QDiscovery- Design Thinking Principles in Wealth Management
For too long, financial industry services have developed products that cater to their own internal processes and operational efficiencies. Tight regulatory or legal documentation constrains what can be offered. As a result, customers are left to pick up these cookie-cutter products without having their needs or interests considered. The design thinking approach aims to put the end user first, centrally placing empathy in the process of solutioning and ideation. By defining the customers’ problem through their eyes, this can lead to a solution that will be adopted much quicker and successfully.
Hyper-personalisation is now a way of life. Recommended content or products are customised to a user’s preferences every day on any online platform. Customers now demand the same from their wealth advisors, so how can financial institutions seek to understand their customers and overcome their wealth management challenges? Simple- by taking a design-led approach to meeting customer needs.
Quantifeed’s Way of Design Thinking
Quantifeed’s purpose is to deliver better financial futures for everyone. To fulfill this, we set out to enable financial institutions to serve the wealth management needs of all customers. To be successful in this, we have developed a design-led consultancy service called QDiscovery- an iterative exercise that helps our clients develop a compelling business proposition.
QDiscovery is a consultancy service we provide to financial institutions who may be looking to digitise their wealth management business but are not sure where to begin or how the roadmap should look like. The value we bring to the table lies in our ability to develop a unique proposition for each of our clients every single time. This comes from decades of industry excellence from our consultants and the deep and broad capabilities of our technology platform. The objective of QDiscovery is to ensure that our clients are successful in bringing a relevant and impactful solution to their customers.
The QDiscovery Methodology
Identifying and Understanding the Persona
Our collaborative and iterative process goes deep into discovering business requirements and building the target persona. A series of workshops will focus on understanding end users and their challenges and values. Customer research and analytics, accompanied by SME interviews will be the foundation of our purpose and process.
Defining the Journey and Pain Points
Once the target persona has been identified, user journeys and flows are created through visualising the journey the user would go through and identifying the specific flows for functionality. Quantifeed brings a wealth of experience through several successful use cases that will aid the development of your customers’ journey. We define customer pain points and solve for them in the early stages as we prepare to design a prototy Gpe with this in mind. These journeys are mapped out and plotted to help prepare for the beginning of the ideation process.
During this stage, a vision of the solution will start to take shape. We start the design process by prioritising solving customers’ pain points to ensure a smooth and frictionless experience. Quantifeed will lead in brainstorming sessions to carve out initial prioritisation of ideas and potential solutions. A creative matrix will be developed alongside several customer journey options.
Kick-Off Prototyping and Testing
Finally, Quantifeed’s design team will build visual mockups or screen designs that will be seen by the end user—a user interface designed by UI/UX professionals. A prototype of the app will be available for testing and retesting. This functional version can be touch and felt by the end user to gauge effectiveness and ease of use. Feedback will be collated to sharpen fixes and perfect the final look and feel of the app. With the finished product and roadmaps developed from QDiscovery sessions, clients are free to progress independently or further engage with us to explore next steps.
A Holistic Approach with QDiscovery
While QDiscovery was developed to solve for the customer, the consultancy we provide also considers the business challenges of the client. Working with and around regulatory, legal, and compliance constraints, we strike the right balance between design thinking, and thinking on behalf of who we consult. Quantifeed has taken design thinking frameworks and fine-tuned it to work in a wealth management context.
We look at business challenges from multiple dimensions, always ensuring that both customer and organisational needs are met and addressed. Exceeding business goals, gaining market share, and increasing customer loyalty are just some of the objectives that we share with our clients. This ensures that by the end of QDiscovery, they are left with a solution that not only looks and feels great, but one that can be ready to deploy and go to market if they so choose.
QDiscovery sessions focus on several workstreams, ensuring a holistic coverage of the client’s wealth management needs and requirements. When we design your customised proposition, you can be assured that all dimensions have been taken into consideration with minimal compromise and total optimisation for the market. From platform and product design, technical systems analysis and integration, to regulatory and compliance review, we ensure that the product that we develop are in-line with company branding, and ultimately solve for their customers’ expectations.
Can QDiscovery help with achieving your wealth management business goals? Speak with us today to find out if this service can help your wealth management business gain clarity and confidence.