A journalism startup called Civil tried a new way to finance the future: issuing crypto tokens. One major problem cropped up: the 44 steps needed to take part. To say the user experience was suboptimal is an understatement, and eventually the offering failed.
As financial technology and financial services consider more mainstream offerings of cryptocurrency and blockchain investment vehicles, the user experience needs improvement. Ipsos frames UX challenges using four key elements that ensure the user experience is easy, intuitive and enjoyable.
Learnability: Is it easy to understand?
Currently, many cryptocurrency sites lack the resources to help users quickly understand what cryptocurrency is and how it works. For example, Bitcoin.com and Bitcoin.org have cumbersome explanations of their cryptocurrency, which require a lot of reading by the user before they even begin to understand what it is and how to use it. To be successful, simple, concise language should be tested with consumers to ensure they understand the product offer. Once developed, content should be easily accessible.
Product fit: Does it have what I need?
Consumers need to understand how digital currencies like bitcoin or Ethereum address their needs and goals. The best way to do this is to show consumers common situations where cryptocurrency can be used and get their feedback on the value and relevance of the product. Those insights can help brands determine which features to prioritize.
Operability: Does it work well?
Consumers expect financial transactions to be easy. Mobile deposits, simple peer-to-peer transfer and digital wallets have become the norm, as more users expect one-click transactions that can be done on the go. Cryptocurrency transactions need the same, simple implementation or people will give up.
Inspiration: Does it inspire me?
People need to be motivated to make changes in their current routines. Does this product have benefits people want that will help them meet their goals? Include people in the product development to understand what drives their decisions about financial products and service providers.
Ultimately, businesses looking to create or expand cryptocurrency products must take people a little more into consideration to demystify their offerings and help them understand how and, just as importantly, why to use these new technologies.