Creating Trust through UX Design in B2B Fintech Security Features

In B2B fintech products, security features play a critical role in building trust with clients. However, security measures can often be perceived as cumbersome and confusing, which can have a negative impact on the overall user experience. Creating a delightful user experience and establishing and maintaining trust must work together in the B2B fintech space to create a successful product. Too much focus on one or the other, without regard for the user’s needs, will get your product crushed in the market by the big players who know this well.

Understand Your Users’ Security Concerns:

Before designing security features, it is important to understand your users’ security concerns first. B2B clients may have different security requirements than individual users, and their concerns may vary based on the nature of their business.

For example, a company designing a payment processing system for healthcare organizations would have very different security concerns than one designing the same system for a financial services company. The healthcare company may have concerns such as HIPAA compliance, protecting patient data, and preventing fraud which would require features like multi-factor authentication and encryption to be deemed secure enough to invest in. Conversely, a financial services organization may have more complex security requirements due to the sensitive nature of its business operations, such as handling large volumes of transactions and managing financial data. These require additional security measures such as real-time monitoring and analysis of transactions, advanced encryption techniques, and the ability to detect and prevent money laundering activities.

Conducting user research can help identify their security concerns and priorities, allowing you to design security features that meet their needs and align with their goals.

Simplify Authentication Processes:

Authentication processes are critical in B2B fintech products, but they can be a source of frustration for users. Designers should strive to simplify these processes while still maintaining a high level of security.

One tried method for reducing the friction surrounding authentication is allowing users to use biometric authentication, such as fingerprints or facial recognition, which can speed up the authentication process while still ensuring security. Another way to simplify authentication processes is by implementing single sign-on (SSO) functionality. SSO allows users to sign in to multiple applications or systems with a single set of credentials, reducing the need to remember multiple passwords or undergo repetitive authentication processes. Furthermore, many enterprise clients require their employees to leverage SSO apps to improve cross-software security in their organizations so, there is the added benefit of consistency across other products. This can help to streamline the user experience and reduce the time and effort required to access different systems or applications.

Implement Multi-Factor Authentication:

Multi-factor authentication (MFA) is becoming increasingly important in B2B fintech products. MFA can help to protect against unauthorized access, and is often required for compliance purposes.

There are a ton of great MFA options being leveraged, and the best option will need to be assessed based on the market and needs of your specific client. Some of the popular approaches include SMS-based MFA where users receive a one time password via text, authentication apps like Google Authenticator and Authy that generate one-time codes, biometric scanning, and even physical security keys that users plug into their computer’s USB port or use via NFC.

Provide Clear and Concise Communication:

When it comes to security features, communication is key. Designers should provide clear and concise communication around security features, including why they are in place and how they work. This can be a way to give context as to why the extra friction might be necessary but, is also an opportunity to signal your commitment to the users’ security in your own words.

When it comes to MFA, a common way to implement clear communication is when the user initiates the authentication process. The platform could display a brief message that explains the importance of MFA, such as “We take your security seriously. That’s why we offer two-factor authentication to protect your account from unauthorized access.” Similarly, at the end of the MFA process, a simple piece of feedback like “Authentication successful” or “Authentication failed” can go a long way in providing that additional peace of mind to the user that they are secure before moving forward.

Design for Scalability:

B2B fintech products often need to scale to meet the needs of their clients’ growing businesses. Designers should consider scalability when designing security features, ensuring they can be easily adapted to meet changing business requirements.

Some great ways to ensure you’re building a scalable B2B product include:

Modular design: This involves breaking down a product’s features and functions into smaller, independent modules which allows each module to be developed and tested independently, making it easier to scale and update specific components of the product without affecting the entire system.

Cloud computing: Cloud computing can help B2B fintech products scale by providing a scalable infrastructure that can be easily adjusted to meet changing demands. Cloud computing enables businesses to quickly and easily add more servers, storage, and processing power as needed, making it an effective method for managing large amounts of data and traffic.

API-first design: API-first design involves designing the product’s APIs first, before developing the user interface. This approach allows the APIs to be used independently by other developers and applications, making it easier to scale and integrate the product with other systems.

Performance testing: Regular performance testing can help identify areas that require optimization or are holding up other points in the system, allowing the product to handle increasing traffic and data loads without sacrificing performance.

UX design can play a critical role in building trust through security features in B2B fintech products. By first understanding user concerns and then using some of the techniques laid out in this article, designers can create security features that not only protect against threats but also enhance the overall user experience. By doing so, B2B fintech products can build trust with their clients, ultimately leading to greater success and growth in a saturated marketplace.