External Transfer
External Transfer
Freelance @ T. Rowe Price
Freelance @ T. Rowe Price
Jan 2021
Jan 2021
T. Rowe Price (TRP) is a financial services firm focused on investment management and providing an extensive selection of mutual funds, investment approaches, and additional financial services to individuals, institutions, and retirement plans.
I was responsible for designing the external transfer experience, overseeing all aspects of designs including - conceptualization, wireframes, visual, and research.
T. Rowe Price (TRP) is a financial services firm focused on investment management and providing an extensive selection of mutual funds, investment approaches, and additional financial services to individuals, institutions, and retirement plans.
I was responsible for designing the external transfer experience, overseeing all aspects of designs including - conceptualization, wireframes, visual, and research.
THE CHALLENGE
THE CHALLENGE
TRP's clients heavily depended on advisors to transfer their assets from external firms. This task was very manual and consumed a significant amount of time for both advisors and clients.
Our challenge was to enable clients to autonomously setup and complete their transfer through an easy-to-use and guided user experience.
TRP's clients heavily depended on advisors to transfer their assets from external firms. This task was very manual and consumed a significant amount of time for both advisors and clients.
Our challenge was to enable clients to autonomously setup and complete their transfer through an easy-to-use and guided user experience.
THE COMPETITIVE ANALYSIS
THE COMPETITIVE ANALYSIS
Among the competitors we analyzed were Vanguard, Fidelity, JP Morgan, Betterment, Wells Fargo, Bank of America, and Robinhood. The majority had considerably progressed in embracing digital external transfer process across their services.
Among the competitors we analyzed were Vanguard, Fidelity, JP Morgan, Betterment, Wells Fargo, Bank of America, and Robinhood. The majority had considerably progressed in embracing digital external transfer process across their services.
Key findings
Key findings
Modular and scalable
Firms incorporated the experience in a modular way, allowing the same experience to be used throughout their extensive product range.
Plaid & Yodlee integration
Firms incorporated third-party services such as Plaid & Yodlee into their platform to accelerate the linking and transfer process.
Inclusive of various account types
Most competitors accommodated diverse account types, handling both joint and individual accounts.
Get help & support
Frequently asked questions and the ability to directly connect with advisors were common among these competitors.
THE APPROACH
THE APPROACH
Our approach entailed designing a seamless experience that enabled clients to autonomously initiate and execute transfers. The aim was to showcase possible alternatives to leadership while concurrently establishing a feasible phase 1 plan.
Our approach entailed designing a seamless experience that enabled clients to autonomously initiate and execute transfers. The aim was to showcase possible alternatives to leadership while concurrently establishing a feasible phase 1 plan.
THE IDEAL EXPERIENCE
THE IDEAL EXPERIENCE
Fundamentally, the external transfer process involved 3 steps: Linking the account, determining the positions for transfer, and signing necessary documents for submission. We designed the experience for all of these steps.
Fundamentally, the external transfer process involved 3 steps: Linking the account, determining the positions for transfer, and signing necessary documents for submission. We designed the experience for all of these steps.
Link account
Enter transfer details
Sign and submit
Link accounts in seconds
Link accounts in seconds.
Link accounts in seconds
Plaid and Yodlee considerably simplified the process for linking external accounts. As a result, we incorporated these services into the TRP experience.
Plaid and Yodlee considerably simplified the process for linking external accounts. As a result, we incorporated these services into the TRP experience.
Enter transfer details (full)
Enter transfer details (full)
Enter transfer details (full)
Clients possessed various kinds of accounts. Thus, our goal was to guarantee that our experience was adaptable to accommodate all of these account types.
Clients possessed various kinds of accounts. Thus, our goal was to guarantee that our experience was adaptable to accommodate all of these account types.
Enter transfer details (partial)
Enter transfer details (partial)
Enter transfer details (partial)
To account for different account types and assets we focused on 2 steps experience: Select positions & Specify portions for transfer.
To account for different account types and assets we focused on 2 steps experience: Select positions & Specify portions for transfer.
Sign and submit
Sign and submit
Sign and submit
Like Plaid and Yodlee, DocuSign had significantly streamlined the process for clients to sign and submit documents required for transfer. As a result, we explored its integration into the TRP experience.
Like Plaid and Yodlee, DocuSign had significantly streamlined the process for clients to sign and submit documents required for transfer. As a result, we explored its integration into the TRP experience.
THE FEEDBACK
THE FEEDBACK
We shared our recommendations with cross-functional stakeholders and executives. Their feedback was overwhelmingly positive and team felt assured that they had enough details to start planning and resourcing for this effort.
We shared our recommendations with cross-functional stakeholders and executives. Their feedback was overwhelmingly positive and team felt assured that they had enough details to start planning and resourcing for this effort.
PHASE 1
PHASE 1
For the initial phase, we focused on creating an experience that allowed clients to set up and initiate transfers with little guidance from advisors, leveraging current technology and infrastructure.
For the initial phase, we focused on creating an experience that allowed clients to set up and initiate transfers with little guidance from advisors, leveraging current technology and infrastructure.
Enter transfer details
Enter transfer details
Enter transfer details
Start the transfer process for the previously identified accounts right from your dashboard.
Start the transfer process for the previously identified accounts right from your dashboard.
Review & Continue
Review & Continue
Review & Continue
Review all the transfer specifics, make required adjustments and proceed.
Review all the transfer specifics, make required adjustments and proceed.
Sign & Submit
Sign & Submit
Sign & Submit
Easily download all the documents, sign and submit following the instructions.
Easily download all the documents, sign and submit following the instructions.
THE CREATIVE PROCESS
THE CREATIVE PROCESS
I closely collaborated with the product manager and engineering lead throughout this project. We jointly mapped the entire journey in FigJam. I held multiple reviews with the extensive design team to collect feedback, set expectations, and iterate.
Finally, T. Rowe's extensive component library within their design system significantly accelerated the design process. And, I also worked with the design system team to define new components required for this project.
I closely collaborated with the product manager and engineering lead throughout this project. We jointly mapped the entire journey in FigJam. I held multiple reviews with the extensive design team to collect feedback, set expectations, and iterate.
Finally, T. Rowe's extensive component library within their design system significantly accelerated the design process. And, I also worked with the design system team to define new components required for this project.
USABILITY STUDIES
USABILITY STUDIES
I conducted multiple unmoderated UserZoom studies to evaluate the end-to-end transfer experience with prospective clients and refined it based on the findings.
Even though clients were anticipated to complete this task with the help of advisors, we aimed to make the process, and steps straightforward for them to independently execute this task. Therefore, to evaluate the experience I conducted two unmoderated UserZoom studies to assess the transfer experience with prospective clients.
I conducted multiple unmoderated UserZoom studies to evaluate the end-to-end transfer experience with prospective clients and refined it based on the findings.
Key findings
Key findings
Key findings
All users were able to start the transfer process from the dashboard
Most users understood how to enter full and partial transfer details
Controls and actions made sense to most users
Users expected to see clear next steps upon completion of the task
All users were able to start the transfer process from the dashboard
Most users understood how to enter full and partial transfer details
Controls and actions made sense to most users
Users expected to see clear next steps upon completion of the task
All users were able to start the transfer process from the dashboard
Most users understood how to enter full and partial transfer details
Controls and actions made sense to most users
Users expected to see clear next steps upon completion of the task
THE RETROSPECTIVE
THE RETROSPECTIVE
The opportunity to explore and address the challenges in the financial industry was an amazing learning experience. I was fortunate to collaborate with exceptionally warm-hearted and skilled professionals with decades of experience in finance.
This journey reinforced my passion to analyze complex problems and collaboratively find helpful solutions.
The opportunity to explore and address the challenges in the financial industry was an amazing learning experience. I was fortunate to collaborate with exceptionally warm-hearted and skilled professionals with decades of experience in finance.
This journey reinforced my passion to analyze complex problems and collaboratively find helpful solutions.
Link account
Enter transfer details
Sign and submit
Thanks for reading!
Thanks for reading!
Thanks for reading!