Questrade Internship | Fall 2024
Improving Questrade’s onboarding process through strategic enhancements inspired by competitor research.
Timeline
Sep - Dec 2024
(Fall 2024)
My Role
Product Designer
Ux Research
Skills
Competitor Analysis
User Research
Strategic Thinking
Problem Solving
Data Analysis
OVERVIEW
About Questrade
Questrade is a leading Canadian online brokerage that provides low-cost investing solutions to both new and experienced traders. The company focuses on empowering individuals to take control of their financial future through innovative technology and exceptional customer service.
Project Scope
During my internship at Questrade, one project that I focused on was enhancing the onboarding experience for new users by conducting comprehensive competitor analysis. This project aimed to identify best practices and design innovative solutions to improve engagement and simplify the user journey for Questrade’s platform.
PROJECT OVERVIEW
The Importance of Onboarding
Onboarding is crucial in a user's journey with a financial services app. It's the first real interaction users have with the platform and sets the tone for their ongoing experience.
In the complex world of online trading:
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First Impressions Matter: A seamless onboarding process builds trust and clarity, essential in financial services where decisions impact users' financial futures.
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User Confidence: Effective onboarding ensures users feel confident navigating the app and understanding its functionalities, reducing frustration and confusion right from the start.
Objectives
Reduce Dropout Rates 📉
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Goal: Decrease the number of users abandoning the app during the onboarding process.
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Approach:
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Data-Driven Analysis: Identify stages where user drop-off is highest by analyzing user interactions and feedback.
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Competitive Benchmarking: Compare these critical stages with competitor platforms to understand industry standards and expectations.
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Targeted Improvements: Implement changes that make these stages more user-friendly and less cumbersome.
Streamline the Onboarding Process ⏩
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Goal: Reduce the perceived length and complexity of the onboarding process.
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Approach:
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Feedback Utilization: Incorporate user feedback indicating that the current onboarding feels lengthy and overwhelming.
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Process Simplification: Eliminate unnecessary steps and streamline data entry processes to enhance speed and ease of use.
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Iterative Testing: Continuously test and refine the process based on user feedback and usability testing to ensure improvements effectively address user needs.
RESEARCH
Questrade's Main Problem: Lengthy Onboarding
Lengthy Onboarding and High Dropout Rates: Questrade's onboarding process is perceived as excessively long, leading to significant user dropouts. This is a crucial issue as effective onboarding shapes long-term engagement and retention.
Hypothesis:
Our theory was simple: the long length of Questrade's onboarding process and high dropout rates can be directly attributed to the excessive number of questions asked during onboarding.
Competitor Analysis 🕵🏽♀️
To enhance the onboarding process, a systematic competitor analysis was undertaken to benchmark Questrade against other leading players in the financial services industry.
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Selected Competitors:
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Selection Criteria: Selected based on market presence, user experience accolades, and service similarities with Questrade
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Tools and Methods: Industry reports, user reviews, and direct interactions with competitor platforms.
Analytical Approach 🔍
The analysis aimed to fully grasp how competitors handle their onboarding processes, identifying key strengths and weaknesses from a user's perspective.
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Process Mapping
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Objective: Document and visualize each competitor’s onboarding flow from initial interaction to full account setup.
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Evaluation of Pros and Cons
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Focus Areas: Assess the number of steps, clarity of instructions, user support, and engagement levels.
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User Feedback Integration
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Purpose: Integrate Questrade user feedback to validate findings and align improvements with real user needs.
Key Findings
The analysis compared onboarding features across several leading trading platforms, including Questrade, to identify trends, best practices, and gaps in user experience. Here is a quick summary of my findings:
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Despite Questrade having a similar total number of questions compared to competitors, the onboarding process feels longer due to the structure of how questions are presented:
Single/Dual Questions Screen
Questrade's method of presenting only one to two questions per screen, although straightforward, creates a perception of a lengthy process due to numerous screen transitions.
Opportunity #1
Competitors with a similar total number of questions but a shorter perceived length achieve this by clustering questions on fewer screens. Questrade could adopt this strategy to reduce the perceived onboarding duration and align user experience more closely with industry standards.
Preparation Screen
Competitors like BMO Investorline, WealthSimple and RBC Direct effectively use preparation screens to brief users on the onboarding process, clearly outlining the steps and overall commitment required.
Opportunity #2
Introducing a preparation screen could significantly enhance user readiness and retention by setting clear expectations from the start. This screen would outline the onboarding steps, required information, and time commitment, effectively reducing early dropout rates by preparing users for the process ahead.
DESIGN PROPOSALS
Preparation Screen
Feedback on Iteration #1
Straightforward & uncluttered, with essential information clearly outlined
Visual Simplicity: Useful icons enhance quick understanding
Add a motivational message to make screen more inviting.
Enhance icons to better align with Questrade’s branding for stronger brand reinforcement.
It's kinda boring :/
Final Preparation Screen Proposals 🎉
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Strategic Question Grouping
Contact Information:
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New title combines both email and phone prompts under a single question
Subtext explains why both an email address & phone number are needed.
Tax Residency and SIN Information
Original Flow
The four months I spent at Questrade have been an incredibly rewarding experience. I’ve learned so much from a team of talented individuals, and it has been an absolute privilege to contribute and grow alongside them. A special thanks to Agapi Koutsi and Henrique Olson for their support and guidance throughout this journey!