RAIFFIESEN BANK
RaiffeisenBank is a Russian bank with Austrian background. It provides a wide range of banking services, including retail and corporate banking, asset management,
and investment banking. It is the most reliable bank in country according to Forbs (2019, 2021)
and investment banking. It is the most reliable bank in country according to Forbs (2019, 2021)
CONTEXT
After graduating from Practicum, I was invited to join a UX/UI hackathon by my former classmates. Together, our team of four designers took on the challenge of improving the investment experience for RaiffeisenBank clients. With just one month until our deadline, we worked tirelessly. The stakes were high, as we knew that the winning team would have the opportunity to present their project to the RaiffeisenBank designers team, as well as win cash prizes and other rewards from partners.
PROBLEM & TASK
Investing through the Raiffeisen Invest App may seem difficult and expensive to some potential customers, which can make them hesitant to invest. Despite promises
of profitability, negative portfolio returns may lead to suspicion of fraudulent activity and a loss of trust in the bank. Furthermore, many beginners may not have
the necessary tools or understanding to make informed investment decisions, potentially leading to lost income and an unsatisfactory user experience.
Our task was to create beginner-friendly tools and improvements that would help
to develop good investment habits in Raiffeisen Invest App.
of profitability, negative portfolio returns may lead to suspicion of fraudulent activity and a loss of trust in the bank. Furthermore, many beginners may not have
the necessary tools or understanding to make informed investment decisions, potentially leading to lost income and an unsatisfactory user experience.
Our task was to create beginner-friendly tools and improvements that would help
to develop good investment habits in Raiffeisen Invest App.
SOLUTIONS
Our team's solution involved the implementation of features, such as an intuitive onboarding process, a demo account, a media portal for educational content and personalized recommendations. We also focused on improving key sections
of the platform, such as Portfolio, Markets, and Buy, to create a more user-friendly and successful investment experience.
of the platform, such as Portfolio, Markets, and Buy, to create a more user-friendly and successful investment experience.
MY ROLE
I took on the role of a teamleader, making sure the deadlines are met and our project stays consistent. Additionally, I participated in all stages of the project, from conducting analysis and research to creating the final mockups.
PROCESS
To kick off the design process, I took on the role of team lead and organized a series of meetings with my teammates. It turned out to be one of the most challenging tasks since every team member had other work and different time zones. All in all, we did it. I delegated responsibilities and created a comprehensive schedule and backlog
to keep everyone on track.
to keep everyone on track.
We began with research. Our initial step was to conduct a detailed analysis
of the current RaiffeisenBank app. We discovered that app had some strengths, such as FAQ section and chat support with a bank employee. However, we also noticed some areas that needed improvement. For example, the app didn't have clear functionality to help new users build their knowledge base: no recommendations,
no selections or investment ideas. Another significant area that we identified
for improvement was the lack of readily available analytical information.
of the current RaiffeisenBank app. We discovered that app had some strengths, such as FAQ section and chat support with a bank employee. However, we also noticed some areas that needed improvement. For example, the app didn't have clear functionality to help new users build their knowledge base: no recommendations,
no selections or investment ideas. Another significant area that we identified
for improvement was the lack of readily available analytical information.
Our research on the target audience was crucial in informing our design decisions.
By analyzing the needs and preferences of different user groups, we were able to create a more accessible app that caters to a diverse range of investors. Our target audience could be broadly divided into three main categories: «ovice investors», «profit seekers», and «once bitten».
• «Novice investors» expressed a desire to learn and understand investment products, but lacked the knowledge and guidance to start.
• «Profit seekers» saw investment as a more profitable alternative to traditional deposits and were primarily interested in ready-made proposals.
• «Once bitten» had previously interacted with investment applications but had not received sufficient information, leading to negative experiences or financial loss.
By analyzing the needs and preferences of different user groups, we were able to create a more accessible app that caters to a diverse range of investors. Our target audience could be broadly divided into three main categories: «ovice investors», «profit seekers», and «once bitten».
• «Novice investors» expressed a desire to learn and understand investment products, but lacked the knowledge and guidance to start.
• «Profit seekers» saw investment as a more profitable alternative to traditional deposits and were primarily interested in ready-made proposals.
• «Once bitten» had previously interacted with investment applications but had not received sufficient information, leading to negative experiences or financial loss.
Next step –– competitor analysis of four popular brokers according to several criteria, which you can see in table below. Additionally, we gained insights into creating onboarding and demo-account.
Then, we analyzed feedback on both competitor and Raiffeisen apps that we found online. Tinkoff Investments had mixed feedback, with complaints about bugs and crashes, and positive feedback on free training and low commissions. Gazprombank's app was praised for its clear interface and beginner-friendly demo mode, while MTS received praise for convenience and negative feedback focused on stability issues. Raiffeisen's app was highly rated, with praise for its logical arrangement of elements and integration with the main banking app, while criticisms focused on Portfolio section, push notifications and lack of educational content.
We conducted 4 in-depth interviews with our target audience and found that 2 out of 4 people prefer not to see their portfolio quoted as they don't want to worry about it.
All 4 participants expressed a desire to understand the risks of investing before getting started. 3 out of 4 people are not interested in stories from a banking app.
4 out of 4 people showed interest in studying detailed information about investing.
Our insights revealed that users want the app to provide reliable information, many don't invest due to the belief that large sums of money are required, and there
is a lack of time and energy to search for information on their own. Additionally, there is a fear of losing savings in the turbulent economic situation.
All 4 participants expressed a desire to understand the risks of investing before getting started. 3 out of 4 people are not interested in stories from a banking app.
4 out of 4 people showed interest in studying detailed information about investing.
Our insights revealed that users want the app to provide reliable information, many don't invest due to the belief that large sums of money are required, and there
is a lack of time and energy to search for information on their own. Additionally, there is a fear of losing savings in the turbulent economic situation.
Based on insights gained from the interviews, we have formulated three hypotheses. Firstly, we believe that incorporating a media section with structured learning resources will enable novice users to learn more about investing without having
to rely on external sources. Secondly, we assume that featuring a demo account card on the onboarding screen will encourage users to practice investing and speed up their transition to active investing. Finally, we believe that incorporating tooltips for complex terms will facilitate users comprehension of investing concepts and contribute to a faster learning curve.
to rely on external sources. Secondly, we assume that featuring a demo account card on the onboarding screen will encourage users to practice investing and speed up their transition to active investing. Finally, we believe that incorporating tooltips for complex terms will facilitate users comprehension of investing concepts and contribute to a faster learning curve.
At every step of the project, we distribute responsibilities among team members
to ensure that everyone is involved in every stage. For example, during the competitor analysis, each team member was assigned one competitor to analyze. When it came time to start wireframing and prototyping, we followed a similar approach. Three team members were responsible for three major features, while one person took charge of a smaller feature and created a prototype.
to ensure that everyone is involved in every stage. For example, during the competitor analysis, each team member was assigned one competitor to analyze. When it came time to start wireframing and prototyping, we followed a similar approach. Three team members were responsible for three major features, while one person took charge of a smaller feature and created a prototype.
Creating and managing final mockups was a challenging step, as we needed to maintain perfect consistency, but the existing design system was not well established. However, after conducting a detailed meeting and discussing every aspect thoroughly, we were able to succeed.
We conducted a user testing session with 4 participants who were asked to complete simple tasks on the app. The respondents appreciated the following features:
1. The availability of a demo account and risk-free tools
2. The Portal section for staying updated
3. The helpful tooltips that pop up when clicking on the question mark
4. Convenient collections of papers.
One negative feedback was that the account replenishment process was not very convenient, with confusion arising during the stage of choosing an account. However, we addressed this feedback by making the buttons more visible in the Deposit
and Withdrawal section.
1. The availability of a demo account and risk-free tools
2. The Portal section for staying updated
3. The helpful tooltips that pop up when clicking on the question mark
4. Convenient collections of papers.
One negative feedback was that the account replenishment process was not very convenient, with confusion arising during the stage of choosing an account. However, we addressed this feedback by making the buttons more visible in the Deposit
and Withdrawal section.
RESULT
ONBOARDING
Onboarding process will reduce the fear of new users before delving into the application and markets. Explain that the user will not be left alone in the confusing world of terminology and numbers, and also encourage him to continue using the application.
DEMO-ACCOUNT
This opportunity will allow user to test investment instruments without loss, and then delve into the «real» market. For the bank, this is an opportunity to show all our functionality to those people who have not yet become our customers.
MEDIA PORTAL
News, analytical articles and useful materials. It will help the user to keep abreast
and study various financial topics right in the application, without wasting time watching third-party media. For the bank, this is an opportunity to keep the user «inside» the application longer, since he will not need to use third-party sources.
and study various financial topics right in the application, without wasting time watching third-party media. For the bank, this is an opportunity to keep the user «inside» the application longer, since he will not need to use third-party sources.
ANALYTICS
It will help to independently analyze the portfolio, determine the investment profile.
It will also help in rebalancing taking into account the accumulated knowledge
and skills. A friendly interface with hints and explanations will help with this.
It will also help in rebalancing taking into account the accumulated knowledge
and skills. A friendly interface with hints and explanations will help with this.
LEARNING
Courses, useful articles and tooltips for difficult terms. For the user, this is a good motivation to gain confidence in the field of investing. For the bank, this is
an opportunity to keep the user «inside» the application longer, since he will not need to use third-party sources.
an opportunity to keep the user «inside» the application longer, since he will not need to use third-party sources.
PERSONAL RECOMENDATIONS
It will help to get rid of the «blank slate» syndrome, suggest portfolio composition options based on the user's individual data. For the bank, this is an opportunity
to increase user confidence in the product.
to increase user confidence in the product.
MARKET
The original version of the application does not contain general selections, tool suggestions and help for beginners. The section starts from the Favorites tab. If it's empty, there's no call to action. There is no investor calendar.
We decided that the Favorites and the Investor Calendar will be placed separately, thereby simplifying their search for the user. On the initial screen, collections by categories, tops, as well as tips explaining basic concepts and actions have been added. Also, we added sorting and filtering of securities.
PORTFOLIO
In the original version of the application, the screen looks blank, there is no «help»
or instructions for further actions. There is no understanding of how to add an account, withdraw money from it. No analytics, portfolio statistics.
We have added account management functions: withdraw, operations, analytics, as well as the ability to hide an account. The screen is supplemented with helper blocks that show the beginner further actions and help him learn the application. We have also added an analytics section.
CONCLUSION
Our hard work paid off as we emerged as the winners of the hackathon. I had the opportunity to present our ideas to the Raiffeisen designers team, who were impressed with our approach and decided to implement some of our ideas in their real app. Throughout the project, I was able to effectively demonstrate strong leadership skills, which contributed to our success.
Raiffeisen's team contacted us a little later to share positive feedback from users about our demo account and analytics. We were thrilled to hear that the number of users who started investing after onboarding had increased by 10%. It was a great validation of our approach and showed that our hard work had paid off.
thank you for your attention!
