CREATING A SEAMLESS EXPERIENCE FOR DEANE FINANCIAL'S USERS
Deane Financial provides financial planning and wealth management services to a niche loyal user base who are concerned with saving, budgeting, and reaching their financial goals in every aspect of their lives.
Millennials are entering the investment scene in earnest. And they are demanding changes in it, as they have in just about every other industry.
From a love of all things digital to a desire for self-directed investing, Deane Financial wanted a way to create a different client experience for this demographic.
But in today's digital world, a one-size-fits-all client experience- even within a demographic-simply does not work. Throughout this case study, we've examined the data on how Millennials view and manage their money from our research findings to provide the beginning of a road map for Deane Financial's service and digital experience.
The Digital Interface
UX/UI Designer, Researcher, Strategist
Partner Project, 2 months
Sketch, Illustrator, Invision, Keynote, Pencil & Paper
How might we create a service and digital experience that empowers Milennials in Tech to achieve financial freedom?
Millennials in Tech
Research ways to improve the on-boarding process
Validate service model assumption
Differentiate from competitors through innovation and niche expertise.
Use technology to complement the client-advisor relationship.
Make the website more visually appealing
Promote a sense of safety and comfort knowing their financial operations are secure. Transparency fosters a sense of trust between the application and the user.
UNDERSTANDING THE USER
Without an established presence yet in the financial services sector, we weren't able to recruit many Deane Financial clients, so we reached out to 30 target users in our network to gain insights on their needs, motivations and frustrations to help shape the service and design solution.
BUSINESS MODEL CANVAS
Created in Sketch
As part of a re-design, we also needed to identify font selections and pairings going forward.
Style board explorations played an important role in decision making on the direction that would be rolled out across both web and print collateral for the brand.
Deane Financial was also seeking a more contemporary feel from their type. After multiple rounds of changes, we landed on Miller and Moon- the class elegance of Miller contrasting with the modern geometry of moon.
KEY FOCUS AREAS
What are the challenges or barriers our target demographic currently experience with advisors?
What's important for a great advisor-client experience?
What are the client's needs and unmet needs both online and off with their existing banking methods?
How are clients interacting with their smart phones with respect to online banking?
Developing a Mid-fidelity prototype
CORE CUSTOMER NEEDS
"Finding whats right for me"
With a myriad of services and archetypes, clients still need to feel like they belong and can find what they're after with ease online.
Personalization is an important feature for users with specific needs and goals.
"I want to learn"
Six out of 10 Millennials show interest in becoming savvier with cash flow management and budgeting.
"I' price conscious but will pay for quality and convenience.""
Millennials are far more likely to regularly discuss fees than other investors; 41 percent do so quarterly, versus just 14 percent of Baby Boomers.
"I expect you to use technology where it fits."
Millennials are more likely to invest in commodities and options. They are twice as likely as Baby Boomers to invest in Exchange-Traded Funds (ETFs).
INSIGHTS TO DESIGN
Following our customer interviews. I synthesized our findings and was able to create a customer journey and persona which I presented and discussed with the co-founder.
These exercises formed a great foundation to move into feature ideation and prioritization.
DESIGN TOOLS & METHODS
Make the website more visually appealing. This is especially challenging for a fintech platform, not only because contents needs to be clear and easy to understand, but also engaging to promote registration and usage.
Restructure the website layout as a driver for innovation. Minimalism is about how information is structured and how to reduce cognitive load required to understand features.
Improve the registration process, reaching a frictionless on-boarding to significantly speed up time to revenue. When learning anything new, being bombarded with information can be overwhelming, which makes most users leave before they begin.
Through our usability testing we discovered that users were overwhelmed with information and financial jargon.
Outlining the steps to our process and services created a more transparent process and in easily digestible language.
Users were more inclined to moving onto our services page and booking a complimentary call with our advisor.
Being new to the financial services market, we needed to establish ourselves as subject matter experts to build credibility and trust amongst our users and potential clients.
Creating blog section allowed us to collect user information through a subscription model where they could receive curated content directly to their inbox until they are ready
I wanted a way to draw potential clients to our site and increase our visibility with our target market at a very low cost, so I created a free downloadable e-book only accessible through our website in exchange for a email address.
As a result, we were able to attract over 2,000 views on our site and a starting subscription list of 1,400 downloads.
The introduction of design systems within our firms workflow was a relatively new aspect of our process and I had underestimated the success of it's adoption. A design system needs constant reference, particularly when operating within non-technical teams. A design system's success relies on a dedicated advocate and team.