Case Study
Improve online brokerage platform's conversion rate
Questrade is one of Canada’s leading online brokerages. They control a large share of the self-directed investing market thanks to their robo-advisor fund product and highly-technical platform. They offer one of the most robust platforms for market analysis and stock market data. Online brokerages are becoming increasingly disrupted by new entrants who offer simplified platforms and seamless customer experiences.
PH1 was contracted to investigate barriers to entry impacting their acquisition of new clients and selling products to existing clients.
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As more entrants come into the investment space, platforms need adapt to the type of investor and their desired tools
Through internal research Questrade became aware of wildly inconsistent results from user tests. It put a stop to the roll-out of new products and highlighted the need for an expert to bring clarity to the problem.
Our mission was to investigate where the breakdown was in the customer experience that was reducing acquisition rates and new product adoption by:
Performing a comprehensive audit of the digital customer experience
Recruiting current clients and non-clients across the spectrum of investment knowledge
Determining their decision-making process for selecting an investment firm and new products
Testing the digital customer experience from the perspective of users
Detailing quick wins and systemic breakdowns to address the problem
Consulting about recommended improvements
PH1 was responsible for all auditing, researching, interviewing/testing, and strategic recommendations. PH1’s team brings deep experience with investment platforms that facilitated a more efficient timeline and effective outcome.
Performing a comprehensive audit of the digital customer experience
Heuristic analysis of the user experience based on best practices and past work in the financial service space
Analysis of content strategy and content comprehensibility Highlight areas for further research
Recruiting current clients and non-clients across the spectrum of investment knowledge
Ensured representation of all client types to improve quality of findings
Added representation of testers across behavioural segments: comfort with technology and investment knowledge
Assessment of which competitive products testers used
Determining their decision-making process for selecting an investment firm and new products
In-depth qualitative research into financial preferences, history, and habits
Jobs to be done analysis of their relationship with self-directed investment
Mapping their decision-making process and key drivers
Evaluating client’s performance compared to incumbent and major brokerages
Testing the digital customer experience from the perspective of users
Began usability testing from the Google search engine to explore how they search for and decided which online brokerage to click on
Tested the performance of competitor products to conduct the same tasks
Moderated testers through a series of tasks investigating content, design, interactions, and asks for support
Probing when users had a desire to quick or exit the tasks
Detailing quick wins and systemic breakdowns to address the problem
Earlier stakeholder interviews provided insights into high effort improvements
Analyzed findings to determine high impact improvements
Delivered recommendations mapped to effort and impact
Consulting about recommended improvements
Presented to and prepared roadmap to enable client to better differentiate products and brand
Determined how to better position and communicate the client’s competitive advantage
Identified quick wins to improve two of the client’s highest revenue products
Expanded client’s ability to engage and win wider segments
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