Helping WealthMaster revolutionise financial management
CLIENT
WealthMaster
London, UK
my role
UX and UI design, research, usability testing
Team
Jaci Aricheta, Ana Gimeno,
David Teveth, Jade Li
Duration
October 2023
At Experience Haus, London, in October 2023, I had the privilege of contributing to the development of WealthMaster, an innovative open finance platform. Our goal was clear: to empower retail investors with a comprehensive view of their finances and provide automated tools to realise their financial aspirations efficiently.
Our primary challenge was to conceptualise and implement an automated portfolio construction module that aligns with user-defined financial goals seamlessly.
Learning about WealthMaster
In a meeting with Jonathan, the visionary behind WealthMaster, we gained insights into his frustration with manual financial management. His vision was to create a platform that automates portfolio construction, considers user goals, and leverages real-time data.
Value proposition
WealthMaster doesn't just inform users about their financial outcomes but also matches them with specific financial products, potentially generating revenue through cross-selling partnerships.
Behind the scenes of the app
WealthMaster integrates open banking aggregators like Yaply for bank account connections, with plans to engage actively with investment account APIs for seamless integration.
What do we know?
We were provided with an extensive previous research and from there we gained the followng insights:
Our archetype
The primary archetype is a Methodical and Detailed individuals who already manage their finances using tools like Excel. WealthMaster aims to provide them with a more convenient and powerful tool.
The Methodical and Detailed
They own multiple asset groups
They manage their portfolio in manually
They are meticulous in analysis through graphs and charts
Challenges for the user
Some of the pain-points user has are the following:
Data can be overwhelming
Analysing and keeping track when managing asset classes can lead to significant amount of data.
Time-consuming analysis
Being meticulous often means conducting in-depth analysis and this can take a lot of time.
Decision Paralysis
A highly detailed approach can sometimes result in overthinking and indecision.
Error in manually inputting data
Repetitive tasks and constantly juggling from one app to another means it's prone to human error.
Who are the competitors?
To understand where WealthMaster would fit in the market, we compared it to 16 competitors. To do so we analyzed each platform by answering these questions:
What are they doing at the moment?
What features work well?
Which features aren’t being used?
What features are essential for us to have?
What’s missing?
What can we bring to the table that’s unique?
Out of the 16, we narrowed down to 5
What are the problems we're trying to solve?
Below are the key areas we need to focus on in order to understand and effectively rebuild the WealthMaster app, addressing the specified design challenge.
problem statement # 01
problem statement # 02
problem statement # 03
Scenarios where WealthMaster has opportunity
To understand the features or functionality that users need we were given these user stories.
A user wants to go on a holiday to the Bahamas. WealthMaster can suggest investment options or credit cards based on the user's financial situation.
A user wants to buy a house in the next five years. WealthMaster can recommend mortgage options or match products based on the user's financial profile.
Understanding the concept of portfolio management and where does goal creation sit
In order to understand what portfolio management entails, we considered related ideas, tools, material and practices and formed our concept map. We wanted to see where does creation of goal sit in the web of information.
WealthMaster concept map on portfolio management
We have got visualisation of what needs to be included in the app on what we think will help with the primary design challenge. But we need to breakdown different parts in order to make sense of how we want the journey will go for the user.
Designing a user-friendly onboarding and goal-setting experience
We brought people together in a room and used card sorting exercise to help undserstand user's expectation when signing up and what think of when setting a goal in a portfolio management app.
What did we get out of it?
Visualising trust
Users want the app to understand their information before suggesting anything. This means using clear visuals to show users that WealthMaster gets their data.
Time matters
Users emphasise the importance of addressing short and long-term financial perspectives on WealthMaster. The platform should consistently prioritise users' current financial circumstances to enhance the overall user experience.
Consistent communication
Users expect consistent communication on WealthMaster including the ability to contact support within the app and receive tailored notifications regarding changes in their portfolios.
Understanding risks
Users want to feel like they're in control and making informed choices about their money. Visuals that explain the risk levels help them do that.
"I need to understand the risk involved in the investment options I am being given. And I want to be able to choose the level of risk I'm willing to commit to."
Participant A, 45 years old
“I have short-term and long-term goals. I would like an app that should consider both aspects, while thinking about what my current circumstance is.”
Participant B, 40 years old
Mapping out user flows for different journeys
I built different user flows to see how I would structure the app, taking into consideration all the research and insights we have found and try to make things work better for the user, however not forgetting the 3 core pillars the app needs to embody.
Sketching ideas and iterating low-fidelity based on usability testing results
On both sketching and prototyping in low-fidelity, I had done some usability testing and have found valuable feedback on both.
updated low-fidelity prototype
Here are some of the changes…
Add a couple of onboarding screens as users want to see the features before signing up.
Use of slider to give user freedom to adjust their preferences, and not just an option to include.
A separate portfolio page is not needed, it can be combined with dashboard.
Creating a portfolio based on a goal
Step #1: Setting financial goals and preferences
Through thorough research, I've identified common financial goals users typically set. To enhance user experience, I've incorporated visually engaging graphics to illustrate these goals. Depending on the selected goal, the required details dynamically adjust, ensuring a tailored experience for each user.
Step #2: Providing investment options aligned with user goals
Users receive three investment portfolio options curated by WealthMaster to align with their set goals. One option includes a sponsored recommendation where WealthMaster matches the user's goal with a relevant product, this is as part of the business value proposition which is to cross-sell other products.
Step #3: Reviewing and comparing the investment options
Users can delve into the details of each investment option to facilitate informed decision-making. They can explore allocation breakdowns, compare options with their current portfolio, and ultimately choose the most suitable investment path.
Existing goals provides detailed breakdown and ability to view projection based on current portfolio status
Users can access a comprehensive breakdown of their existing goals. Additionally, they have the ability to view projections based on the current status of their portfolio. This feature empowers users to track their financial objectives and make informed decisions about their finances.
Improving the app onboarding
Ability to connect all the bank and brokerage accounts
WealthMaster's core functionality revolves around consolidating user financial data from various accounts. To streamline this process, I've implemented a feature prompting users to link their bank and brokerage accounts. Additionally, users can save this task for later completion, ensuring flexibility and convenience.
Some additional screens like, welcome screens, settings, and account screens are also added to enhance user experience.
During my involvement in the WealthMaster project, I focused on delivering a design solution that not only addressed the core challenge of creating an automated portfolio construction module but also aligned closely with the business goals of the platform.
Meeting the design challenge
My design solution centred around developing an intuitive and user-friendly interface for the automated portfolio construction module.
Alignment with business goals
The design solution was also focused on supporting WealthMaster's revenue generation objectives through cross-selling partnerships.
Creating avenues to measure success metrics
Onboarding completion rate, user- engagement rate and user satisfaction are some of the metrics WealthMaster can start to measure with the improved onboarding userflow and also added financial insights.
Next steps and recommendations
Looking ahead, I identified areas for further improvement and refinement based on feedback received during usability testing.
A landing page: Create a marketing webpage to help give more information on to what the app is. And promote what it does.
Portfolio history: As more goals can be created and achieved, there should be a history page where user can see old portfolios.
Customisable visual data: An option to customise or choose how user wants to see their data. Different types of charts for example.
More testing on the design: The current design is a result of 2-week sprint which is not enough time to get into minute details including the iteration based on testing.
My involvement in the WealthMaster project was not only professionally rewarding but also instrumental in contributing to the platform's success. By delivering a user-centric design solution that met both user needs and business objectives, I played a key role in shaping the future of WealthMaster as a comprehensive financial platform.
