Graphs

Financial Health Tool

Uncover users needs related to their financial health and insurance needs  

THE PROBLEM

A fortune 100 Insurance and Financial Service Organization was company was building a new online platform for that gathered information about their financial choices and provided users with a Financial Health Score. 

In addition to providing financial health information the client was selling insurance products. The product team wanted to balance the need to sell a product with the desire to provide information and education.

 

HIGH LEVEL TIMELINE

4 weeks 

MAKE OF THE TEAM

I lead the project which included myself and two other UX design researchers 

KEY GOAL

I'm a paragraph. Click here to add your own text and edit me.

MY ROLE

I worked closely with the organization's team of three that included a product designer, a innovation lead, and designer.

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Just click “Edit Text” or double click me to add your own content and make changes to the font. Feel free to drag and drop me anywhere you like on your page. I’m a great place for you to tell a story and let your users know a little more about you.

This is a great space to write long text about your company and your services. You can use this space to go into a little more detail about your company. Talk about your team and what services you provide. Tell your visitors the story of how you came up with the idea for your business and what makes you different from your competitors. Make your company stand out and show your visitors who you are.

UNDERSTANDING THE USER

I'm a paragraph. Click here to add your own text and edit me. I’m a great place for you to tell a story and let your users know a little more about you.

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Just click “Edit Text” or double click me to add your own content and make changes to the font. Feel free to drag and drop me anywhere you like on your page. I’m a great place for you to tell a story and let your users know a little more about you.

This is a great space to write long text about your company and your services. You can use this space to go into a little more detail about your company. Talk about your team and what services you provide. Tell your visitors the story of how you came up with the idea for your business and what makes you different from your competitors. Make your company stand out and show your visitors who you are.

Image by Adam Nowakowski

I'm a title. ​Click here to edit me.

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Just click “Edit Text” or double click me to add your own content and make changes to the font. I’m a great place for you to tell a story and let your users know a little more about you.

BREAKING DOWN THE PROCESS 

Before the prototype went live we worked with the product team to identify participants and recruit the target audience. We conducted a blind recruit in order to reduce bias and maintain anonymity. The key criteria for the recruit included representation from three household income ranges, current enrollment in retirement funds, and openness to insurance products such as life insurance.

Before running sessions with participants I lead several discussions with the product team to ensure our the research team was clear on their objectives and the priorities for the round of research.

We developed a moderator's guide and developed a plan for how to conduct 10 in-depth interviews over 2-3 days in 60 minute timeslots. One of the challenges was setting the context for users without having them spend too much of the session entering data. We needed participants to understand the context and enter their own data so that the recommendations the prototype tool made were realistic and believable. We also needed participants to spend time exploring the tool in a way that was driven by their interests and needs. 

We devised a plan to ask general questions to gather data about their overall understanding of their finances and their current needs and concerns. 

Participants answered questions about their financial planning and wellness in a semi-structured interview to better understand their needs and match those needs against the capability of the tool.

 

After the general discussion with participants we the guided participants through the setup of their personal information into the prototype tool and had them free explore. 

Free explore presented a number of challenges for data collection, but would provide the most realistic experience and useful information about how users interacted with the site. We wanted to gather feedback on the concept and the amount, usefulness, and relevancy of the content.

THESE WERE SOME LEARNINGS 

Data Entry 

Participants successfully completed the entering personal information. Overall, they responded favorably to the fill-in format for entering their information. 

                       out a story. It makes it easier.” -P6

Information Density 

Participants struggled to navigate the dense information. They surveyed the landing page and at times struggled to get oriented as to how to begin.

Lack of clarity on purpose of the prototype site 

Participants reported having a lack of clarity related to specific parts of tool. Their lack of clarity related to: 

knowing whether or not the tool was a calculator, a place to buy, or both.​​

I'm a title. ​Click here to edit me.

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Just click “Edit Text” or double click me to add your own content and make changes to the font. I’m a great place for you to tell a story and let your users know a little more about you.

I'm a title. ​Click here to edit me.

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Just click “Edit Text” or double click me to add your own content and make changes to the font. I’m a great place for you to tell a story and let your users know a little more about you.

LESSONS LEARNED

TITLE OF THE CALLOUT BLOCK

We were working hand in hand with the project team who didn’t come in knowing all of their questions. Since they observed all the sessions, they started to articulate where their questions were so we were able to make sure we could focus on the areas of most interest.

The project team represented three different parts of the business (Strategy/Innovation/Sales  

Analytics/Web Design 

User Experience/Product Owner)

 

As we learned more about what the client needed to know, we rebalanced about what we focused on to ensure we got the data they needed. For example, we focused more on specific places of the prototype and dug deeper with aprticipants about whether the information made sense or not. 

We adapted our process for the moderated session based and created an interview guide that was flexible.  

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© 2020 by Heather Wright Karlson