ENDOWUS Invest 2.0
Role
Duration
Working team
Problem
Endowus is Singapore’s largest digital-only wealth tech platform.
The investment flow on Endowus — where clients picked a portfolio to invest in — did not provide a beginner-friendly experience. We wanted to recommend a suitable portfolio to clients and increase our sign up to investment rate for new clients.
Through earlier user interviews and an internal audit, we identified some problem areas in the flow:
Problem areas
1.
Difficult to browse
Clients had to understand our full breadth of offerings before manually picking a portfolio that suits them.
2.
Goals vs. portfolios
It’s not clear how our goal-based approach works, since we use “goal” interchangeably with “portfolio”.
3.
Difficult to answer
Clients found it difficult to provide their 12-month loss tolerance. It’s also unclear why we ask this question.
To solve these problems, we knew we had to rethink the investment flow with these goals in mind:
Project goals
1.
Recommend clients
A suitable portfolio based on their goal.
2.
Get clients excited
About their financial journey and plan.
3.
Increase conversion
From signup to completing their first investment.
Challenge
It became quickly obvious that the biggest challenge was that we had too many potential ideas to explore, since we had such an ambitious goal.
For example, we could go down the pathway of a questionnaire-based flow: ask clients a series of questions, figure out their goal and most suitable portfolio. But this could create a lengthy experience, and we’re not sure these questions are easy to answer.
Early explorations of a questionnaire-based experience
To help clients understand the different options, we could also play around with a compare mode (à la Apple’s compare iPhones) or show similar products (à la Amazon).
Explorations of comparison mode and similar products
We had lengthy, sometimes heated, discussions about which ideas were worth exploring.
Approach
If we had infinite time and scope, we would have left no stone unturned.
Since that was not possible, I led our working team in a principles workshop. Principles help us focus when there are too many possible paths we could take.
I gathered the team into a room and ran a workshop to envision qualities we want the new experience to uphold.
Clustering of ideas from principles workshop
At the end, we came up with a ranked list of principles.
These principles allowed us to be on the same page and move fast. And now that we’ve documented our priorities, we could revisit them. If future us disagrees with these principles, or how they manifested in the flow, we can have a grounded discussion and realign.
With these new principles locked in, I went back to the drawing board.
“I don’t know how he managed to come up with multiple rigorous iterations every few days or so. And when Invest 2.0 hit a roadblock, he organised and ran a design principles workshop within half a day, then came up with a new design the next day…”
– Chun San, Content Designer
In the end, the new investment flow is centred around the client’s goal, quick enough that clients get a recommendation within 3 steps, uses social proofing to inspire confidence, and makes tailoring a portfolio as simple as a slider.
After many iterations and discussions, this is the design that we launched:
In our usability testing, participants instinctively understood what the risk slider does, and were able to make a decision based on the returns shown. Some, in fact, were deterred from picking a higher risk option based on the worst 12-month return figure, showing that the design worked as intended.
“He’s very good at copywriting. He’s also leading the effort to organise user testing. I appreciate his ability to operate at both the high level and the details as well as to lead a more holistic design process that will improve Endowus for the better.”
– Jihyun, Product Manager
Outcome
Conversion improved 24%
The new experience launched on mobile on May 2023 and web on Feb 2024. Based on data on mobile, it helped increase overall conversion from sign up to first investment completion. It’s important to note here that we’ve also made improvements to the signup process, which would’ve contributed to the overall conversion rate.
After launch
Before launch
+24%
Flagship adoption increased 1.6x
The new design also positively changed client behaviour; it influenced our new clients’ choice of first portfolio. Previously, fewer new clients chose to invest in Flagship, our globally diversified portfolio. Once we switched to the new experience, we saw an immediate change — the majority of new clients now choose to invest in Flagship.
After launch
Before launch
1.6x
And since Flagship is our best-in-class product that gives clients their best chances to achieve their life goals, this means we’re nudging more clients towards successful financial outcomes.
In other words, we’re helping clients invest better to live better.
Best Digital Wealth Management
Asia Asset Management Awards 2024
Best Digital Upgrade
The Asset’s Triple A Digital Awards 2024
WealthTech initiative award
Asian Banking & Finance Fintech
Awards 2024
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