New experience for investors
Role
UX Designer
years
2017–2018
Challenge
Investment products always pose a challenge for bank's retail customers. They are perceived as difficult to understand, risky, and leading to inevitable loss.
Solution
Provide transparent offerings and tools to evaluate personal investment profiles to improve customers' education and awareness of investment products.
impact
Successful MiFID II compliance
Increased online visits in the investment section by 23%
Increased investment product purchases by 10%
Intro
In 2016, Bank Millennium, along with other polish banks, started the process of adaptating to MiFID II legislative act.
MiFID II was designed by the European Union to increase transparency, enhance investor protection, and standardize regulatory practices across EU financial markets.
A specially assigned team consisting of two designers, a researcher, and four subject matter experts, was given a task to evaluate the impact of MiFID II on the investment offering. And the assessment led to a conclusion.
The presentation of investment products is not incompatible with MiFID II requirements and also outdated and unclear.
Understand
In the understanding phase of the project, I worked three-way.
I became an individual investor to emphatize with bank clients
I collaborated with investment experts to understand the bank's products.
I benchmarked local competitors and key global players in retail investments.
Research
In that phase, I have participated in over 40 in-depth interviews.
More than 70% of interviewees felt overwhelmed by financial jargon and feared hidden risks
More than 90% expressed a desire for educational content or financial guidance
More than 90% expressed interest in the potential tool that would help them assess the investing risk
Personas
In the research phase, we identified three key personas.
Define
To answer customer needs identified during IDI sessions, we decided to follow a set of principles to follow across the whole customer journey.
Validate
After the release of each new website or process, we tracked: traffic, average session times, bounce rates, and conversions and compared them to statistics of former versions. If statistics deteriorated (higher bounce rates, conversion decline) we identified bottlenecks, ordering client satisfaction surveys via call center, or inviting clients to next usability session rounds to get insights for later design improvements.
My contributions
Designed:
Investments and savings landing page
Product pages of: structured deposits, Future Plus, mutual funds
Mutual funds purchasing process
Management dashboard for investment products
Implemented online tool, compliant with MiFID II directive, that allowed customers to assess their investment style and risk aversion.
Benchmarked competitors from Polish market as well as global industry leaders.
