Case Study: Investment Application for a Brokerage Firm
"Optimizing User Experience for an Investment Application to Increase User Engagement and Retention for a Brokerage Firm"
Project Title
Description of My Role
As the Senior UX/UI Designer, I led the entire design process from initial research and concept development to final design and usability testing. My responsibilities included conducting user interviews, creating personas, wireframing, prototyping, visual design, and overseeing the implementation of the UI elements.
Problem Statement
Users of the brokerage firm’s current investment application faced significant challenges in navigating the platform, understanding their portfolio performance, and making informed investment decisions. These pain points resulted in a high churn rate and low user engagement, particularly among novice investors who found the interface too complex and intimidating.
Project Goal
The primary objective was to redesign the investment application to:
Increase user engagement by 30% within six months.
Improve user retention rates by 25% by making the app more intuitive and user-friendly.
Enhance the onboarding process to reduce the initial drop-off rate by 20%.
Explanation of My Approach
Research and Analysis:
Conducted user interviews and surveys to gather qualitative data on user pain points.
Analyzed user feedback and behavioral data to identify common usability issues.
Persona Development:
Created detailed personas representing different segments of the user base, including novice investors, experienced traders, and financial advisors.
Wireframing and Prototyping:
- Developed low-fidelity wireframes to map out the basic structure and flow of the application.
- Created high-fidelity interactive prototypes to visualize the redesigned user interface.
User Testing:
Conducted usability testing sessions with representative users to gather feedback on the prototypes.
Iterated on the design based on user feedback to ensure a seamless and intuitive user experience.
Visual Design:
Applied modern design principles to create a clean, professional, and approachable visual style.
Ensured consistency in typography, color schemes, and iconography to enhance usability and aesthetic appeal.
Performance Indicators
To measure the success of the redesign, the following performance indicators were tracked:
Task Success Rate:
The percentage of users who could complete key tasks (e.g., making a trade, reviewing portfolio performance) without errors.
User Engagement Metrics:
Time spent on the app, frequency of logins, and interaction rates with key features.
User Retention Rate:
The percentage of users who continued to use the app over a specified period.
Customer Satisfaction Score (CSAT):
User feedback collected through surveys to gauge overall satisfaction with the new design.
Solution
To address the identified problems, the following solutions were implemented:
Streamlined Navigation:
Simplified the navigation structure to make it easier for users to find and access key features.
Enhanced Onboarding Experience:
Created a step-by-step guided onboarding process to help new users understand how to use the app effectively.
Improved Portfolio Overview:
Designed a clear and concise portfolio dashboard that provides users with an at-a-glance view of their investments and performance metrics.
Educational Resources:
Integrated educational content and tooltips to help novice investors make informed decisions.
Key Takeaways
The redesigned investment application successfully achieved the project goals:
User Engagement:
Increased by 35%.
User Retention:
Improved by 28%, indicating higher satisfaction and continued use of the app.
Onboarding Success:
The initial drop-off rate decreased by 22%.
This project not only helped the brokerage firm retain and engage its users but also provided me with valuable insights into the importance of user-centric design and the impact of a well-executed UX strategy on business outcomes.