Context
StashAway’s Reserve delivers an accessible platform for high net-worth individuals, opening doors to exclusive private investments such as Private Equity, Venture Capital, and Angel investments, thereby streamlining and democratising access that has traditionally been restricted to a well-connected few.
Project Timeline
Here’s an overview of the project's timeline.
Research
To gain deeper insights into the challenges faced by high net-worth individuals (HNWIs) in the investment landscape, I collaborated with the head of product to develop a comprehensive research strategy. Our goal is to challenge our assumptions and gain a better understanding of HNWIs' investment behaviours and preferences.
The research plan includes:
Quantitative analysis through surveys: to collect broad, statistically significant data.
Qualitative exploration via user interviews: to delve into personal experiences and perspectives.
Our preliminary hypotheses are:
HNWIs feel the current financial products in the market don't meet their needs.
There's a notable concern among HNWIs about the illiquidity of private investments.
Investing large sums into a single venture is a discomfort point for HNWIs.
HNWIs prefer shorter commitment periods for their investments.
When considering higher-risk investments, HNWIs tend to use desktops/laptops for detailed research.
Insights
All participants emphasised the necessity of having access to a help agent, particularly in instances where technology is inadequate. | 15/15* | Significant interest is shown in private investments, notably Private Equity as the top choice, with Venture Capital following closely. | 13/15 |
The majority prefer using the StashAway platform on mobile devices. | 13/15 | The extended lock-up period is a significant concern for participants | 12/15 |
Illiquidity is a concern for the majority, with only a minority of participants not troubled by it. | 11/15 | Critical information such as product details, fees, and risks was deemed important | 10/15 |
Opportunity cost plays a crucial role in shaping investment decisions. | 10/15 | Most participants favour defining general investment preferences over choosing specific assets. | 9/15 |
* No. of participants who contributed to this insight
Turning Insights → Opportunities
How might we? | How was it derived? |
How might we optimise our content for mobile platforms to ensure it's concise and easily digestible for users on the go? | Given that the majority of participants prefer using the StashAway platform on mobile devices, there's a clear opportunity to design our content to be concise and easily digestible for mobile consumption. This aligns with the expressed preference for mobile device usage and the importance of clear, succinct information. |
How might we design our portfolio display to communicate fee structures and investment allocations to investors? | With participants emphasising the importance of understanding product details, fees, and risks, it's crucial to construct the portfolio in a way that transparently displays fee structures and investment allocations. This directly addresses the need for clear, critical information and helps in managing the concern around opportunity costs. |
How might we enhance our product's reliability and incorporate immediate assistance for users when technology challenges arise? | The unanimous need for access to a help agent in cases of technological inadequacy indicates an opportunity to make the product more fail-proof by integrating responsive help and support features. This can enhance user confidence and address concerns about technology failures. |
How might we empower investors to make investment decisions while simplifying the process to avoid overwhelming them with details? | Since most participants prefer setting broad investment preferences rather than selecting individual assets, there's an opportunity to empower investors with control over their investment decisions at a macro level, without overwhelming them with the complexities of individual asset selection. This approach balances the need for control with a desire for simplicity. |
How might we improve our investment process by precisely requesting only the necessary amount from investors' annual budgets, thereby aiding liquidity and minimising opportunity costs? | Concerns about illiquidity and the significance of opportunity costs suggest an opportunity to expedite the investment process, ensuring that investors' funds are put to work as swiftly as possible. This directly addresses the need for efficiency and minimises the impact of any perceived opportunity costs. |
Design
The designs presented are organised around the 'How Might We' questions and, while not encompassing the entire workflow due to its complexity, I am available for a call to provide a thorough walkthrough and clarify any points of interest.
How might we optimise our content for mobile platforms to ensure it's concise and easily digestible for users on the go?
To ensure our design is user-friendly, we analysed how platforms like TikTok and Instagram effectively present substantial content on small screens, drawing particular inspiration from Instagram Stories. Collaborating closely with our UX writer, we focused on creating content that resonates with investors, guided by our data insights. The designs you see are the culmination of extensive curation and iterative refinement.
How might we design our portfolio display to communicate fee structures and investment allocations to investors?
To convey the allocation of the investment budget, we divide the breakdown into two distinct segments: ‘My annual budget’ & ‘My account’.
How might we enhance our product's reliability and incorporate immediate assistance for users when technology challenges arise?
How might we empower investors to make investment decisions while simplifying the process to avoid overwhelming them with details?
How might we improve our investment process by precisely requesting only the necessary amount from investors' annual budgets, thereby aiding liquidity and minimising opportunity costs?
Other Designs
Outcome
Active Users - More than 600 Reserve members in the first month
Assets Under Management (AUM) Margin - Exceeded $1.4 million in the first month
CTR - More than 60%
Key Learnings
Embrace authenticity and engage in open conversations with users.
Let user interviews flow naturally, asking questions organically rather than sticking rigidly to a structured format.
Integrate organic elements into the structured layout of a mobile app.
Create a versatile colour palette suitable for mobile's Light, Dark, and AMOLED themes.
Take proactive steps in decision-making and implementation.
Don't let product complexity stifle creativity; instead, find ways to navigate it and introduce help at strategic points to gradually familiarise users with the product.
Who did I work with?
In this project, I collaborated with the Directors of Reserve and Investment Strategy, Heads of Product and Design, the Product Manager, Developers, UX Writer, Branding and Marketing team, and fellow Product Designers.
Thank you for your time and attention in reading this 😊
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