WealthMaster doesn't just inform users about their financial outcomes but also matches them with specific financial products, potentially generating revenue through cross-selling partnerships.
WealthMaster integrates open banking aggregators like Yaply for bank account connections, with plans to engage actively with investment account APIs for seamless integration.
We were provided with an extensive previous research and from there we gained the followng insights:
The primary archetype is a Methodical and Detailed individuals who already manage their finances using tools like Excel. WealthMaster aims to provide them with a more convenient and powerful tool.
The Methodical and Detailed
They own multiple asset groups
They manage their portfolio in manually
They are meticulous in analysis through graphs and charts
Some of the pain-points user has are the following:
Data can be overwhelming
Analysing and keeping track when managing asset classes can lead to significant amount of data.
Time-consuming analysis
Being meticulous often means conducting in-depth analysis and this can take a lot of time.
Decision Paralysis
A highly detailed approach can sometimes result in overthinking and indecision.
Error in manually inputting data
Repetitive tasks and constantly juggling from one app to another means it's prone to human error.
Out of the 16, we narrowed down to 5
problem statement # 01
problem statement # 02
problem statement # 03
WealthMaster concept map on portfolio management
We have got visualisation of what needs to be included in the app on what we think will help with the primary design challenge. But we need to breakdown different parts in order to make sense of how we want the journey will go for the user.
On both sketching and prototyping in low-fidelity, I had done some usability testing and have found valuable feedback on both.
updated low-fidelity prototype
Creating a portfolio based on a goal
Step #1: Setting financial goals and preferences
Through thorough research, I've identified common financial goals users typically set. To enhance user experience, I've incorporated visually engaging graphics to illustrate these goals. Depending on the selected goal, the required details dynamically adjust, ensuring a tailored experience for each user.
Step #2: Providing investment options aligned with user goals
Users receive three investment portfolio options curated by WealthMaster to align with their set goals. One option includes a sponsored recommendation where WealthMaster matches the user's goal with a relevant product, this is as part of the business value proposition which is to cross-sell other products.
Step #3: Reviewing and comparing the investment options
Users can delve into the details of each investment option to facilitate informed decision-making. They can explore allocation breakdowns, compare options with their current portfolio, and ultimately choose the most suitable investment path.
Existing goals provides detailed breakdown and ability to view projection based on current portfolio status
Users can access a comprehensive breakdown of their existing goals. Additionally, they have the ability to view projections based on the current status of their portfolio. This feature empowers users to track their financial objectives and make informed decisions about their finances.
Improving the app onboarding
Ability to connect all the bank and brokerage accounts
WealthMaster's core functionality revolves around consolidating user financial data from various accounts. To streamline this process, I've implemented a feature prompting users to link their bank and brokerage accounts. Additionally, users can save this task for later completion, ensuring flexibility and convenience.
Some additional screens like, welcome screens, settings, and account screens are also added to enhance user experience.
During my involvement in the WealthMaster project, I focused on delivering a design solution that not only addressed the core challenge of creating an automated portfolio construction module but also aligned closely with the business goals of the platform.
Meeting the design challenge
My design solution centred around developing an intuitive and user-friendly interface for the automated portfolio construction module.
Alignment with business goals
The design solution was also focused on supporting WealthMaster's revenue generation objectives through cross-selling partnerships.
Creating avenues to measure success metrics
Onboarding completion rate, user- engagement rate and user satisfaction are some of the metrics WealthMaster can start to measure with the improved onboarding userflow and also added financial insights.
Looking ahead, I identified areas for further improvement and refinement based on feedback received during usability testing.
A landing page: Create a marketing webpage to help give more information on to what the app is. And promote what it does.
Portfolio history: As more goals can be created and achieved, there should be a history page where user can see old portfolios.
Customisable visual data: An option to customise or choose how user wants to see their data. Different types of charts for example.
More testing on the design: The current design is a result of 2-week sprint which is not enough time to get into minute details including the iteration based on testing.
My involvement in the WealthMaster project was not only professionally rewarding but also instrumental in contributing to the platform's success. By delivering a user-centric design solution that met both user needs and business objectives, I played a key role in shaping the future of WealthMaster as a comprehensive financial platform.
