Broker - Product Design
Invest globally in stocks, options, futures, currencies, bonds and funds from a single integrated account.
OVERVIEW
Redesign Bankinter Broker customer view including the dashboard, product pages, user flows to buy any financial product available in the markets, define and simplify the checkout process to optimise and reduce abandonment rate, and add value to our current Broker designing new services.
MY ROLE
Lead product designer
User Research, User Experience, Visual design, Prototyping & Testing
2021 - ongoing
THE CHALLENGE
Bankinter Broker has been online for 20 years and it still has the same design and UX. The site has a market share in Spain of 23% so it’s one of the most profitable products in the company.
This service has two types of clients:
Long-term investor who stays with the same products over the years and log in to the site once per week.
Day-trade investor who uses the site as a tool. They are the most profitable clients in the bank. Our fees in this service are expensive.
The problem is that “Day-trade Investors” are reducing their number over the years dramatically as there are other brokers in the market like eToro o Degiro with less fees or even for free. Also the behaviour is important as these clients are moving from desktop to mobile.
RESEARCH
We worked hard in this phase trying to consider all the good points of our competitors and why some people are moving from their bank to this new services. We also had a 1-to-1 interviews with our current customers and we send a questionnaire to our client database to around 3000 people to a clear view and feedback of our current product.
Principal insights were divided in Weaknesses:
Bankinter is expensive: our fee is out of the market. We send the research to the product team and discuss with them the idea of having a Netflix-type fee per month or annually.
Bankinter doesn’t have streaming: we have real time but you have to pay as it’s a premium service. But even with the real time we don’t have streaming so you can’t see prices changing. User gets the last price available and have to update it manually.
Bad UX with a 2-factor authentication in the checkout : Stocks change in second and the process is too long.
And Strengths:
All in one place: You have use your main account in the bank so you don’t need to make any transfer to another service.
I am safe in my bank: Security reasons makes most of the users trust in the bank.
DESIGN PROCESS
In every process in our team we use the 2 Diamond process to get a final prototype validated by users and stakeholders.
OPPORTUNITIES
After checking the ideas and meet the stakeholders we realise that we need to make a huge change in design conception and have something completely new from the rest of the bank. We decided to work on these concepts:
Make Bankinter Broker a day-trade tool for everyone: with this in mind we designed a full width dashboard where you get the whole info about your financial portfolio in one view and without navigating to any additional screen.
Friendly checkout: Quick checkout with the same 2-factor security but adding the idea of keeping that security for the next 30mins. So If the user needs to make three trades, the service will ask for security just once.
Add value with two new services : the idea of having lists of favourite stocks or markets and Market Analysis section with recommendation and guides to invest.
Dashboard for a client with 6 stocks. Below the table we added best stocks of the day, day recomendation and news about stocks in the portfolio.
New product detail page, in this case company stock with a detail info and new graphics. User can also create price alerts.
Stock Ticket Order in an overlay section in the main dashboard or in any list of your favourites stocks to simplify UX and increase the change of adding new financial products .
One page checkout process.
We also worked over the past year in having a native app in the market aligned with the new dashboard to create a better experience so the user can manage their financial portfolio from any device.
SUMMARY & PROTOTYPE
Fantastic project to show all my skills and create a powerful tool that can justify our role in the business.
Currently we are on the phase of testing with clients and the first results have been very satisfactory. There is still room for improvement but we are on the way of iterating with the design, business and technological team to create something that make us proud as product designers.
We have created this prototype in Invision so get a view in depth please check this link.