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In 2019, there was a movement to get Chase banking customers more involved with investments. JPMorgan Chase institutions discussed introducing investment opportunities for their Chase banking customers as this would give them an edge over their competitors and other investment institutions.
CREATE A NEW DASHBOARD FOR OUR CHASE BANKING LINE OF BUSINESS
How to help Chase customers understand and integrate into investment.
The Overview Dashboard was my first project at JPMorgan Chase. JPMorgan Chase was planning to release investment accounts for Chase customers. At the time, investment accounts were only for the JPMorgan line of business. We thought this was great news, giving everyday customers a chance to wet their toes into investment.
It took about one month to get my head around everything. I needed to understand all the investment accounts that Chase would offer their customers and what actions customers could take with each different account type. There were 15 different account types ranging from self-service to auto service.
My manager asked me whether I had any experience with investments. The truth is, I didn't. I didn't even have an IRS or a 401k at the time. After telling him the truth, he told me that he would like for me to lead this project. He said this would be an ideal way to learn about investments and work with other people from different teams, as the Overview Dashboard will impact all lines of business.
That was not an easy assignment!
We knew there would be a gap between the users. Until now, investment accounts had only been for JPMorgan customers. JPMorgan customers were known for having millions of dollars; these clients were the ultra-rich, one percent in the world. These clients would likely have investment advisors investing their capital. The investment advisors were already seasoned and had many years of experience.
The new Chase customers would have a different investing background. These customers more than likely did not have any real experience with investment. So part of my task was to interview advisors, people who invest moderately, and customers with no investment experience to find out what they need to have a more accessible and intuitive investment experience.
Range from anywhere from 15-20 years of experience. They usually work in banking or a private investment firm. Most investment capitals are Stocks, ETFs, Mutual funds, Bonds, and Adventure Capital. They typically come from upper-class residences.
Range from anywhere from 5-7 years of experience. Most investment capital is IRA, 401k, ETF, and Mutual Funds. They tend to fund their investment accounts every two weeks or monthly from their checkings or savings accounts. They usually come from middle to upper-class residences.
Rage from anywhere from zero to two years of experience. Usually, they don't have an investment account or do not have any knowledge of investment. They typically come from lower to middle-class residences.
Our research showed that these customers would have the most difficulty understanding investment based on user testing and gathering customer feedback. We noticed that seasoned investors use automated investment accounts from other investment institutions.
These automatic investment accounts automatically trade different assets on the customer's behalf when the market is shifting. These assets can be bonds, ETFs, Stocks, and Mutual Funds.Chase YOUINVESTRADE account was the Chase version of automatic trading accounts.
These accounts were also based on bonds, ETFs, Stocks, and Mutual Funds. They didn't require the customer to make self direct-trades. They also made trades based on the fluctuation of the market. The customer would only have to transfer the funds into the YOUINVESTRADE account. The funds they moved would be automatically traded based on their account settings and goals. We found that 75% of the new users we had for testing agreed that this would be the best way to learn. It would make their investment experience fast and easy.
From our case studies, we knew that we had three different user groups, but still, at the same time, we needed to keep focused on the company goals. We were offering investment accounts for Chase customers. We decided that every user should only see their account type's most relevant call to action.
Single Account: The top view shows the dashboard's appearance if only one investment account existed. Our customers would see the main call to action (Summey, Transfer Money, and Transactions) followed by the three-dotted ellipsis.
Two - Six Accounts: The bottom view displays what would happen if you have more than one investment account. If you noticed, we removed the other three actions from this view. We only focused on the main actionable event.
The three dotted ellipses is where the users would find all the other secondary call to action.
The Symbol search is a fast way for customers with trading accounts to find stock, EFT, Bonds, and Mutual funds tickers. At first, we thought it would be best to keep it in the navigation. But from our user testing, 80% of our users wanted the symbol search near their investment accounts.
So we decided that the best area for the search symbol would be at the top right above all the different investment accounts, where the customers could always get easy access to it.
70% of the customer at chase bank only have three accounts: checking, saving, and a credit card. But some customers have over seven accounts. At the time, this didn't seem like a big issue. But to the 30% of our clients, it was. We noticed that our customers with seven plus accounts did not like that their investment accounts would take up much of their length on the dashboard. These customers were seasoned investors. They wanted a compressed view of all of their accounts, not only the investment account but also accounts that lived outside of their investment accounts.
We decided from user testing and customer feedback that we should have different account views when users have more than seven accounts. We needed full approval from all other lines of business and our accessible team. Once we got clear on this, we decided to use a table as this was a part of our component library. We assumed that customers with over seven accounts knew their way around all their account types and designed it after that. We created this view with a more straightforward design approach. Before our Design change, customers could see all their call to action based on the account type. Now we removed the call to action. We turned the account names into links. When the customer clicks on their account link, they will move on to the account actions page, where they can see the full view of all actions the account can make.
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