Client
Our client is an established asset and wealth management firm serving diverse customers with their investment portfolios. With the evolving financial landscape, the firm recognized the potential of leveraging a robo advisor app to improve client experience, streamline processes, and unlock operational efficiency.
Challenge
The client faced significant challenges in leveraging the robo advisor platform that it had acquired for its asset and wealth management practices.
- The platform was outdated and had limited functionality, resulting in poor investor experience. The dull and dated user interface further exacerbated the problem, failing to engage and inspire confidence in investors.
- There were issues with user-friendliness and inadequate availability of information for new users of the robo advisor platform. A one-stop solution for user account features was missing. Limited visibility and lack of comprehensive account features made it challenging for new users to understand the platform’s functionalities and navigate effectively.
- On top of that, the asset management platform had inadequate onboarding options and account-opening functionalities. The complex functionality of the platform contributed to low user adoption rates.
What the client needed:
These challenges underscored the need for a streamlined onboarding process and simplified functionality to enhance user engagement and drive higher adoption rates.
The client faced challenges due to an outdated platform for robo advisory in wealth management and asset management, lack of user-friendliness, and limited user education, requiring a modern solution with enhanced functionalities.
Solution
In response to the client’s challenges, Hexaware took a comprehensive approach to transform the investor experience. The key elements of our solution included:
- Conducting a thorough analysis of the financial advisory market and user experience (UX) research to understand user preferences and pain points
- Designing a simple, intuitive, and customizable user interface to ensure ease of use and navigation
- Utilizing data visualization techniques to display the user’s portfolio and investment growth in a single view to enhance transparency and decision-making
- Implementing a simulated experience for investment advice to reduce manual intervention and engage users interactively
- Developing an interactive goal summary screen that allowed users to set their financial goals and view simulations of their current and planned investments over a set timeline across different market conditions
Hexaware transformed the investor experience by developing a customized and intuitive robo advisor platform for the client.
Benefits
Hexaware’s newly designed robo-advisory app could be easily adopted by non-tech savvy and debuting investors, providing the client with many benefits, such as:
- Flexibility for white labeling: The newly designed robo advisory app provided flexibility for white labeling, enabling our client to offer the platform to their institutional clients. These clients could then add their own branding and customize the platform according to their requirements.
- Single view investments and goal simulations: The app offered a comprehensive and intuitive interface that provided users with a unified view of all their investments. Simulations of financial goals and hypothetical investment scenarios instilled confidence among investors, allowing them to understand how specific products would perform and meet their requirements.
- Quick onboarding and decision support: The streamlined onboarding process made it easier for new investors to join the platform. Features to support decision-making were embedded at various stages of the investor journey, providing valuable insights and recommendations to guide investment decisions.
Summary
Hexaware enabled the client to overcome its challenges by modernizing its robo advisor platform. The customized and intuitive interface, data visualization, and gamified experiences improved the investors’ user experience. The platform offered a single view of investments, simulations of financial goals, and streamlined onboarding processes, leading to increased user adoption and operational efficiency.
By harnessing the potential of robo-financial advisors, the client transformed its asset and wealth management system, positioning itself for future growth and success. The Hexaware solution addressed their existing challenges and provided the firm with a competitive edge in the market, enabling them to serve their clients better and achieve higher levels of customer satisfaction.
Hexaware’s transformation of the robo-financial advisor platform, empowered the client with a modernized and hi-tech approach to wealth and asset management.
