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Gaze into Fintech: Insights from My Research on Financial Literacy and Fintech Usability

Authors
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    Name
    Andrin Benz
    Twitter

I am excited to share insights from my recent research paper, "Gaze into Fintech: Assessing the Influence of Financial Literacy on Interaction Behaviour Using Eyetracking" published at the AVI 2024 Conference. This project was conducted in collaboration with my colleagues Yu Sun and Florian Mathis at the University of St. Gallen, where we explored the intersection of financial literacy, usability, and fintech.

Motivation Behind the Research

Financial technology, or "fintech," has revolutionized how people interact with financial services. However, navigating these tools often requires a baseline of financial literacy. We aimed to understand how users with varying levels of financial knowledge interact with fintech applications. Specifically, we focused on usability challenges faced by non-expert users and how these might be addressed to improve accessibility and engagement.

Methodology

Our research utilized eyetracking technology to analyze user interactions with a fintech application. We recruited participants, including financial experts and non-experts, to complete various tasks within the app. Through eye-gaze data and semi-structured interviews, we captured detailed insights into their behavior, cognitive processes, and challenges.

Key Findings

  1. Revisitation of UI Elements:

    • Non-experts frequently revisited UI elements such as buttons and labels, reflecting their difficulty in navigating the application.
    • Financial experts also exhibited revisitation but primarily due to inconsistent terminology across fintech tools.

  2. Gaze-Click Discrepancies:

    • Non-experts often identified the correct UI element but failed to act due to uncertainty or cognitive overload.
    • This behavior underscores the need for better guidance and intuitive design for less experienced users.

  3. Cognitive Overload:

    • Complex financial terms caused some participants to simplify tasks or misinterpret instructions. For example, terms like "principle" led to errors and frustration among non-expert participants.

  4. Differences in Task Completion:

    • Financial experts completed tasks more efficiently, aligning their mental models with the app's task flow. In contrast, non-experts often abandoned tasks prematurely due to uncertainty.

Implications for Fintech Design

Our findings highlight the need for:

  • Consistent Terminology: Aligning language across fintech tools to minimize confusion.
  • Guided Navigation: Incorporating step-by-step instructions or tooltips for less experienced users.
  • Accessible Design: Simplifying financial concepts and ensuring the app caters to users with diverse levels of financial literacy.

Conclusion

This research provides a foundation for designing more inclusive fintech applications. By addressing usability challenges, we can empower a broader audience to benefit from these tools, bridging the gap between financial experts and non-experts.

If you're interested in the full details of our study, you can access the research paper here.