Questrade Internship | Fall 2024
Improving Questrade’s onboarding process through strategic enhancements inspired by competitor research.
My Role
Product Designer Ux Researcher
Responsibilities
Competitor Analysis, User Research, Strategic Thinking, Problem Solving, Data Analysis
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 OVERVIEW
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.
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:
- First Impressions Matter: A seamless onboarding process builds trust and clarity, essential in financial services where decisions impact users' financial futures.
- User Confidence: Effective onboarding ensures users feel confident navigating the app and understanding its functionalities, reducing frustration and confusion right from the start.
Objectives
Streamline the Onboarding Process ⏩
- Goal: Reduce the perceived length and complexity of the onboarding process.
- Approach:
- Feedback Utilization: Incorporate user feedback indicating that the current onboarding feels lengthy and overwhelming.
- Process Simplification: Eliminate unnecessary steps and streamline data entry processes to enhance speed and ease of use.
- Iterative Testing: Continuously test and refine the process based on user feedback and usability testing to ensure improvements effectively address user needs.
Reduce Dropout Rates 📉
- Goal: Decrease the number of users abandoning the app during the onboarding process.
- Approach:
- Data-Driven Analysis: Identify stages where user drop-off is highest by analyzing user interactions and feedback.
- Competitive Benchmarking: Compare these critical stages with competitor platforms to understand industry standards and expectations.
- Targeted Improvements: Implement changes that make these stages more user-friendly and less cumbersome.
RESEARCH SUMMARY
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.
- Selected Competitors::
- Selection Criteria: Selected based on market presence, user experience accolades, and service similarities with Questrade
- 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.
Process Mapping
- Objective: Document and visualize each competitor’s onboarding flow from initial interaction to full account setup.
Evaluation of Pros and Cons
- Focus Areas: Assess the number of steps, clarity of instructions, user support, and engagement levels.
User Feedback Integration
- 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:
Conclusion: 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 1–2 questions per screen approach makes the process feel longer due to frequent transitions.
Opportunity #1
Cluster more questions on fewer screens to shorten the perceived flow and better match competitor practices.
Preparation Screen
Competitors use preparation screens to set expectations and outline the steps involved in onboarding
Opportunity #2
Introduce a prep screen to clarify process, time, and information requirements upfront, improving user readiness and reducing early drop-off.
DESIGN PROPOSALS
Part 1: Preparation Screen
Iteration 1:
Final Preparation Screen Proposals 🎉
Part 2: Strategic Question Grouping
While this case study only captures part of my contributions at questrade, I’m especially proud of the research I conducted and the impact it had on shaping the project. 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.
Lets connect!
Resume
Questrade Internship | Fall 2024
Improving Questrade’s onboarding process through strategic enhancements inspired by competitor research.
My Role
Product Designer Ux Researcher
Responsibilities
Competitor Analysis, User Research, Strategic Thinking, Problem Solving, Data Analysis
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 OVERVIEW
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.
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:
- First Impressions Matter: A seamless onboarding process builds trust and clarity, essential in financial services where decisions impact users' financial futures.
- User Confidence: Effective onboarding ensures users feel confident navigating the app and understanding its functionalities, reducing frustration and confusion right from the start.
Objectives
Streamline the Onboarding Process ⏩
- Goal: Reduce the perceived length and complexity of the onboarding process.
- Approach:
- Feedback Utilization: Incorporate user feedback indicating that the current onboarding feels lengthy and overwhelming.
- Process Simplification: Eliminate unnecessary steps and streamline data entry processes to enhance speed and ease of use.
- Iterative Testing: Continuously test and refine the process based on user feedback and usability testing to ensure improvements effectively address user needs.
Reduce Dropout Rates 📉
- Goal: Decrease the number of users abandoning the app during the onboarding process.
- Approach:
- Data-Driven Analysis: Identify stages where user drop-off is highest by analyzing user interactions and feedback.
- Competitive Benchmarking: Compare these critical stages with competitor platforms to understand industry standards and expectations.
- Targeted Improvements: Implement changes that make these stages more user-friendly and less cumbersome.
RESEARCH SUMMARY
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.
- Selected Competitors::
- Selection Criteria: Selected based on market presence, user experience accolades, and service similarities with Questrade
- 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.
Process Mapping
- Objective: Document and visualize each competitor’s onboarding flow from initial interaction to full account setup.
Evaluation of Pros and Cons
- Focus Areas: Assess the number of steps, clarity of instructions, user support, and engagement levels.
User Feedback Integration
- 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:
Conclusion: 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 1–2 questions per screen approach makes the process feel longer due to frequent transitions.
Opportunity #1
Cluster more questions on fewer screens to shorten the perceived flow and better match competitor practices.
Preparation Screen
Competitors use preparation screens to set expectations and outline the steps involved in onboarding
Opportunity #2
Introduce a prep screen to clarify process, time, and information requirements upfront, improving user readiness and reducing early drop-off.
DESIGN PROPOSALS
Part 1: Preparation Screen
Iteration 1:
Final Preparation Screen Proposals 🎉
Part 2: Strategic Question Grouping
While this case study only captures part of my contributions at questrade, I’m especially proud of the research I conducted and the impact it had on shaping the project. 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.
Lets connect!
Resume
Questrade Internship | Fall 2024
Improving Questrade’s onboarding process through strategic enhancements inspired by competitor research.
My Role
Product Designer Ux Researcher
Responsibilities
Competitor Analysis, User Research, Strategic Thinking, Problem Solving, Data Analysis
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 OVERVIEW
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.
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:
- First Impressions Matter: A seamless onboarding process builds trust and clarity, essential in financial services where decisions impact users' financial futures.
- 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 📉
- Goal: Decrease the number of users abandoning the app during the onboarding process.
- Approach:
- Data-Driven Analysis: Identify stages where user drop-off is highest by analyzing user interactions and feedback.
- Competitive Benchmarking: Compare these critical stages with competitor platforms to understand industry standards and expectations.
- Targeted Improvements: Implement changes that make these stages more user-friendly and less cumbersome.
Streamline the Onboarding Process ⏩
- Goal: Reduce the perceived length and complexity of the onboarding process.
- Approach:
- Feedback Utilization: Incorporate user feedback indicating that the current onboarding feels lengthy and overwhelming.
- Process Simplification: Eliminate unnecessary steps and streamline data entry processes to enhance speed and ease of use.
- Iterative Testing: Continuously test and refine the process based on user feedback and usability testing to ensure improvements effectively address user needs.
RESEARCH SUMMARY
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.
- Selected Competitors::
- Selection Criteria: Selected based on market presence, user experience accolades, and service similarities with Questrade
- 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.
Process Mapping
- Objective: Document and visualize each competitor’s onboarding flow from initial interaction to full account setup.
Evaluation of Pros and Cons
- Focus Areas: Assess the number of steps, clarity of instructions, user support, and engagement levels.
User Feedback Integration
- 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:
Conclusion: 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 1–2 questions per screen approach makes the process feel longer due to frequent transitions.
Opportunity #1
Cluster more questions on fewer screens to shorten the perceived flow and better match competitor practices.
Preparation Screen
Competitors use preparation screens to set expectations and outline the steps involved in onboarding
Opportunity #2
Introduce a prep screen to clarify process, time, and information requirements upfront, improving user readiness and reducing early drop-off.
DESIGN PROPOSALS
Part 1: Preparation Screen
Iteration 1:
Final Preparation Screen Proposals 🎉
Part 2: Strategic Question Grouping
While this case study only captures part of my work, I’m especially proud of the research I conducted and the impact it had on shaping the project. 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.
Lets connect!
Resume