What is it like working in a fintech startup as a UX Designer?
Working as a UX designer for a fintech startup is certainly dynamic… hectic on a a bad day, teaching you a lot about your design skills on a good day. And although the startup I worked for dealt with insurance 24/7, I found my role interesting - even when the actual content wasn’t so exhilarating. Before signing up to work at a startup company, you should know that it will most likely be a fast-paced and innovative environment, and as a UX designer in fintech, your role is crucial in shaping the user experience for financial products and services. You should read up on the latest trends in order to have a global mindset when starting out. Here are some aspects of my experience on the job:
Innovation and Creativity in User Experiences: Fintech startups are known for their innovative solutions and disruptive technologies. As a UX designer, you may have the opportunity to work on cutting-edge projects, experimenting with new ideas and finding creative solutions to complex problems. Don’t be afraid to speak up! When you’re one of the first ones to join a dynamic company, the highs are really high and the lows are low for everyone. Emotionally balancing these events is key.
Collaborating in a Fintech Startup: You may work closely with cross-functional teams, including product managers, developers, and business analysts. My team consisted of a Senior Engineer, No-Code Engineer, Developer, Product Manager, and me- UX Designer. The collaboration on my team allowed for direct communication everyday and faster decision-making processes for what we needed to do next with the product.
Rapid Iteration: Startups often operate with an agile development process, which means you'll likely be involved in rapid prototyping and iterative design. Quick feedback loops and the ability to adapt to changes are essential skills in this atmosphere. Perfectionism will kill your designs at this phase. On a tight deadline, no one cares about pixel-perfect designs if the user experience isn’t up to snuff.
Wearing Multiple Hats: In a startup, team members often wear multiple hats and you might find yourself involved in tasks beyond traditional UX design, such as user research, product strategy, or even UI development. I was constantly creating in Photoshop, Adobe XD, and the Adobe Suite in general as the sole designer at the company. The experience offered a broader skill set and a chance to contribute to the product in diverse ways.
Impact and Ownership: Startups are typically smaller, and your contributions can have a more direct impact on the product and company success. This can be personally rewarding as you see the tangible results of your work.
User-Centric Focus: Fintech is all about user-centric solutions. You'll likely be deeply involved in understanding user needs, behaviors, and pain points to design products that not only meet regulatory requirements but also provide a seamless and enjoyable user experience. At my startup, I initiated a research program with our users so that I was talking with users face-to-face at least 3 times a week.
Adapting to Regulatory Changes: In the fintech industry, there are often stringent regulatory requirements. As a UX designer, you might need to work closely with legal and compliance teams to ensure that the user experience aligns with these regulations while maintaining usability. As a UX Designer, I had questions for Legal about every other day, making sure the accessibility of our product was user friendly AND following all legal protocol.
“In your career, the most valuable currency is not how much you know. It’s how well you learn. In a stable world, success depended on building expertise. In a changing world, it hinges on evolving expertise. Potential is no longer defined by ability. It’s a function of agility.” -Adam Grant
In other words, a mind open to change and growth is as important a tool as the UX skills you’ve honed.
It's important to note that working in any startup environment, including fintech, comes with both challenges and opportunities. Flexibility, adaptability, and a passion for solving complex problems will serve you well in this dynamic field.