As the world's leading private banking institution, the client must ensure that private banking transactions meet investment suitability (IS) requirements. We were asked to consolidate the existing fragmented processes into a single platform to increase the bank's compliance level, and to better serve its end customers as well as internal employees. As the UX researcher and designer, I led user research efforts, developed current and future information system landscapes, and created wireframes for the investment suitability platform.
Project Overview
| Type | Platform Design, Web Application |
| Date | Jan 2019, 3 weeks |
| Industry | Banking |
| Roles | UX Researcher & Designer |
| Team Size | 4 people |
| Outcomes |
1. Conducted user research in Hong Kong & Singapore to understand stakeholder needs for a flexible ISP to support private banking transactions 2. Created solution & prototypes for new platform to be used by client's APAC region 3. Started a multi-year collaboration with the client to improve investment suitability for the entire bank |
Vision & Context
After the kick-off workshop, our team synthesized input for various stakeholders. We believe that in order to achieve 100% coverage & 100% compliance, the system should provide 4 core capabilities: Proactive control, Actionable insight, Streamlined process, and Flexible interfaces, supported by the compliance engine.
Value proposition of the future system
Understanding Users
The first round of user research helped us to establish several key user profiles: Control & Monitoring (C&M), Client-Facing Employees (CFEs), Senior Management, and First Line of Defense (FLDS).
Key user profiles and theirs tasks
They together make up the as-is investment suitability (IS) monitoring landscape, including the following key objectives that comprise the IS cycle:
Make sure the right compliance and processes are embedded in the Bank
Provide clients with advice on suitable investments, generate revenue and maintain client relationships
Identify areas of potential risk, identify if they are material breaches, and remediate material breaches
Understand trends and systemic issues to identify gaps
Close the gap
The current IS monitoring lanscape and users’ responsibilities
However, in the current workflow, there are multiple pain-points associated with each objective, as illustrated below:
Major pain-points from the current way of working
Design Solution
After presenting the research insights, we organized another workshop for ideation & solution. Participants covered all key user profiles mentioned above, including both the Hong Kong and Singapore office.
Ideation & design process with over 20 participants from both Hong Kong & Singapore offices
As a result of the workshop, our team decided to focus on the latter three objectives of IS, as these area are where participants see most potential benefits. We use the Lean Value Tree method to synthesize design ideas and aimed to provide value in terms of the levers.
Using Lean Value Tree to synthesize design directions
We further proposed the following mental model to better communicate the overall solution:
Mental Model for future system
The to-be user journeys are presented below:
Product Roadmap & Wireframes
After testing our riskiest assumptions with existing users, we have decided to focus on increasing efficiency & effectiveness of monitoring & control for Phase 1. The MVP & day 2 scope is outlined below:
MVP & day 2 scope
Case Management
Our MVP will be around the case management module, changing the process from "scavenger hunt" to "food served on a platter".
continuous risk monitoring
Our Day 2 scope would be around continuous risk monitoring, moving from a sampling approach to a risk-based approach.
The monitoring process will be greatly simplified with automated workflow by the system.
Evolution Roadmap
After reaching the goal of increasing efficiency & effectiveness of monitoring & control, our solution would be expanded to Integrate & streamline workflow for all users, eventually, it will Empower the organization with intelligence & automation.
