UX Case Study

Redesigning Asset Mix - Vanguard Beacon Mobile app

Introduction

I have had the pleasure of working on many projects during my stay here at Vanguard. Asset mix was one of the earlier projects I had the opportunity to take lead on from research to implementation. Asset mix is arguably one of the most important aspects of an investor’s portfolio. As Vanguard continues its journey of redesigning its mobile application it was without doubt that this feature would one of the more valuable tools throughout the application.

What is Asset mix?

The Asset Mix of an investment portfolio is important to consider for any investor. It can be a key determinant of the risk/reward profile of a client’s investment portfolio. It can also provide insight into how diversified a client’s asset allocation is and can determine success for any investor.

Problem(s) with the current experience

Many clients do not understand the importance of their asset mix and how it can positively affect their investment success. 

• Most self-advised clients do not have a target asset mix set for their investment strategy. 

• Many clients aren’t even aware of the assets they hold nor do they know how those compare to their investment philosophy - if they have one. 

Project goals

1. How might we educate the client about why their actual / target asset mix is valuable.

2. How might we help clients meet their investment goals by guiding them on setting up and achieving the target asset mix they have created for themselves. 

3. How might we help eliminate any usability issues and ensure that asset mix fits within the rest of the interaction model that has been started for the mobile app. 

4. How might we make viewing asset allocation and setting up a target asset mix easy for clients that are convinced it should be a web function but still want to view it on their mobile device. 

approach

Here’s a quick overview of the activities and stages of the project. There’s some more about individual steps as you go farther down the page.

Discovery

I created two broad research objectives. With each person that I spoke with, I wanted to be able to understand how clients were interacting with asset mix, and how they were perceiving this powerful investing tool that so many had at their fingertips.

1. Understand how clients use the current experience of the tool.

2. Learn how clients have used a ‘Target asset mix’ to their advantage.

• • •

What we found

Through behavioral studies, we were able to uncover many client needs. We found what was struggling in the current design, where we needed to innovate and add to the experience. We were also able to distinguish what client segment would actually be using asset mix and find it helpful to their investment success.

Many questions existed around the source of target asset mixes and how to change investments to align to a target. Many of the studies revealed usability issues in the current design that should be evaluated to ensure the interaction model aligns with the various workflows that already existed in the new Vanguard Beacon app. Generally, the audience was split in wanting to adjust asset mix information on mobile and feeling that it was a "desktop" behavior.

Client feedback…

User Journey map

User Personas

Where we can innovate

• We have the opportunity to capitalize on the interaction design of the feature.

• Contextual education - try to explain investment jargon to users that are new to investing or aren’t as investment savvy.

• Help clients achieve investment success by giving them an opportunity to invest right from their asset mix.

• Guide the user through setting up their target and ask relevant questions about their investment philosophy to produce an appropriate target asset mix. 

• • •

The Solution

New Interact-able UI

Creating a non-linear journey using a tabular UI keeps the app shallow and lightens cognitive load. Utilizing the 3rd principle of interaction design, which is taking the device into account that the client is using, their phone. This allows the client to navigate the app not only using interface elements but also their finger.

Helping the client reach their investment goals

We gave power back to the client to do what they came here to do…invest. Adding ‘Suggestions’ and swiping gestures on the asset mix cards empowers the client to be able to at any point launch into a buy flow and investigate the many funds Vanguard has to offer while progressing closer to the target asset mix they have set for themselves.

Setting the client up for success

Educate and guide the client. We know from research that clients thought that setting up a target asset mix would be too much to do on a mobile device. But through surfacing a simple guided walkthrough, clients can now answer simple questions about their investment philosophy:

• What are you looking for from your investments? 

• what is your main reason for investing?

• How long do you plan on investing?

• Risk tolerance?

This helps the client build their own target asset mix that Vanguard has suggested based on their answers.