FINANCIAL SERVICES

Transformation
for a financial
services firm

Credits

Design Team: Shrishti, Shobhitha, Priyal, Varun, Nikita.

Motion Team: Riddhi, Chelsea

One Wealth Management Portal

A future state, streamlined multi-channel experience across different lines of businesses for the wealth management arm of a leading financial services firm. The aim was to reduce complexity on assisted and self-serviced portals for clients as well their in-house staff - wealth advisors and operations personnel.

This project was a proof of concept in the visioning phase which could then help the business make informed decisions for their future product strategy.
The objective is to reach a one platform future state.

Using concept testing and user testing methodologies, the team and I, proposed and validated experiences on easy, efficient on-boarding of prospective high net-worth clients as well as transitioning existing clients unto new products. All this, on a simplified wealth management system.

A seamless, digitalised & differentiated experience for clients & business users

Desktop and tablet view of the one wealth platform

Who are the users?

Given the audience for the product is huge, we divided the user base into three main categories - clients, personal wealth managers and operation managers.

Clients

Self directed investors and/or high net-worth individuals, assisted by advisors.

Typical tasks would include,

Search for desired product
Discuss products with Financial Advisor
Have required documents
Fill the dynamic form
Read and Sign the agreement
Manage account

Wealth Advisors

Highly skilled financial advisors and wealth managers for HNW customers.

Typical tasks would include,

Select desired product after discussion
Fill the dynamic form – additional forms as well
Create the fee structure
Apply discount as needed

Operation Managers

Lead the finance/accounting and compliance function for the institute.

Typical tasks would include,

Verify clients
Validate the documents and form data
Approve sets of data/documents
Open account and notify clients/advisors

Defining the scope

Multiple ecosystems, legacy infrastructure resulted in inconsistent experience across different lines of businesses. The goal for MVP was to identify and conceptualise, the key workflows for advisors and operational managers to establish an easy-to-use integrated system.

Money movement across accounts and products, a complex workflow was selected for the first iteration.

Objectives

Single Integrated Platform
Minimal Manual Interventions
Faster Processing Time
Seamless Experience

Concept Testing

Armed with the client brand guidelines and palette, the team presented two key concepts to users.

One, an informative and traditional form approach.

Two, a more relaxed guided, conversational approach.

Focus groups of advisors and operation team members provided insights into the functionalities proposed in the concepts.

37

Participants

7

Focus Groups

12

Usability Test Sessions

Key Findings

56% of the advisors and operational managers preferred the traditional approach. The ability to view user data and modify the ones required was really appreciated.
They noted, the guided approach would work well in interacting with the user directly and perhaps not so much when it is remote.
100% of the clients preferred the guided approach.
Financial Advisors preferred functionalities that provided them data for ease of use and speed.
- The ability to access account holder documents from a repository, for faster transaction approvals.
- The ability to link and sequence transactions instead of scheduling multiple single transactions.
Operational Managers preferred functionalities that provided assimilated client data.
- The ability to get transaction requests automatically on a workbench.
- The ability to view all necessary information with respect to different lines of businesses.