend to leave an appif it takes a long time to load. A mobile-first strategy prompts designers to focus on optimizing assets and improving performance, leading to quicker load times and better overall app speed. This can increase user retention, improving both business metrics and user experience.

Search Engine Optimization Benefits

Search engines now recognize the importance of mobile devices and have changed their algorithms accordingly. For example, Google now ranks mobile-friendly websites higher in search results. This makes mobile-first design important for search engine optimization (SEO). 

When you design your site or app for mobile users, you can boost your site’s visibility in search results. This helps attract more organic traffic and probable consumers.

Improved User Experience

The mobile-first design focuses on the idea of efficiency and simplicity. When designing for mobile gadgets, designers must prioritize features and content, resulting in more user-friendly and streamlined interfaces. Moreover, mobile devices have unique limitations, like slower internet connections and smaller touchscreens. Designing for these challenges pushes designers to be more resourceful and creative. 

This results in innovative solutions that improve the user experience on all platforms. Bkash, a leading mobile financial service (MFS) company in Bangladesh, has an efficient UI/UX design on its registration and login page. This is extremely crucial for app design. The app provides audio instructions when users enter the signup page, making it user-friendly and intuitive, even for beginners.

Responsive Design

Using a mobile-first design approach often means using responsive design. This way, the UI changes to fit various screen sizes and orientations. In today’s world, with multiple devices, users expect a visually appealing and consistent experience with their app. This adaptability is crucial. 

A mobile-first design approach ensures that the user interactions and main design elements are well-planned and refined before expanding to larger screens. This approach creates a seamless user experience on all devices, leading to higher user engagement and satisfaction. 

Increased User Engagement

When you optimize your mobile app, customers are more likely to check your services and engage with your brand. A good mobile experience builds loyalty and trust, making customers want to return to your app and suggest your services to other people.

What Are The Core Principles of Effective Mobile-First Design?

Putting Context and User Needs First

For effective mobile-first design on Fintech apps, it’s important to understand how users interact with them on mobile devices. In Bangladesh, where mobile usage is widespread, Fintech apps need to meet different user needs, like rapid financial transactions and smooth task management on the go.

Optimizing for Touch Interactions

Designing for touchscreens means developing easy and intuitive interactions for mobile devices. When designing, consider touch interactions for interactive elements. Links and buttons should be big enough to tap easily, with enough space between interactive elements to avoid accidental clicks. Fintech apps in Bangladesh use touch-friendly design to improve usability and user engagement.

Bkash, the top MFS provider in Bangladesh, uses micro-interactions as three dots on the splash screen to show users that the app is loading. This kind of interaction gives users a signal that the app is functioning and makes waiting less boring.

When you first open the app, it launches in Bengali, which is the native language of Bangladesh. This makes it accessible for individuals who aren’t fluent in English. However, to make it easier to use, the text can be shown in both the native language and English.

Optimizing for Speed and Performance

In Bangladesh, where network conditions vary, it’s crucial to optimize speed and performance for mobile apps. Designers prioritize saving data, reducing loading times, and ensuring seamless operation at various network speeds to improve reliability and user experience. You can speed up website loading times by minimizing code, compressing images, and using browser caching effectively.

Maintaining Consistency Between Different Devices

For mobile-first design to succeed, it’s important to maintain a consistent user experience between different devices. Bangladeshi companies use responsive design principles to ensure smooth transitions across desktop and mobile environments.

Future Trends in Mobile-First Design in The Fintech Industry

The future of the mobile-first approach in the Fintech industry is set for big changes due to new technologies. As mobile technology advances, various innovations and trends will shape digital experiences.

Integration of IoT Devices

The IoT (Internet of Things) and wearable devices offer chances to expand mobile-first design beyond tablets and smartphones. In the Fintech sector, IoT devices like smartwatches can give stock market updates and notifications for banking alerts, improving access to financial information and user engagement.

Voice Interfaces

Voice interfaces are changing how we use apps and mobile devices. With virtual assistants such as Google Assistant, Siri, and Alexa becoming more popular, voice commands provide a hands-free and easy way to interact. In the Fintech industry, voice-enabled apps can make it simpler to do things like manage schedules, make transactions, or check account info.

For instance, voice-controlled CRM systems can quickly update customer records and set follow-up reminders, boosting sales team productivity on the move. Adding voice interfaces to mobile-first designs makes Fintech apps easier to use and more accessible. This helps people with disabilities and anyone who prefers hands-free interaction.

Augmented Reality Integrations

Augmented reality improves user experience by adding digital information to the real world via mobile cameras. In Fintech apps, augmented reality (AR) can create immersive experiences like offering virtual property trips for real estate deals or showing financial data in 3D graphs. 

AR-based Fintech apps can show project timelines straight on mobile screens or simulate investment scenarios, making complex information easier for users to understand and interact with. Adding AR to mobile-first designs helps companies stand out with their offerings, drive digital services innovation, and boost user engagement.

AI-Powered Personalization

Artificial Intelligence has the potential to transform mobile-first design by creating personalized user experiences. In the Fintech apps, AI algorithms analyze user preferences, behavior, and past data to provide recommendations and customized content. 

For example, chatbots powered by AI in banking applications can give personalized financial advice, and CRM systems can provide predictive analytics to improve how they interact with customers on mobile devices. By using AI for personalization, companies can increase user engagement, build more powerful customer relationships in real-time, and improve customer retention.

In Bangladesh, a fintech startup, ShopUp, gives working capital loans to medium and small-sized businesses. ShopUp uses AI and data analytics to evaluate borrowers’ creditworthiness, making it simpler for small companies to secure financing.

Blockchain Technology

Blockchain technology can greatly benefit people who manage both personal and professional financial activities or share accounts. For users handling their own accounts and overseeing family members’ finances, fintech designs that integrate blockchain can streamline identity verification, permissions, and access. 

Similarly, in professional settings involving large transactions, fintech platforms capable of integrating blockchain provide stakeholders greater transparency without the need for numerous login and logout procedures.

Improved Security Measures

As mobile devices become essential for handling sensitive business and financial information, improving privacy and security measures is crucial. Future mobile-first designs in the Fintech industry will focus on safe data storage, strong encryption, and biometric authentication to protect user information.

Blockchain and other advanced technologies will also play a part in ensuring secure and transparent transactions in enterprise and mobile banking apps. By enforcing strict security protocols, businesses can earn user trust and reduce risks from cyber threats in a digital world.