Anand Rathi
Digital wealth management solution
Client’s Industry
Digital wealth management
Client’s Industry
Financial services
Platforms
iOS, Android
Project
Overview
A digital solution to reduce operational costs for the client and enhance the investing experience for its customers.
Founded in the year 1994, Anand Rathi Group is one of India's leading financial services firms. Its key offerings include private wealth management, corporate finance & advisory, investment banking, brokerage & distribution services in the area of mutual funds, equities, structured products, commodities, corporate deposits, insurance, loans, and bonds. The firm offers its services to high-net-worth and ultra-high net worth individuals and families.
What were the business
challenges?
In an industry dominated by a lot of paperwork-based processes, the company aimed to transform its sales operations. The client wanted to enable their sales force and customer to open investment accounts and manage their portfolio in a few clicks through an App.
Customers Challenges
Lengthy Account Opening Procedure
One of the biggest challenges that customers of Anand Rathi faced was with the account opening process. It required customers to fill a 50 pages booklet form and took almost 4-5 days for relationship managers (RM) to open a client account. Moreover, the customers needed to fill more forms according to the changes in government regulations.
Schedule client
appointment
Track lead to
account opening
Lack of motivation
to RM
32 Pages long
account opening form
Take 2 days
to open account
Reduce potential
client and revenue
Our Solution
"Now account open in 15min"
3 Steps Process
A mobile application that simplifies key processes and workflows for the relationship manager. One of the important processes is the account opening process. The Solution takes 15 minutes to open an account.
Once the account opening process is done, investors can immediately start using a mobile app to transfer funds and the investment.
The app allows for real-time money transfer and process. Thus, investors can leverage hassle-free wealth management on their fingertips.
Our UX Design Process
- DISCOVERY
- DEFINE
- DESIGN
01 Discovery
After understanding the organizational objectives of Anand Rathi, Credencys team was quite clear about the client’s aspiration to transform its paper-based processes to the digital platform for the internal and external users. They wanted to replace the paper-based form with a digital form for customers. On the other hand, they wanted to help Regional Managers in automating and streamlining their daily operations without human intervention, through a completely digital workflow.
Credencys proposed Anand Rathi a digital wealth management solution for the mobile platform that address all challenges of both the users.
Stake Holder Interview
To get better clarity about the project scopes, we interviewed multiple stakeholders of the financial institution.
We analyzed the challenges faced by different users such as investors and relational managers. Based on the analysis, we set clear goals, established milestones, and prioritized tasks.
We understood the ultimate objective of the client and defined the road map to address the problems faces by the users of the Anand Rathi. The main problem stated by the financial firm was
PROBLEM STATEMENT
"We are losing business due to the long account opening process"
User Research
While defining user experience, we performed systematic investigation about users, their requirements, and their challenges. It helped our UX team to define a more accurate user experience by providing detailed insights about different aspects of the user personas.
We identified two user types for the Anand Rathi project: investors and relational managers. We adopted qualitative research in which we interviewed different users of respective user groups. We studied user behavior and their day to day working patterns and activity. We also understood the user's pain areas.
Based on our user research, we defined some persona set milestones for our further journey.
Journey
Customer Journey
User Flow
User Flows are easier to understand. Usually depicted by flow charts, they are a set of steps taken by a user to achieve a goal. It understands the detailed user journey. User flow helpful for me to create an initial level of wireframing.
02 Define
When an investor visits the app for the first time, it is very essential to educate and assist the user to help them make informed decisions. So, we focused on defining a user-friendly content structure.
Credencys UX designers crafted user journeys by understanding user’s expertise level and type of questions they might ask. We converted it to the app flow and features.We defined app modules and features based on the touchpoints of different user groups. We designed a navigation ban ad set it at the bottom for easy access to the complete set of features and functionalities.
Complicated Account Opening (Know Your Customer) was the major hindrance of the financial services provider. We defined an intuitive user journey and ensured that the user spends the minimum time on the account opening process. The big form with 50 pages reduced to a small one that users can fill and submit by performing three simple steps. The app verifies the user within 30 minutes and allows them to start investing on the platform.
03 Design
Detailed design, specification,
and delivery
Credencys UX design team created the app design in such a way that guides uses throughout the user journey using minimum steps process, on-screen feedback, and minimalistic visual interface.
Typography
We used is Museo Sans typeface to make the content easy to read. While selecting the typography, we considered the accuracy and heavy mobile usage and ensured better readability on lower-end phones too.
Color Scheme
We picked a strong background color that gives a very rich look and feel to the app as well as creates a trust effect for the user. We selected contrast colors for a typo to give a very clear vision in any day-night situation.
Graphics
We created graphs to enable users with effective data visualization. It helps users to understand the on-screen data and take action according to it.
Icons
We implemented the Flate icon theory to create a strong presence of different modules.
Color Palate
-
Base Color
#030F1A
-
Action Color
#030F1A
-
Complementary Color
#030F1A
Typography
Museo Sans
Museo Sans - 100
All their equipment and instruments are alive.
Museo Sans - 300
All their equipment and instruments are alive.
Museo Sans - 700
All their equipment and instruments are alive.
Museo Sans - 900
All their equipment and instruments are alive.
Validate the design
Once the app design was ready; we performed testing where we check the app design from different parameters such as usability, easiness, flexibility to change the layout, ability to solve the problems mentioned by different user groups. Based on the UI audit reports, we identified the areas that need improvement and iterated the steps mentioned above until we achieved the defined user experience flow.
