A little story about
SAVINGS ADVISORY
A need for a transformation in the advisory business
Problem
The amount of customers getting financial advise at bank offices are decreasing. Financial advisory isn’t offered in the digital channels. A digital transformation is on-going.
Goal
Swedbank wants to offer customer-centric and legally compliant advisory across all channels. The goal is to increase customers savings engagement to 100% in savings volume in 5 years.
Role: UX-designer & Researcher
Project duration: On-going MVP launches
Responsibilities:
Usability and functionality research
User testing
End-to-end engagement
User flow
Wireframing and prototyping
Share insights and suggest solutions
Improve design on a detailed and holistic level
Methods: Competitive analysis, quantitative & qualitative research, usability testing, targeted interviews, rapid prototyping
Team: Agile product owner, software engineers, business Analysts, designers, copywriters
Stakeholders: Legal, HAPO, CPO, BPO
Deliverables:
MVP1 (Save for a Child)
MVP2 (Occupational pension)
MVP3 (Flexible Savings Goal)
Concept design - Ongoing
The product
Automatic savings advisory is a service that aims to help customers with low to medium interest or knowledge in savings and investing in funds.
How it works
User provides information through a financial inventory
Taken into the account is also the ability to save, savings horizon, risk, and sustainability preferences
An analysis of the profile is made and a savings advice is generated and mapped to the best suitable fund (unless advice is to save on an account).
Constraints
The priority on legal/technical requirements makes the user experience suffer. At the same time the design system is not optimised for new solutions nor a hybrid flow.
Key pain points:
· Conversion rate is below intentions
· It’s difficult to build pedagogic and simple user flows that remain compliant by design
· Customers don’t see the value of the advice
· Not in line with brand tonality
“It’s like my eyes are being attacked with this wall of text! I would quit here!”
Can we adress pedagogical challenges with a new design?
Hypothesis
Challenging Ways of Working
We initiated a new collaboration to adress our pain points. A small team of visual designers, UX-designers and UX copywriters was put together to create a new design based on insights on the end-user.
Together we made a prototype based on the exact same advisory flow, then conducted a usability test to see how the user would react.
Examples
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Accessible target areas
With the current components the clickable area is too small and many users think the design looks “institutional”. The new design is more accessible and designed to look friendlier.
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Header and progress bar
The previous progress bar doesn’t show “sub-steps”, making it difficult for the users to see their progress. The header eats up a lot of uneccessary space, making relevant content less in focus.
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Visual and written tonality
In usability tests users have expressed anxious feelings about the component to the left. The harsh design and difficult bank language creates insecurity and fear of consequenses.
