Scotiabank Wealth Management Industry Project
We designed an extension of Scotiabank’s current IOS app, that securely allows clients and advisors the digital ability to fill out, sign, and send financial documents; and message each other each step of the way.
iOS App Extension
Stakeholder Presentation Coordinator
Scotiabank provided us with a problem space and a ‘how might we‘ question…
Scotiabank offers a variety of wealth management services and has highly skilled advisors to assist their clients. As clients run their busy lives, they’re looking for frictionless and convenient engagement with their advisors online.
How might we…?
How might we improve interactions between wealth management advisors and clients in a shared digital space?
After the hackathon kicked off, my team decided to meet through Zoom. We took a few moments to discuss our backgrounds and get to know each other’s strengths.
We started to research Scotiabank’s current wealth management platform, looking into the challenges that surround client interactions. From there, we used a ‘divide-and-conquer approach to the project, divvying tasks based on our strengths.
Because of my background in financial management and personal interest in wealth management, I was efficient and effective when it came to research. After communicating my findings to the team, they decided to utilize my copywriting and presenting skills, putting me incharge of the stakeholder presentation.
Secondary Research Findings
A new generation of investors thinks differently about advice; bringing new attitudes and expectations to the Wealth Management industry. Their expectation has shaped interactions with non-financial digital firms, (e.g., Google, Facebook, Amazon) as well as smartphones and other digital devices.
The new generation of investors expects to access advice anywhere and at any time, through multiple channels and devices.
After looking at the secondary research findings, we were curious to see how the banking sector is dealing with this situation. Luckily, one of our team members had a friend who works as a Financial Advisor.
Willing to be interviewed on short notice, she expressed that dealing with paper documentation was a major challenge at work.
“Connecting with the customers to get documents filled out and signed is one of the biggest challenges. To be asked for a document, return, or form that has already been filed with CRA only adds to the frustration.”
– Natalia, Financial Advisor
What does Scotiabank offer?
We analyzed Scotiabank’s document library and found it to be quite comprehensive, having everything a user might require. However, there are forms that still need to be physically printed, filled out, and mailed; a great inefficiency in today’s day and age.
Based on our secondary research and the interview data gathered, we focused our solution on young working professionals and expanded the existing how might we.
How might we…?
How might we help busy young working professionals connect with advisors in a shared digital space so that the process is quick and simple?
Bella the Busy Bee
32, Vancouver, Senior Product Lead
- Mom with 2 small kids
- Busy, 9-5 set working schedule
- Uses multiple banking services
- Finds it frustrating that in this day and age, physical banking forms still exist
- Wants to conduct all banking digitally and avoid physically entering a branch
“I’m a full-time mom with a full-time career. I don’t have time to go to the bank just to fill out and sign forms.”
Document Completion Task Flow
Task: Filling out
Persona: Busy, young, career mom
Using the created task flow, we worked as a group to narrow down the visual aspects of our design. We discussed the layout and user needs as one team member sketched out our digital solution.
High Fidelity Prototype
During the brainstorming session, our group had a couple more ideas that couldn’t make it to the prototype. We believe that these additions may be low effort and high impact:
- Online scheduling system for both virtual and in-person appointments
- Accessibility for more complicated documents
- Advanced features like scanning, image-to-text, and automatic reminders for documentation
- Better planning leads to quick execution
- Both primary and secondary research is the key to a successful design
- Open and respectful communication makes working fun – even until midnight!