Decades ago, the famed scientist Alan Turing devised a simple test to see if a machine could behave in a way that was indistinguishable from a human. Inspired by this, we coined the term Fintech Test, a new benchmark for DeFi apps. Can a user tell if a financial app is powered by a blockchain or not? If they can't, the app passes.
The objective is a user experience so simple that the underlying technology becomes irrelevant. For years, DeFi applications have struggled to meet this standard. DeFi's user experience has often been secondary to the technology, resulting in products that are difficult to use.
While the fintech sector has relentlessly pursued simplicity and intuitive design, DeFi has lagged, creating our biggest barrier to mainstream adoption.
The Modern Fintech Playbook
The best fintech apps today follow a simple playbook. They solve a real problem for their users, and they do it in a way that is incredibly simple and intuitive. These apps don't expose users to the complex underlying financial plumbing. Instead, they provide a clean interface that focuses on the user's goal, whether it's sending money to a friend, investing in stocks, or saving for a purchase.
Technology is just a means to an end.
Focusing on simplicity is what has allowed the fintech industry to grow so quickly. People don't need to understand how the ACH system works to send money, and they don't need to know the intricacies of market making to buy a stock. The app handles all of that in the background. This is the standard that DeFi has to meet to gain mainstream adoption.
Designing for People
The Aave App was designed from the ground up to pass the Fintech Test. This required doubling down on our design philosophy, treating crypto as the underlying infrastructure, not the product itself.
The design focuses entirely on the user's goals, such as saving money and earning a high yield. The interface is clean, intuitive, and familiar to anyone who has used a modern fintech app. There are no mentions of gas fees, network confirmations, or other crypto-specific jargon.
The app's design is centered on clarity and ease of use. The main screen prominently displays the user's savings rate, with clear, actionable steps to increase it, such as verifying identity, setting up automatic deposits, or referring friends.
A powerful simulation tool allows users to project their earnings over time, turning a simple savings account into a goal-oriented financial planning tool. This focus on a user-centric design, rather than a technology-centric one, is what makes Aave App different from its blockchain-powered counterparts.
Onboarding to the app is also effortless. Typically, blockchain-powered apps force users into a convoluted, crypto-native onboarding flow. With Aave App, we've done the work behind the scenes to properly support deposits from over 12,000 banks, making it widely accessible. For login, you only need an email/phone and a password.
A New Generation of Fintech
The Fintech Test serves as a crucial benchmark for the maturation of the DeFi industry. It's our belief that the Aave App represents a significant step towards meeting and exceeding this standard. And in our view, Aave App is the first crypto app to pass the Fintech Test.
By treating the underlying blockchain technology as invisible infrastructure, the Aave App demonstrates that it is possible to build DeFi products that are powerful and truly accessible. This approach paves the way for a new generation of financial applications that are more open, transparent, and designed for everyone.
Most importantly, Aave App positions us to onboard the next million users to the Aave Protocol by tapping an all-new audience.