Legal & General, a British multinational financial services company headquartered in London, UK. They’ve helped over 10 million people globally with saving, investing, building retirement income and insurance since 1836.
Since January 2018 I’ve been working in agile teams as the Lead UX Designer for their Personal Investing division. My focus has been on both new propositions and improving existing products. My first project was redesigning their ISA – or Individual Savings Account checkout journey.
ISA’s are tax-efficient personal ‘wrapper’ which allow UK residents to save or invest up to £20,000 each year without paying tax on any personal interest or capital gains they may earn.
It’s a great product but dropout rates were around 20% each step.
This meant lost potential revenue and could lead to a negative relationship between brand and customer if it wasn’t fixed.
The site wasn’t responsive, it was time to think of a mobile first approach.
Below outlines my process and some of the UX deliverables I created. If you would like to learn more about this project, feel free to contact me.
There were two paths one could take when investing in this ISA:
We do it for you option (for the beginner investor) selecting a multi-index fund based on risk
Pick your own funds option (for the expert investor) to select in individual funds
Due to technical constraints by our third party payment providers the payment screens had to live at the end of the journey for both paths.
The existing checkout journey had many confusing points that needed to be address and analyzed to establish what some opportunities for improvement were. Here the pain points, actions and happy points were compiled in a group exercise.
A congested 12-step journey was now condensed to 9-steps total.
We stripped down 2/3 of copy by compiling content and moving supporting information into tooltips. We also challenged our legal and compliance teams on necessary content to push how we we’re speaking to our audience.
To get a deeper understanding of what our competitors were offering and speaking to their audience, I analyzed their paths, sign up journeys and tone of voice to note mainly happy points and key differentiators.
I didn’t just focus on competitors but those who were doing a great job of attracting online users, like Revolut, Monzo, and HABITO an online mortgage provider.
By applying prior knowledge of our user types, their potential motivations, and problems/goals, I was able to hold an exercise where we created three new personas to base our testing against.
Newbie or “Noob”
The beginner investor, exploring investment options, new to financial risk, cares about brand recognition, transparency of fees, looking to build knowledge of products available.
The savvy investor, looking to diversify their portfolio, influenced by friends and family, interested in performance history, cares about brand recognition and transparency of fees.
The seasoned investor, likely a broker. They monitor funds regularly, not looking to play the market, looking to diversify their portfolio, very interested in performance history, adventurous.
With a list of ideas from the competitor analysis, I was able to host another experience exercise reflective of the new user flow and address additional opportunities to add to our wireframes.
With a new mobile first journey it was time to test how our user types felt about it.
We had 6 users complete an end-to-end journey usability test through a clickable mobile prototype. We had testers start on the product website to familiarize themselves with the ISA investment and then decide which path they would take (invest by risk or pick their own funds).
The testing was mediated and recorded and in a private room, while a group of us captured live feedback, consolidating comments along the way.
We had moved all the Terms & Conditions to the start of the transactional journey and this tested fine
Filters in the DIY journey were more useful for experts, with room for education for newbies
Users needed clearer ways to understand and compare funds to make a decision
The ‘basket’ concept when investing in funds in the DIY journey was clear with some minor issues
Checkout tested really well but the success page could be improved (copy heavy)
Since this redesign launched last August 2018 there has been a 60% increase in completed applications.