Overview

Initially, clients would have to interact with multiple integrated systems (requiring different logins, workflows etc.). Powerwrap created Hive to address those problems and allow user interactions with different back-end systems in one front-end application.

Problems

The adviser needs to login into another platform to place a request
The navigation on the platform is complicated and looks outdated
The request is processed manually by Powerwrap team which leads to mistakes
The adviser doesn't get notification

Goals

Allow the adviser to place investment orders via Hive
Eliminate manual processing
Inform the adviser of the progress of the transaction
Create an asset library including Model Portfolios, Term Deposits, Bonds and Stock Market Exchanges.

Discovery

Powerwrap processes 2,000 managed funds orders per month. We know that Financial advisers in our demographics tend to operate 1 portfolio at a time. It's a high-net-wealth management sphere, advice is personal and customised, and the user needs to know the portfolio details - available cash for buys, available units for sells - which will differ wildly between investors.

Research

We collected some feedback through client and stakeholder meetings and directly via Hive. Feedback enhanced my understanding of client's needs, goals and problems. It was an excellent opportunity to gain knowledge of the financial industry.

Oliver Burge

"Just get it working fully so we can perform share transactions, managed funds transaction, term deposit in one location on one platform, not using emails or two different platforms"

Occupation Financial adviser

Role Manages a large portfolio of high net worth sophisticated clients

Motivation Wants to automate what can be and get better data to use for decision-making

Pain points The current investment management platform is clunky, and I do not receive immediate confirmation

Goals I I would love to have a one stop shop to buy and sell investment

Annabelle Hunderson

"Have the buy and sell in one screen and allow someone to confirm the orders once they have checked it"

Occupation Assistant

Role Assisting in a management of mixed portfolios of wholesale clients

Motivation Help advisers do their work effectively and shows the evidence of her actions

Pain points The current investment management platform is very complex and I often need support.

Goals I would love to have an intuitive investment management platform where I can draft an order for approval.

Users stories

Describing user stories has been extremely helpful as it allowed me to dive deep into the project and inform design decisions. The resulting user stories drove my exploration and experimentation for whiteboarding concepts, and prototyping. I created 37 user stories.

I want to...

Find a specific asset so that I can view its details.

Be aware of the Powerwrap cut-offs so that I understand when my order will be processed.

Receive notifications on the progress of an order so that I do not need to access Hive.

Get feedback on my orders so that I can be informed of their progress and any issues.

Ensure a portfolio has available cash so that I know if I can invest or not.

Know my latest transactions or order for the active portfolio while placing an order, so that I can be aware if I already did it.

Task flow

I mapped the flow for each user story which helped me determine necessary screens, their order and building blocks.

I want to find a specific asset, so that I can view its details

Execution

During the process of wireframing and prototyping, we thought about how the layout and interaction should be structured to satisfy users and help them achieve their business goals. After a series of prototypes and discussions with the UX lead, we agreed on a version which we presented to stakeholders and has been well received. After following up on the final feedback, I created a high-fidelity prototype in Sketch.

Place orders

Hive's new investment platform allows clients to pile orders, edit draft orders, and preview the transaction with the impact on their portfolio and confirmation screen.

Add a sell order

The order can be sold by units, value or full redemption. The client has its available unit and open orders accessible. The system prevents mistakes, and the order can't exceed the available unit.

Orders

The orders are accessible on the main menu. Each time the order status is updated, the client gets a notification.

Asset library

The asset library includes Model Portfolios, Term Deposits, Bonds and Stock Market Exchanges. The client can choose to see only its approved product list or can request to add an asset to its approved product list.

Testing

The new Managed Fund Order Pad was launched in December 2019. It was an impressive achievement as the team integrated Hive with Ausmaq and ANZ in a streamlined process. It had a positive impact on the ordering user experience. All the clients have received it well.

In August, we tested the Managed Funds Order Pad with Stakeholders. Testing included defining tasks, recording users performing them and analysing the recordings and user feedback. Our first client placed their first order on the 17th of December 2019; all functionality was intuitive except for one step, which when explained to the user, made perfect sense to them. We took note of that and scheduled further user testing.

Designed an investment management platform & Asset Library

Powerwrap