PRODUCT DESIGN
RESEARCH
JAN 2021 — APR 2021

Transforming Wealth Management for the Digital Age: A Hybrid Approach

Transforming Wealth Management for the Digital Age: A Hybrid Approach

Collaborated With

Leaf Design Studio, Mumbai

Avendus Financial Services, Mumbai

The team

1 Project Lead, 3 Designers, 1 Design Intern, 3 Client Stakeholders (COO, VP Operations, Marketing Specialist)

Role

UX Design Intern

scope of work

Desk Research, In-Depth Stakeholder Interviews, Case Study Research, Experience Strategy, Ecosystem Mapping, Information Architecture, UX Design

My Responsibilities

Desk Research

User Research

Research Synthesis

Competitor Analysis

Product Strategy & Architecture

Overview

The digital transformation of the wealth management industry has greatly influenced client advisory and the expectations of high net-worth individuals*. Avendus, one of India's leading wealth management firms, partnered with Leaf Design for an upscaled service experience for its clients and relationship managers to capitalize on this rising opportunity, as well as bolster its brand image.

We created an omni-channel digital ecosystem designed for the upcoming generation of high net worth individuals, offering not just personalized, high-quality portfolio and market insight, but also robust analytical tools for financial diversification to advisors and investors.

We created an omni-channel digital ecosystem designed for the upcoming generation of high net worth individuals, offering not just personalized, high-quality portfolio and market insight, but also robust analytical tools for financial diversification to advisors and investors.

We created an omni-channel digital ecosystem designed for the upcoming generation of high net worth individuals, offering not just personalized, high-quality portfolio and market insight, but also robust analytical tools for financial diversification to advisors and investors.

The digital overhaul of the wealth management vertical of Avendus Financial Services aimed to create an industry benchmark with a digital-first approach to aid client centricity tailored towards their HNI and UHNI clients.

Understanding the Service Landscape

Understanding the Service Landscape
Understanding the Service Landscape
Secondary and Preparatory Research

Our initial research branched out in multiple directions. We began by exploring the wealth management landscape, analyzing its operations, digital and traditional practices, emerging trends, competitive landscape, and user needs. This foundational research helped us ask targeted questions to stakeholders and pinpoint key areas for intervention.

Our initial research branched out in multiple directions. We began by exploring the wealth management landscape, analyzing its operations, digital and traditional practices, emerging trends, competitive landscape, and user needs. This foundational research helped us ask targeted questions to stakeholders and pinpoint key areas for intervention.

Our initial research branched out in multiple directions. We began by exploring the wealth management landscape, analyzing its operations, digital and traditional practices, emerging trends, competitive landscape, and user needs. This foundational research helped us ask targeted questions to stakeholders and pinpoint key areas for intervention.

Knowledge Map

Primary Research

In the next phase, we focused on understanding the user's journey, their needs, the requirements of service providers, and identifying aspects of the service to integrate into the digital platform. This involved knowledge sessions with the client team and engaging with all teams involved in delivering the service.

In the next phase, we focused on understanding the user's journey, their needs, the requirements of service providers, and identifying aspects of the service to integrate into the digital platform. This involved knowledge sessions with the client team and engaging with all teams involved in delivering the service.

In the next phase, we focused on understanding the user's journey, their needs, the requirements of service providers, and identifying aspects of the service to integrate into the digital platform. This involved knowledge sessions with the client team and engaging with all teams involved in delivering the service.

60+

60+

60+

Reports Read

Reports Read

Reports Read

5

5

5

Knowledge Sessions with Client

Knowledge Sessions with Client

Knowledge Sessions with Client

20

20

20

Stakeholder Interviewees

Stakeholder Interviewees

Stakeholder Interviewees

∞

∞

∞

Number of Meetings

Number of Meetings

Number of Meetings

Identifying Opportunity Areas & Defining requirements

Defining Requirements

We drew on our primary research with relationship managers to assess their needs from a digital platform, understand how these needs intersect with or complement those of clients, and identify ways to bridge the existing gaps between them.

Initial Insights
Who are we designing for?

We identified that, in addition to clients being the primary users of both the service and the digital platform, the relationship managers (RMs)—who serve as the main point of contact for clients—transition from being actors within the service to becoming primary users of the digital platform.

We identified that, in addition to clients being the primary users of both the service and the digital platform, the relationship managers (RMs)—who serve as the main point of contact for clients—transition from being actors within the service to becoming primary users of the digital platform.

We identified that, in addition to clients being the primary users of both the service and the digital platform, the relationship managers (RMs)—who serve as the main point of contact for clients—transition from being actors within the service to becoming primary users of the digital platform.

Clients typically choose the brand based on their trust in RMs, making it essential to foster a strong Client-RM relationship. Rather than only managing portfolios, RMs focus on finding investment opportunities that align with client preferences. The platform had to be designed to meet the needs of both RMs and clients, while strengthening their relationship.

Clients typically choose the brand based on their trust in RMs, making it essential to foster a strong Client-RM relationship. Rather than only managing portfolios, RMs focus on finding investment opportunities that align with client preferences. The platform had to be designed to meet the needs of both RMs and clients, while strengthening their relationship.

Clients typically choose the brand based on their trust in RMs, making it essential to foster a strong Client-RM relationship. Rather than only managing portfolios, RMs focus on finding investment opportunities that align with client preferences. The platform had to be designed to meet the needs of both RMs and clients, while strengthening their relationship.

Ecosystem Map

Thinking beyond Wealth

The relationship with wealth managers has evolved from solely managing financial assets to focusing on a client's overall financial well-being. Clients across all demographics are increasingly embracing digital tools to optimize their finances, presenting an opportunity to blend personal advisory services with digital innovations.

The relationship with wealth managers has evolved from solely managing financial assets to focusing on a client's overall financial well-being. Clients across all demographics are increasingly embracing digital tools to optimize their finances, presenting an opportunity to blend personal advisory services with digital innovations.

The relationship with wealth managers has evolved from solely managing financial assets to focusing on a client's overall financial well-being. Clients across all demographics are increasingly embracing digital tools to optimize their finances, presenting an opportunity to blend personal advisory services with digital innovations.

By leveraging traditional strengths, wealth managers can gain insights into when and how to effectively integrate digital solutions. This enhances the advisor's capabilities while empowering clients to make informed decisions and take greater control of their financial futures.

Me and My Money

*Trends creating a new landscape

*Trends creating a new landscape
Emergence of Demographics

Wealth is now more accessible than ever, creating new affluent groups and reshaping investment needs. Millennials have greater opportunities to build wealth, and women increasingly manage family finances, bringing unique goals that require tailored advice.

Wealth is now more accessible than ever, creating new affluent groups and reshaping investment needs. Millennials have greater opportunities to build wealth, and women increasingly manage family finances, bringing unique goals that require tailored advice.

Wealth is now more accessible than ever, creating new affluent groups and reshaping investment needs. Millennials have greater opportunities to build wealth, and women increasingly manage family finances, bringing unique goals that require tailored advice.

Expectations Reboot

These new demographics expect transparency and control in wealth management, similar to what they demand in other industries. Shaped by technology and cultural shifts, changing investor expectations are driving a shift in how financial advice and investment products are delivered.

These new demographics expect transparency and control in wealth management, similar to what they demand in other industries. Shaped by technology and cultural shifts, changing investor expectations are driving a shift in how financial advice and investment products are delivered.

These new demographics expect transparency and control in wealth management, similar to what they demand in other industries. Shaped by technology and cultural shifts, changing investor expectations are driving a shift in how financial advice and investment products are delivered.

digital Competitor Compass

Investment advice has become more commoditized, sparking new service models. Wealth management is undergoing a digital transformation, ranging from basic automation to fully digital models. While wealth management’s digitalization has lagged behind other industries, recent advancements are closing the gap.

Investment advice has become more commoditized, sparking new service models. Wealth management is undergoing a digital transformation, ranging from basic automation to fully digital models. While wealth management’s digitalization has lagged behind other industries, recent advancements are closing the gap.

Investment advice has become more commoditized, sparking new service models. Wealth management is undergoing a digital transformation, ranging from basic automation to fully digital models. While wealth management’s digitalization has lagged behind other industries, recent advancements are closing the gap.

Translating Opportunities to Features

Translating Opportunities to Features

Opportunities to Features

SETTING THE STRUCTURE

SETTING THE STRUCTURE
Information Hierarchies Tailored to User Needs

Upon login, the application branches into two distinct user journeys: one for the Relationship Manager (RM) and another for the Client.

Clients are presented with a tailored overview of their assets, featuring customizable filters to refine their view, along with market data and insights relevant to their portfolio. The information shown to a client is a curated subset of what’s available with the RM, to prevent the scope of misreading data and making uninformed decisions.

Clients are presented with a tailored overview of their assets, featuring customizable filters to refine their view, along with market data and insights relevant to their portfolio. The information shown to a client is a curated subset of what’s available with the RM, to prevent the scope of misreading data and making uninformed decisions.

Clients are presented with a tailored overview of their assets, featuring customizable filters to refine their view, along with market data and insights relevant to their portfolio. The information shown to a client is a curated subset of what’s available with the RM, to prevent the scope of misreading data and making uninformed decisions.

For RMs, the focus shifts to a broader perspective, encompassing all assets under their management and detailed portfolio data for each client. Their dashboard prioritizes investment product details, allowing them to identify and recommend suitable options for clients.

For RMs, the focus shifts to a broader perspective, encompassing all assets under their management and detailed portfolio data for each client. Their dashboard prioritizes investment product details, allowing them to identify and recommend suitable options for clients.

For RMs, the focus shifts to a broader perspective, encompassing all assets under their management and detailed portfolio data for each client. Their dashboard prioritizes investment product details, allowing them to identify and recommend suitable options for clients.

Onboarding Task Flow

Onboarding Task Flow

"The information we show a client has to be a curated subset of what’s actually available. We need to identify the good and bad first, so we can present it in a way that doesn’t trigger any alarms. [...] ensuring clients don’t draw their own conclusions and make uninformed decisions."

"The information we show a client has to be a curated subset of what’s actually available. We need to identify the good and bad first, so we can present it in a way that doesn’t trigger any alarms. [...] ensuring clients don’t draw their own conclusions and make uninformed decisions."

"The information we show a client has to be a curated subset of what’s actually available. We need to identify the good and bad first, so we can present it in a way that doesn’t trigger any alarms. [...] ensuring clients don’t draw their own conclusions and make uninformed decisions."

- RM, Avendus

- RM, Avendus

- RM, Avendus

Information Architecture

Information Architecture

Note / Post-Internship Development: After completing the information architecture phase during my internship, I continued to work on the project independently as part of my graduation project. The work following this stage, including the development of wireframes, prototypes, and additional refinements, was not intended to produce the final product but served as my first exploration into UX design and design systems.

Note / Post-Internship Development: After completing the information architecture phase during my internship, I continued to work on the project independently as part of my graduation project. The work following this stage, including the development of wireframes, prototypes, and additional refinements, was not intended to produce the final product but served as my first exploration into UX design and design systems.

Note / Post-Internship Development: After completing the information architecture phase during my internship, I continued to work on the project independently as part of my graduation project. The work following this stage, including the development of wireframes, prototypes, and additional refinements, was not intended to produce the final product but served as my first exploration into UX design and design systems.

Flexible and Scalable Content framework

The wireframes were created to establish a structure centered on simplicity, hierarchy, and functionality, while also serving as a first attempt on a prototype for organizing complex data. This process tested my understanding of the data presented to clients, its significance, and how it had to be customized based on specific client parameters.

High Fidelity Wireframes

High Fidelity Wireframes

creating BUILDING BLOCKS

creating BUILDING BLOCKS
A Design System Built on Atomic Principles

The design system served as the backbone for the interface design, providing a cohesive foundation for the overall user experience. Creating high-fidelity wireframes was instrumental in identifying and establishing the components required for the system. This approach proved especially valuable when scaling the design across various interfaces.

Design System: Components

Design System: Icons

Design System: Cards

CLIENT APP: INTEGRATED WEALTH ADVISORY HUB
Intuitive Navigation for Portfolio and Asset Insights

"Clients often feel overwhelmed when faced with too many complex numbers—they always expect the worst. So, when we're presenting data, it has to be simple and straight to the point—where they can drill down into more data if they want.”

- RM/Services, Avendus

- RM/Services, Avendus

- RM/Services, Avendus

Portfolio Navigation

Portfolio Overview - Asset Class - Asset Holdings - Instrument Factsheet

Instrument Factsheet

Real-Time Market Data, Actionable Insights and Recommendations

"We need a feature that brings in market data and news from private and public companies, IPOs, and presents it in a simple, clear way, curating content that every user can genuinely engage with—to position us as thought leaders."

- CEO, Avendus

- CEO, Avendus

- CEO, Avendus

Market News & Insights - News Article

Breaking Down Silos in Client-Provider Interactions for a Cohesive Experience

“It would be good to streamline communication with relevant teams, so the RM isn't burdened with all tasks and can focus on providing their expertise, [...] in a way that makes the client feel valued and genuinely supported."

- RM, Avendus

- RM, Avendus

- RM, Avendus

Convenient Call-to-Actions

RM APP: AN ADVISOR’S TOOLKIT
RM Dashboard

The RM Dashboard provides a comprehensive overview of the Relationship Manager's clients, including their assets and top-performing holdings. It also streamlines the RM's secondary tasks, such as managing documentation, addressing pending invites, scheduling meetings, and staying updated with market data and insights.

The RM Dashboard provides a comprehensive overview of the Relationship Manager's clients, including their assets and top-performing holdings. It also streamlines the RM's secondary tasks, such as managing documentation, addressing pending invites, scheduling meetings, and staying updated with market data and insights.

The RM Dashboard provides a comprehensive overview of the Relationship Manager's clients, including their assets and top-performing holdings. It also streamlines the RM's secondary tasks, such as managing documentation, addressing pending invites, scheduling meetings, and staying updated with market data and insights.

RM Dashboard

Tailored Product Recommendations

The RM is provided with recommendations for products and holdings, as well as market data and news tailored to both their and their clients' interests. These recommendations are provided based on the client’s portfolio, risk profile, and financial goals. This approach supports informed decision-making and enriches the RM's conversations with clients.

The RM is provided with recommendations for products and holdings, as well as market data and news tailored to both their and their clients' interests. These recommendations are provided based on the client’s portfolio, risk profile, and financial goals. This approach supports informed decision-making and enriches the RM's conversations with clients.

The RM is provided with recommendations for products and holdings, as well as market data and news tailored to both their and their clients' interests. These recommendations are provided based on the client’s portfolio, risk profile, and financial goals. This approach supports informed decision-making and enriches the RM's conversations with clients.

“The main purpose of this is also to provide RMs with all the data they need to enrich the quality of conversations they have with their clients.”

- CEO, Avendus

- CEO, Avendus

- CEO, Avendus

RM Instrument Factsheet - RM Products Page - Product Recommendations

Secure Document Repository

Documentation is often one of the most tedious tasks for both RMs and clients. Financial documents are frequently required not only by the client and provider but also by external parties, such as accountants, for purposes like tax filing. To simplify document management, the RM can access and download a well-organized, clearly categorized, and easily filterable collection of files, making storage and retrieval far more efficient.

Documentation Management

Streamlined Meeting Coordination

RMs serve as the primary point of contact for clients, handling everything from portfolio reviews to sharing updates about exclusive events and addressing documentation requirements. This frequent interaction necessitates constant communication, which the app simplifies by streamlining these needs through intuitive and familiar meeting setup tools.

Client Profile & Calendar - RM Dashboard & Invites

Reflections
Key-Takeaways & Learnings

There’s a distinction between financial and personal personality—for instance, a risk-averse client in life might pursue aggressive investments. Recognizing these nuances enabled the creation of tools tailored to financial behaviors, offering valuable insight for future projects with diverse user traits.

There’s a distinction between financial and personal personality—for instance, a risk-averse client in life might pursue aggressive investments. Recognizing these nuances enabled the creation of tools tailored to financial behaviors, offering valuable insight for future projects with diverse user traits.

There’s a distinction between financial and personal personality—for instance, a risk-averse client in life might pursue aggressive investments. Recognizing these nuances enabled the creation of tools tailored to financial behaviors, offering valuable insight for future projects with diverse user traits.

Design systems are incredibly powerful (and fun) tools that can transform the experience of working on a product. By centralizing components, styles, and guidelines, design systems enable faster iterations and scalability, making it easier to adapt to future needs or updates.

Design systems are incredibly powerful (and fun) tools that can transform the experience of working on a product. By centralizing components, styles, and guidelines, design systems enable faster iterations and scalability, making it easier to adapt to future needs or updates.

Design systems are incredibly powerful (and fun) tools that can transform the experience of working on a product. By centralizing components, styles, and guidelines, design systems enable faster iterations and scalability, making it easier to adapt to future needs or updates.

What could be done differently?

Due to time constraints, I independently handled the wireframes, design system, and visual design for my graduation project. As my first exploration into Product Design, I overlooked several opportunities to incorporate valuable insights into the interface. Reflecting on the project, I realize it could benefit greatly from additional features, such as AI integration, and a UI revamp to better align with the Avendus brand language.

Due to time constraints, I independently handled the wireframes, design system, and visual design for my graduation project. As my first exploration into Product Design, I overlooked several opportunities to incorporate valuable insights into the interface. Reflecting on the project, I realize it could benefit greatly from additional features, such as AI integration, and a UI revamp to better align with the Avendus brand language.

Due to time constraints, I independently handled the wireframes, design system, and visual design for my graduation project. As my first exploration into Product Design, I overlooked several opportunities to incorporate valuable insights into the interface. Reflecting on the project, I realize it could benefit greatly from additional features, such as AI integration, and a UI revamp to better align with the Avendus brand language.

Gathering primary user data directly from clients, rather than relying solely on insights from RMs and internal teams, would have provided a more comprehensive understanding of client needs.

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