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Paying, saving money, investing – iF awarded banking apps are technology driven and present the newest developments in the financial services sector.
Gone are the days when people received some money as a gift at Christmas and took it to the bank for their savings account – only to wait and see what happened to the money. Meanwhile, millennials and generation Z have come of age – and are changing the game of finance.
For the younger generation, it's not just about making money. It's about creating a lifestyle that allows them to find meaning and purpose. They focus on rather standing for the values behind investment actions, not simply investing. Environmental sustainability, for example, is a trending topic that service designers have recognized as a relevant aspect for successful financial services. What is more, more and more banks support companies targeting environmentally friendly production processes and provide them credits to make it all happen.
As a result, service designers have started revolutionizing the way people interact with banks and how they invest in their future – by designing apps which are equipped with tools providing help even before the user asks and in which users share their investment experiences. Many of this year’s iF award-winning communication designs in the category "Apps / Software" are a showcase of new and further developments in the financial services sector.
What seemed like a distant dream is now a reality: Fintech. By definition fintech is working at the forefront of technology, including Natural Language Processing (NLP), Automatic Speech Recognition (ASR), AI financial advisors or a financial chatbot pop up to help make important decisions about finances – to name just a few. One specific habitual component comes in very handy for the designers in the process: lots of young people are digital natives and their willingness to make mobile payments with their smartphones is strong. The Coronavirus pandemic has even reinforced the trend of mobile and contactless payment. Therefore, it is critical for forward-thinking financial services to have an easy-to-use interface and to provide an exciting user experience.
Gold awarded: ALINE / Manufacturer: NH Investment & Securities Seoul, South Korea (see image above) – This sustainable investment app is gold awarded matching users with good potential investments that comply both
with their investment tendencies and also with their values, such
resource management and product responsibility.
Among the many iF award-winning designs are forward-thinking mobile apps like "ALINE" that find clever ways to invest while thinking about sustainable values. "FLOWE" is a similar app that focuses on environmental sustainability in the financial world. "Stockbox" aims to make the stock market more accessible to young people via cleverly constructed investment portfolios. Another very exciting project is "AI Financial Assistant - AInn" which combines technologies such as NLP and ASR to provide the simplest and most straightforward online banking experience to date.
The future of Fintech is a fantastic opportunity for designers to create at the forefront of what is possible with technology today.