Sharesies
Understanding the barriers that financial jargon creates for investors and the way those barriers impact their investing decisions.
Customer Research and UX Design
In collaboration with Sharesies (an investment platform), we delved into understanding the limitations that financial jargon creates for first-time investors and examined the elements that contribute to users' willingness and confidence in investing in the stock market.
The Challenge: "The barriers created by financial jargon and their effect on clients' willingness and confidence to invest."
We were assigned the task of capturing and harmonizing the key reasons and transforming them into valuable and easy-to-understand action points.
The Challenge
Empowering people to invest and providing opportunities with fewer limitations brings the potential for more individuals to invest and strive for financial freedom. Understanding the root cause of the problem facilitates the creation of opportunities for change.
Significance
It was crucial for us to fully immerse ourselves in the experience of investing from the perspective of new investors. We embarked on a research journey to clarify the needs of users when investing and to comprehend the aspects of financial jargon that posed greater difficulties.
To gather insights, we conducted a questionnaire-based group activity where participants individually answered questions aimed at understanding their emotions, beliefs, and reasons behind their investment choices. The group consisted of diverse individuals, including those who had never invested before and others who had less than six months of investment experience.
Two types of questions were utilized. The first type delved deeply into the "why," seeking to understand the underlying reasons for specific behaviors. The second type focused on the "what," aiming to uncover the factors that influenced those behaviors.
To assess whether users' perceptions of investing could be altered, we developed a targeted financial intervention. This intervention involved a video presentation and a pre- and post-survey designed to measure any effects the video and its format had on users' perceptions of investing.
Our Approach
-
Research revealed that financial jargon extends beyond mere language. Instead, its perception is influenced by the user's beliefs, perceptions, knowledge, and understanding, giving rise to various barriers.
-
The data obtained from the financial intervention indicated a slightly more positive inclination towards investing, showing an effect on people's willingness and confidence to invest.
-
Overall there is a lack of knowledge and understanding, fear, insufficient liquidity and inadequate resources.
-
Research has shown that presenting information in a specific format makes it more appealing to users.
Outcomes
Overview
Role: Strategists, User Experience Designers, User Researchers
Duration: 12 Weeks
Partner Name: Sharesies
Tools Used: Canva, Figma, InDesign, Illustrator, Miro, and Photoshop.