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Awarded 1st Place
Designed a targeted solution to facilitate better communication between Scotiabank Wealth Management advisors and newcomer clients.
This project has been done through excellent teamwork with 4 other UX designers during a 24-hour hackathon hosted by Scotia Bank.
Project Overview
Project Type: Teamwork, Academic
Duration: 24 hours
Role: UX/UI designer
Tools: Figma
Platform: Desktop
We were given this general question: “How might improve interactions between wealth management advisors and clients in a shared digital space?"
In a group of 5, we were able to develop a solution to improve communication between newcomers and wealth management advisors.
Problem Space
Scotiabank offers a wide variety of wealth management services and has highly skilled advisors to assist their clients.
As clients run their busy lives, they're looking for frictionless and convenient engagement with their advisors online.
The design challenge was to provide solutions to improve interactions between Soctiabank's Wealth Management advisors and clients in a shared digital space
Start Point
We started by sharing our information and experience interacting with financial and/or wealth management advisors in different financial institutions.
Surprisingly we found that we have something in common. All five of us come from immigrant roots and have similar pain points engaging with financial advisors.
From our findings, we narrowed down our target audience to newcomers in Canada.
Secondary Research
CANADA ,the popular destination for immigrants
the number of newcomers has been ramped up to record levels with the government targeting a staggering 430 to 450,000 new permanent residents per year between 2022 to 2024.
While that is an interesting statistic, the key takeaway here is that among those newcomers 62% of newcomers in 2021 have settled in Canada through economic pathways with affluent migrants making up a large portion of these numbers.
As you can see, new trends in Canada’s population has created a huge demand for wealth management services specifically targeted for new Canadians, but according to a study done by Scotiabank this year, research revealed that
The fact of the matter is that it is imperative to seize the opportunity within this influx of new clients, not only to capitalize on profits, but to provide newcomers with the confidence that they are being seen and heard when deciding on which institution to entrust with their wealth.
Hypothesis:
We believe that by implementing a newcomer section on the website and improving the interaction experience matching with advisors for newcomers, we can increase wealth management clientele by 15% within the first year of launching and increase profits by 8%.
As I mentioned before, our team has personal connections with this experience with all five of us coming from immigrant roots and as such have stood in the same shoes with similar lived experiences as do many of you listening. So, after discussing the current landscape for wealth management and newcomers, we considered coming up with the best solution to answer this question:
Persona
Based on the data collected from the research phase, we created our persona
Mohan, he’s a 26-year-old who’s just officially settled down in Metro Vancouver this year full of ambition and dreams for his future with his financial goals at the top of his list.
While he is financially literate with previous experience managing his wealth, he’s still slightly apprehensive about meeting new wealth advisors especially creating that relationship in a brand new country.
He asks himself, will the advisor be able to understand his perspective? From this persona, the opportunity presented for a solution would be to provide Mohan with the tools he needs to confidently make the best-informed decision.
Brand Guidelines
Adhering to the brand style guide was important. As the next step of our design process, we studied Scotia banks style guide–its brand colors and font type which further helped us take informed design decisions.
Next Steps
For the next steps of this process, if given a chance, we want to conduct usability tests and hear from real users and make design iterations according to the feedback received. We would also want to conduct heuristic evaluations before we begin to create our final prototype.
Key Learnings
Throughout this process of designing a solution for our target users, we learned quite a few things, firstly we learned that creating a solution for a specific group of people requires not only visualizing their experiences, empathizing with them, and listening to their needs, but we also wanted to clear our own assumptions and go with an evidence-based approach and research the space deeply.
Conclusion
Overall, we hope that our group was able to bring attention to the huge opportunity at hand and show exactly why our design solution would be the best option for Scotia Wealth Management to implement, in order to fill this gap in demand, build rapport with newcomers, and ultimately raise profits.
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