Like many people during the pandemic, I began learning about investing and ETFs. Consequently, I started searching for the right platform and compared several options. At the time, I found that Smartbroker (a German stockbroker) had the best pricing, so I signed up to use it. However, after gaining access to the platform, I quickly realized how confusing the navigation was and how difficult it was to understand the presented information. I thought to myself that these aspects needed improvement, and I'm likely not the only one who felt that way.
Several review sites indicate that users are dissatisfied with the design of the platform and complain about the absence of a mobile version. Additionally, users have voiced concerns about the lack of functionality compared to competitors.
→ Smartbroker loses customers and conversion decreases with bad reputation even though pricing is better.
I worked closely with my team over the course of 10 weeks. The project was kicked off with a stakeholder meeting that included the CEO of EdCuration to get a better understanding of the business goals and requirements. This diagram is a snapshot of the process I followed.
First, I needed a better understanding of the users, their needs, and the Smartbroker platform.
Since I did not have access to actual users and my general survey failed to gather any participants, I made the decision to turn to review sites for insights into what users think about the product. My objective is to identify the key tasks that users perform and understand what is important to them in their financial journey.
1. Understand current solutions and the competitive landscape
comparative analysis
2. Learn as much as possible about the Smartbroker platform
heuristic evaluation
3. Learn as much as possible about users
key task analysis & user interviews
I identified three online brokers that were highly recommended and downloaded their respective mobile apps from app stores. I examined their user flows, paying close attention to the key features and incentives they offer to encourage users to purchase financial products. Based on user reviews, it is evident that there is dissatisfaction with the design of Smartbroker, particularly with regards to how the portfolio is displayed and the lack of certain functionalities. To gain a better understanding of how these aspects are handled by competitors, I will analyze the web applications of other brokers since Smartbroker only has a web application and lacks a mobile app.
The purpose of the heuristic evaluation was to identify usability problems specifically related to buying stocks, tracking, overview, and search functionalities. I thoroughly examined the web application, assessing it against Jakob Nielsen's 10 general principles for interaction design. Here are the key issues I uncovered during the evaluation:
To understand the whole interface components need to used once and then recalled because they are not clear
If the timer to buy stocks finished it forces the user to repeat the whole process
A lot of information is presented and options to choose from i tight space.
Same actions are foundtwice, also buttons are not clear what they will do
My goal was to understand the steps users took to complete each task, assess the ease or difficulty they experienced, identify any areas where they encountered obstacles, and gather their feedback on what they liked or disliked about the process. After conducting the tests, I asked additional questions to gather insights into their preferences and expectations from broker apps. To analyze the collected data, I employed affinity mapping techniques to identify common themes and patterns among the users' feedback.
Users expressed difficulty in answering certain questions due to unclear language, lack of guidance, and confusing terminology.
Users found that the current form lacked flexibility and often made them feel restricted or limited in their choices. They expressed a desire for more options and flexibility within the form.
Users encountered difficulties in navigating between sections of the form. They were unsure of the proper method or means to transition from one section to another, leading to confusion and potential frustration.
Users reported uncertainty about whether they had successfully completed an action. This lack of feedback or confirmation left them unsure about the status of their actions and led to confusion or doubt.
With the persona and user journey i wanted to summarize all the information from the prior research and further have a better understanding on how the user would navigate and interact with the product. This helped me later in the ideation phase to come up with potential solutions.
At this stage, it was time to redefine the goal and narrow down its scope based on the insights gained from users.
Users need a platform that is easy to navigate, gives clear instructions, uses consistent terminology and is mobile friendly.
With user insights and a re-defined problem statement in hand, it was time to come up with solutions and validate them.
I developed a user flow and sitemap that incorporated the best features from competitors while also integrating the unique features of Smartbroker. By combining these elements, I aimed to create an enhanced user experience that offers the advantages of both the competitors' offerings and the distinct capabilities of Smartbroker.
Based on the user flow, I proceeded to create rough wireframes to outline the organization of elements. Using these wireframes as a foundation, I began experimenting with various UI variations that aligned with the branding of Smartbroker. During this process, I made changes to the original wireframes and flows as I discovered improved ways to facilitate user tasks through the UI experimentation.
I conducted usability testing using the remote testing platform, Maze. The testing procedure involved the same tasks as in the key-task analysis. While I was able to test more users remotely, one limitation was that I couldn't observe their reactions in real-time as I would in an offline session.
What i will do differntly next time.