Boosting Stakeholder Buy-In with an 84% Reduction in Labor
Boosting Stakeholder Buy-In with an 84% Reduction in Labor
Boosting Stakeholder Buy-In with an 84% Reduction in Labor
Info
Info
Product Design
Agile Iteration, Material Design
Description
Description
A transitional design to turn an Excel based investment tool into a user friendly web-based portfolio optimizer.
work done
work done
User Personas, Affinity Mapping, User Testing
TLDR;
Alongside my team, I was tasked with redesigning the portfolio optimizer for a private investment company.
Alongside my team, I was tasked with redesigning the portfolio optimizer for a private investment company.
The goal of the project was to improve the user experience and cut labor costs by transitioning the optimizer from an Excel sheet to a web based application.
The goal of the project was to improve the user experience and cut labor costs by transitioning the optimizer from an Excel sheet to a web based application.
Key psychographics of the user base were identified through interviews with current users, potential users and stakeholders.
Key psychographics of the user base were identified through interviews with current users, potential users and stakeholders.
We utilized Google's Material Design System to ensure our designs matched our users mental models of other optimizers.
We utilized Google's Material Design System to ensure our designs matched our users mental models of other optimizers.
Through iterative design and user testing we uncovered a user need for more readily available instructions which we fulfilled by implementing tooltips throughout the optimizer.
Through iterative design and user testing we uncovered a user need for more readily available instructions which we fulfilled by implementing tooltips throughout the optimizer.
EMBASSY FUNDS
Embassy Funds, a private investment company, sought to support how their advisors managed client portfolios by creating an in-house portfolio optimization tool. Though this tool provided invaluable insights into expected returns, its full functionality was limited to the confines of Excel and accessible to only a few stakeholders at Embassy Funds.
Embassy Funds, a private investment company, sought to support how their advisors managed client portfolios by creating an in-house portfolio optimization tool. Though this tool provided invaluable insights into expected returns, its full functionality was limited to the confines of Excel and accessible to only a few stakeholders at Embassy Funds.
My team and I transformed this Excel sheet into a functional and modern web-based platform, unlocking the full potential of the optimizer and reducing labor by 84%.
My team and I transformed this Excel sheet into a functional and modern web-based platform, unlocking the full potential of the optimizer and reducing labor by 84%.
GOAL
To ensure the successful transformation of the portfolio optimizer, we concentrated on two key aspects:
User-Friendly Interface: We streamlined navigation systems and incorporated intuitive design elements to make complex financial simulations more accessible and manageable. By simplifying the user experience, we reduced the learning curve and enhanced usability for all advisors.
Real-Time Simulations: Implementing immediate feedback mechanisms for hypothetical scenarios was crucial. This allowed advisors to receive real-time insights and make informed decisions swiftly, enhancing their ability to respond to changing market conditions and client needs efficiently.
To ensure the successful transformation of the portfolio optimizer, we concentrated on two key aspects:
User-Friendly Interface: We streamlined navigation systems and incorporated intuitive design elements to make complex financial simulations more accessible and manageable. By simplifying the user experience, we reduced the learning curve and enhanced usability for all advisors.
Real-Time Simulations: Implementing immediate feedback mechanisms for hypothetical scenarios was crucial. This allowed advisors to receive real-time insights and make informed decisions swiftly, enhancing their ability to respond to changing market conditions and client needs efficiently.
By focusing on these areas, we sought to elevate the tool’s functionality and maximize its impact on advisors' performance and overall business efficiency.
By focusing on these areas, we sought to elevate the tool’s functionality and maximize its impact on advisors' performance and overall business efficiency.
We aimed for a task completion rate of 75% or more.
We aimed for a task completion rate of 75% or more.
RESEARCH
We conducted competitive analysis, interviews, and affinity mapping to identify critical user needs.
We conducted competitive analysis, interviews, and affinity mapping to identify critical user needs.
Users had three main frustrations when interacting with competitor tools.
Users struggled to incorporate constraints, a crucial feature they needed to adjust in real time.
Competitor tools lacked the ability to include private funds in their portfolios. 80% of those we interviewed expressed this as a major gap
Tools were unbalanced in their robustness and ease of use. Users wanted a solution that was simple yet powerful enough to support investment advisors effectively.
Users had three main frustrations when interacting with competitor tools.
Users struggled to incorporate constraints, a crucial feature they needed to adjust in real time.
Competitor tools lacked the ability to include private funds in their portfolios. 80% of those we interviewed expressed this as a major gap
Tools were unbalanced in their robustness and ease of use. Users wanted a solution that was simple yet powerful enough to support investment advisors effectively.
DESIGN
We aimed for a simple, intuitive design with flexibility and customization.
We aimed for a simple, intuitive design with flexibility and customization.
Design elements were strategically crafted to meet user needs:
Simplified Navigation: Intuitive interface for seamless access to essential features.
Visual Appeal: Professional, uncluttered design with clear icons and an organized layout.
Customizability: Built in options for personalizing simulation parameters, including private funds.
Working With a Design System
We worked within Google’s Material Design System for this project, to ensure consistency and familiarity for our users. This design system allowed us to work with customized components, creating cohesion throughout our design and enhancing the overall user experience.
Usability Testing
We conducted usability tests with potential users and stakeholders using the prototype of our hifi designs. These provided input that drove another iteration of designs.
Design elements were strategically crafted to meet user needs:
Simplified Navigation: Intuitive interface for seamless access to essential features.
Visual Appeal: Professional, uncluttered design with clear icons and an organized layout.
Customizability: Built in options for personalizing simulation parameters, including private funds.
Working With a Design System
We worked within Google’s Material Design System for this project, to ensure consistency and familiarity for our users. This design system allowed us to work with customized components, creating cohesion throughout our design and enhancing the overall user experience.
Usability Testing
We conducted usability tests with potential users and stakeholders using the prototype of our hifi designs. These provided input that drove another iteration of designs.
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Importance of Tooltips and Explanatory Copy: Our tests highlighted the necessity of tooltips or explanatory text to help users better understand the presented content.
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Familiarity vs. Clarity: Despite our user demographic's familiarity with portfolio optimization tools, they still found some titles and inputs confusing, underscoring the need for clearer labeling and instructions.
After implementing tooltips throughout the optimizer we surpassed our original success goal with a task completion rate of 90%.
OUTCOMES AND REFLECTION
The transformation of the portfolio optimizer yielded significant improvements in both functionality and user experience. By moving to a user-friendly interface, we achieved a remarkable 84% reduction in the time employees needed to complete optimizations. This efficiency gains not only streamlined workflows but also enhanced overall productivity, contributing to better business outcomes for Embassy Funds.
The transformation of the portfolio optimizer yielded significant improvements in both functionality and user experience. By moving to a user-friendly interface, we achieved a remarkable 84% reduction in the time employees needed to complete optimizations. This efficiency gains not only streamlined workflows but also enhanced overall productivity, contributing to better business outcomes for Embassy Funds.