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chestnutWealth

chestnutWealth

Digitally automating African investments

an attempt to push forward a one-stop digital investment platform.

commercial poject

client	FinTech App at www.chestnutWealth.com
sector	Finance , Investment , Wealth Management ,
project time	3 months
my role	Entire product design from research to conception, visualisation and testing. My role was to create a fun user experience and interface for iOS and Android. I created a new experience that added a lot of visual associations to the investment process.
my contribution	User Interviews Wireframing Visual Design Prototyping Research Survey Analysis
services	App UX/UI Design Design System Creation Responsive UI designs Responsive Website Design Wireframes & Userflow Tools: Adobe XD Invision App Figma Languages: React-Native Javascript HTML & CSS
team	Richill ARTLoe(UX/UI Designer)

ChesnutWealth is an online investment platform that enables individuals to invest interactively in publicly listed African companies in the stock market. Through this concept, a transparent simplistic approach is taken to make it easy for anyone to invest in any publicly listed African stock with confidence. ChesnutWealth operates differently than most investment apps or services. Typically people invest in stocks, bonds, or a multitude of other investments! Sometimes it’s because they like the company, sometimes because they think it’ll do well, or perhaps because a financial expert recommended it. In this app, the process is reversed. Users set an investment goal amount they want to accrue over a selected period of time. From there, the app suggests various options (using historical data and machine learning) and users can invest towards that goal with monthly deposits. In summary, ChestnutWealth is an investment app designed to make investing easy for people without an education in the African stock market. Users select their financial goals and can also adjust their investment options based for their risk-taking ability.

A responsive app for ChestnutWealth was designed to explain its' services and products to the users (it's clients). The app also allows users to take a trial through their investment process without even having to sign up. It should be noted that this project was accompanied by a three-month user experience design testing, to be followed by a planned digital implementation. The project helped to deepen my knowledge in the user experience design & also to explore various approaches to digitalising stock investments. It also broaden an understanding of how to find out how impulses for modern investment can be set in accordance with a goal orientated investment approach.

methodology

Design Process: The diagram displays the Design Thinking Process to be utilised in order to design the solution (when focused on the needs of the users).

problem statement & solution

How might we improve the UX/UI experience and process for the business & users.

problem statement #1

User's experience - Problem statement

Selom falls within the African Diaspora, he is a young professional working in the UK. Selom has a young family and would like to start investing for the future. Selom is interested in the economic growth of his country and needs a service that would allow him to maximise his impact & wealth by investing in African companies with good returns that make an economic impact. Selom has a strong investment knowledge but doesn’t have the time or resources to research the right investment portfolio of his preference.

Hypothesis
For the financial app, we believe that, by creating a visually appealing app with a clean interface design and by refining the user experience by breaking down complex investment process, we will achieve a way to allow Selom to create financial goals, invest in potential profitable African companies of his preference and also increase his financial knowledge through the designed pop-up financial guidance info.

problem #1

Lack of an investment platform tailored specifically for the African market

There are currently no one-stop digital investment platform that offers an automated goal orientated approach to investing in publicly listed African companies in Africa and in the global market. These are mainly due to, lack of transparency and simplicity, lack of a structured digital platform. There were also also 3 main concerns that had to be addressed, in regards to app:
1. Resolve the high dropout rate that occurred before users started making investments
2. Research ways to improve the investment registration process
3. Make the app more visually appealing
solution #1

A one-stop digital investment platform focused on African companies in Africa and the global market

The goal was to create a smooth, transparent simplistic UX/UI designed journey, that was clear and frictionless, and thereby, increasing the number of registered clients, through gaining their trust. Also the aim was to make the user journey easy for the clients to invest in publicly listed African companies. The focus was to:
1. simplify the complex investment registration process
2. design a visual appealing app to build user trust & brand awareness

competitive analysis

An assessment of the strengths and weaknesses of current and potential competitors.

So far, based on current research there are no direct competitors. Most competitors seemed to be focused more on creating financial investment packages based on publicly listed western companies (exmaple like amazon, facebook etc). Example of our indirect competitors are: Fisdom, Nutmeg, Wealthfront, Cowrywise, Plum, Wealthify, Wombat, Moneybox etc. The creation of the SWOT analysis helped to assess current indirect competitors in the financial investment management space. Also, due to general disadvantages of using a financial investment platform prompted the question of how to build a user confidence through the UX/UI design flow and how to integrate reliable data coverage, this was an important part of the research. view in-depth detail of competitive analysis

swot analysis

s

strength
- Higher investment success in automated financial goal orientated approach-due to analysed user investment risk preference.
- niche target audience, a demographic target
- A one stop digital structured financial platform for the African investment market
- niche product target. Creating financial portfolio packages targeting only African investments
w

weakness
- Initially at the start of the business, the platform may not have a large client database or large business partnerships with hedge funds firms to enable delivery of tailored financial investment packages.
- Product liability & Continued innovation
- Management/people: A small team working within the startup. Limited resources.
- Lack of financial strength: Limited funding. The funds are not sufficient to invest in its marketing capacity
o

opportunities
- Internal growth opportunities (new markets, new product)
- External growth opportunities (mergers and acquisitions)
- Ability to create a niche in the financial investment market - not focusing on western stock but solely focusing on African stocks.
- Ability to improve user investment preference to match the right investment packages using new tech, provides an opportunity to practices differentiated pricing strategy
t

threats
- Government legislation & Litigation: Liability laws in different countries are different, the company may be exposed to various liability claims given change in policies in those markets
- Strong competitors with more funding that offers similar products
- Financially strong competitors replicating algorithm process
- Increasing competitive financial investment package prices of other established companies can lead to serious pressure on the profitability of the company

challenges UX/UI

Challenges in the user experience & flow

challenge #0

Improving the user journey experience in creating an investment preference

Creating a simplistic frictionless user experience journey centred around the app’s core services. Creating an easy-to-use product architecture, coupled with a user-friendly layout and a design that will allow the clients to enjoy using the app’s products and services.
challenge #0

Creating An Engaging informative Experience For clients

Displaying and designing good UX/UI pop-ups, that engages with the user and educates the user on different financial investment packages. Giving the user a more informed experience in making the right investment decision. In this way, the experience of the app becomes more engaging, pleasant and less tiring.
challenge #0

Improving The Subscription Experience To Increase Sales

Creating a simplistic easy frictionless user journey in subscribing and processing secure payments online within an efficient time. Also, identifying the possible user struggles in-order to highlight insights what will improve user experience to register. Using hotjar on the invisionApp demo provided a general understanding on areas of visitor struggle.

challenges - sector

Challenges in the Finance , Investment , Wealth Management , Sector

challenge #0

Lack of trustworthy brand appearance

A large majority of fintech apps and traditional banking institutions are generally viewed by consumers as distrustful. Therefore, it is important to focus on a Brand appearance that is appealing, with a clean, eye-catching, well-designed UX. This will hold consumers’ attention for longer, thereby winning their long-term trust.
challenge #0

Tricky investment processes made complex

Not many financial apps are able to turn a tricky complex financial processes into an enjoyable experience, thereby leaving consumers feeling embarrassed, uncertain, annoyed & violated about their decisions & provided info. Creating a simplistic, informative user journey can help consumers easily view investment plan & target and set up payment plans. In this way, consumers are not subjected to complex process.
challenge #0

Lack Of An Investment Platform Tailored Specifically For The African Market

There are currently no one-stop digital investment platform that offers an automated financial goal orientated approach to investing in publicly listed African companies in Africa and in the global market. These are mainly due to, lack of transparency and simplicity, lack of a structured digital platform and lack of a demographic targeting.

findings from interviews & survey

With the knowledge of Design Thinking, interviews & suverys were conducted to gain feedback in order to iterate throught designs. Collected data from user interviews was analysed and synthesised into key findings. User statistics were also explored through graphical representation.

interview questions #1

Interview Questions

1. What is your age?
2. What is your relationship status?
3. What do you do for a living?
4. What investment apps do you find most effective when managing personal finances and creating financial goals?
5. How often do you use these apps?
6. Generally, how do you find the experience of using the financial investment apps of your choice?
7. How could these experience be improved?
8. Have you put any thought to wealth management?
9. If so, how do you plan on managing your wealth?
10. How much will you be willing to spend on an app with financial advise and financial planning tools?
survey questions #1

Survey Questions

Survey questions asked were very similar to that of the interview questions asked.
Surveys were sent to the targeted groups; Menials with and without families, Middle age group.
Targeted groups were asked, if current investment financial apps enabled them to effectively find an investment of the right financial packages (based on their investment preference) and if these investment packages were financially rewarding.

key findings #0

Lack of a financially transparent rewarding African investment

Financial Investment packages leaves you disconnected from potential profitable investment opportunities in Africa. Also Transparency and simplicity is an important concern for clients investing in Africa.
key findings #0

Lack of a targeted demographic

A lack of demographic targeting of a growing middle class of Africans in the diaspora (with families/relatives living in Africa) that are goal orientated.
key findings #0

Lack of a one stop structured digital investment platform targeted at African stocks and investments

The lack of a one stop structured digital platform of investment opportunities in Africa. And a lack of publicly listed African companies made readily available to Africans and non-Africans interested in investing.

user persona

Building empathy

Using the quantitative and qualitative data from interviews and survey results, A main target group was defined. Synthesis of user research lead to the creation of 3 primary user personas. These personas were considered when making any further design decisions.

"I want to secure financial wealth for my family"

Selom

age: 34

job: Lecturer at the University of Durham

education: MA in Management

status: Married, 1 children

Selom falls within the African Diaspora who works as a Lecturer at the University of Durham in the UK. Selom has a young family and would like to start investing for the future. Selom is interested in the economic growth of his country. He would like to maximise his impact & wealth by investing in African companies with good returns that make an economic impact. Selom has a strong investment knowledge but doesn’t have the time or resources to research the right investment portfolio of his preference.

goals

To create a financially secure future for his family

Contribute in the economic growth of his country

To be more financially educated

tasks

Re-search & search high performing African stocks

Invest in high performing African stocks

Create profitable financial goals & portfolios

Frustrations

Not successfully finding high performing African stocks

Not many platforms tailored to African investments

Lack of transparency in African stocks

how chestnutWealth helps

Provides a simple way to invest in African companies

Provides a secure way to invest in African stocks

Provides a range of tailored researched portfolios
"I want to retire early, therefore, would like to start creating a profitable investment portfolio"

Richill

age: 28

job: Software Engineer

education: MA in Finance & Investment

status: Single

Richill is a high-end working professional. She grew up in Accra/Ghana and schooled and worked in London/UK. Richill is looking to retire at an early age and will like to start investing in her future. She is also considering moving back home to Ghana and is interested in what potential profitable African investments are available. She would like to consider a goal orientated investment approach that is beneficial and that will allow her to invest in high performing African companies with good returns and that make a positive economic impact.

goals

To research profitable stocks & investments

To be financially educated

Creating a lucrative portfolio of stocks

tasks

Taking financial courses

Networking with financially knowledgable ppl

Researching profitable African stocks

Frustrations

Limited information on African investments

Complex financial investment goal platforms

Not many platforms entail African investments

how chestnutWealth helps

Provides an automated orientated financial goal approach

Provides a range of tailored researched portfolios

Provides a simple investment platform focused on African companies
"I want quick delivery of financial info to make a sound investment decision"

Nana

age: 45

job: Self-employed

education: MA in Law

status: Single, 1 child

Nana is a self-employed real-estate business woman living in Accra/Ghana. She is a single mother of 1 child & has quite a good knowledge on investments. Due to her hectic busy business & parenting hours, she would like a platform that was efficient in providing good financial guidance in making right investment decisions in selecting the right financial package for herself and her child. Though interested in Western stocks, she has a healthy curiosity on potential profitable African investments. A simple & secure way to invest in a portfolio of publicly listed African companies is very important to her.

goals

To be more financially knowledgeable

Research a goal orientated financial platform

Create profitable investment portfolios

tasks

Seek financial advise

Compare prices of financial investment platforms

Research great financial investment packages

Frustrations

Limited information on specific stocks/investments

Lack of financial guidance on financial platforms

Constantly busy, seeks quick delivery of financial info

how chestnutWealth helps

Provides an informative financial guidance

Offers competitive investment rates

Provides A one stop digital structured financial platform

User Experience Map (user flow)

Structure of the App - User Journeys

A product-based journey map helped to better understand the user financial investment preference and the investment package selection phases. The user journey was created to help with the ideation. By mapping these journey, a deeper understanding of the users emotional state when creating their investment preference & application was observed. The below investing method (in the below image) removes the complexity of choosing individual investments (though users can still invest in whatever they’d like), which makes it critical that the app builds trust with the user every step of the way. A simple misunderstanding of even basic features could theoretically lose users a lot of money! Yet because of the wealth of alternatives, the initiative to make the app fun and engaging had to be taken into consideration throughout the entire process. This sharpened our focus on building trust through visual appeal and ease-of-use. Using this information helped to identify key features of the financial application.

usability testing

User research: Qualitative & Quantiative research

insight #0

participants: 10

age range: 18 - 45

performed with: Invision app, desktop

Research from both the quantitative and qualitative side took place. The main goal was to:
1. Understand how the user engaged with a more user friendly designed app
2. Understand the user experience and journey when creating their investment risk preference
3. Understand the user experience, journey and decision making when searching for the right investment packagse that matched their risk preference
4. Analyse the user's journey experience in making use of the pop-up investment financial guide and information
5. And to also understand the user's experience through the registration, subscription and investment application process.
This would help us to better identify important feature requirements of potential users.
Analysis - Findings From Interviews & Survey: The investment process in Africa requires that investors complete a one-time Know Your Customer (KYC) form. The form requires a lot of information and can be quite daunting and tiring. Originally, the KYC was a prerequisite for users to make an investment, but in our usability testing we found a significant dropout rate during the process. It was obvious that the KYC was too cumbersome, and the process of completing the form needed an overhaul. So we moved the requirement for KYC registration to the end of the process.
insight #0

goal:

The goal was to test and identify the user's pleasure and pain experience:
1. while creating their investment risk preference
2. while searching or selecting a suitable profitable investment package tailored for them
3. while registering, subscribing and completing an investment application
The prototype test will aim to highlight any usability issues and define the usefulness of the investment application, whiles observing the user completing basic tasks and functions. We even went one step further and gave three days for users to complete the KYC after making their investment decision. The design goal was, their money, would be safe in escrow, and would be refunded if the investment form/application wasn’t submitted.

task:

1. create an account
2. complete profile & investment risk preference
3. create financial goals
4. complete investment application
5. search for an African financial investment package
6. select a financial investment package tailored to their risk preference
7. subscribe as a member
insight #0

results:

1. 65% of user testers had a smooth user journey experience
2. 70% of user testers found the investment match-process smooth
3. 68% of users had a smooth experience in being highly financially educated & informed of their invesment process
Users needed time to build trust with the app first. To establish that trust, we turned the process inside-out: Allow users to try the app, make their investment decisions, and when ready to invest, complete the KYC form. In this way, users were given the opportunity to build rapport with the app.

observations:

1. Users were pleased with the simplified, less time consuming investment application process
2. Users felt the financial pop-ups could be more informative
3. Users were pleased with the detailed information provided on the African financial investment packages
4. Matching (user risk preference & investment package) process needed to be more intuitive
5. Users wanted some form of notification with stats details, when their investment were doing quite well above the norm
6. over 50% of users found the design of the app very pleasing
The main takeaway was, it's important to create some form of active communication between the clients regarding their investment performance regardless of whether it was doing well or not.

product designs

Final design ready for development

Display of the UX design. The aim was to create a clear and frictionless journey, and in doing so one can expect to improve brand perception while maintaining and supporting an increase in conversion via client registration.

visual design

Visual designs, Typography, Colours & Icons

The visual design was developed by iterating from mood boards and styletiles to the UI kit and finally to creating a first version of the style guide.

conclusion

Project summary

The primary goal of the startup business was to develop an app that had a great user journey/experience flow to initiate an increase in its subscription sales and an increase in it’s general business growth. We played an essential part in creating the UX/UI Design to enable the startup to achieve it's business goals. This was achieved by improving the below user experience and customer satisfaction features, that were to ultimately help increase more users and engagement for the app:

1. smooth onboarding experience
2. quick registration & investment application process
3. informative & educational financial notes during the investment process
4. friendly engaging platform
5. simplistic informative stats on African investment portfolio performance
6. smooth payment & subscription journey flow

The information architecture, interaction design, usability, wire-framing and visual designs were all created for our client.

learnings

Knowledge aquired through the design & development of project

challenge #0

Fintech Apps Don’t Have to Be Boring

During the competitive analysis of other apps in the fintech space, it was clear most of them had bland color palettes and uninviting experiences. Investing is hard enough, so a conscious effort was made to keep things simple, both for process and interaction. Subsequently, the visual design turned out wildly different compared to other fintech tools.
challenge #0

“Investing” in the Visuals

This was done by creating a palette that sported bright hues to support the light and playful concept of the application. Vivid graphics and illustrations enhance the experience, which is important in order to make a dry subject like investing more exciting. This is especially challenging for an investing app, not only because the content needs to be open and easy to understand, but also engaging to promote usage.
challenge #0

Simplifying the complex Investment Processes

Financial apps are seemingly at a disadvantage because of regulatory and legal requirements. Until recently, this led to poorly designed apps features and processes. Most still lack the clean interface design and refined user experiences. There was a lot to learn in creating better defined, smarter experiences that addresses the user needs. This design was risky but paid off due to its clear and simple user experience.

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