Scotiabank
Scotiabank; Wealth Management
Summary
My team and I won a 24-hour Design Hackathon hosted by BrainStation in partnership with Scotiabank, where we redesigned their Wealth Management website to improve onboarding and interactions between advisors and clients, focusing on newcomers and immigrants in Canada.
We conducted secondary research and social listening to understand the pain points of our target audience, then developed a seamless, digital solution to enhance client-advisor engagement.
As a UX designer, I contributed to the research, ideation, and prototyping of the design, presenting our solution to Scotiabank’s senior design team.
Role
1 of 4 designers
Platform
Wesbite
Timeline
24 hours
NARROWING DOWN THE PROBLEM SPACE
Secondary Research
The global pandemic has permanently changed paradigms, but how does this uniquely affect Canada?
Well, the number of newcomers has been ramped up to record levels with the government targeting a staggering 430 to 450,000 new permanent residents per year between 2022 to 2024.
While that is an interesting statistic, the key takeaway here is that among those newcomers 62% of newcomers in 2021 have settled in Canada through economic pathways with affluent migrants making up a large portion of these numbers.
New trends in Canada’s population have created a huge demand for wealth management services specifically targeted at new Canadians, but according to a study done by Scotiabank this year, research revealed that -
The fact of the matter is that it is imperative to seize the opportunity within this influx of new clients, not only to capitalize on profits but to provide newcomers with the confidence that they are being seen and heard when deciding on which institution to entrust with their wealth.
We believe that by implementing a newcomer section on the website and improving the interaction experience matching with advisors for newcomers, we can increase wealth management clientele by 15% within the first year of launching and increase profits by 8%.
How might we help Scotia Wealth Management build rapport with newcomers to Canada to maintain a long-term positive relationship in a shared digital space?
Persona
Based on interview and survey data, we developed a persona named Mohan.
A 26-year-old newcomer to Metro Vancouver, ambitious and focused on his financial goals. While financially literate, Mohan feels apprehensive about building trust with a new advisor in an unfamiliar country. This persona highlighted the need for a solution that empowers Mohan to make confident, informed financial decisions.
DESIGN SYSTEM
Brand Guidelines
Adhering to the brand style guide was important. We studied Scotia banks style guide–its brand colors and font type which further helped us make informed design decisions.
OUR SOLUTION
Hi-Fidelity Wirframes
Our Key Points for designing the solution were -
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Make onboarding users feel comforted and reassured to know that Scotia understands them and provides an easy guide for how they can proceed.
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For users to give their personal details in a way that is brief enough to not lose their interest, but sufficiently detailed to curate results for them.
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Our solution is designed to show new users that Scotia Wealth management’s goal is to match them with a curated personalized view of available advisors and make the right first impression for a positive experience.
SELF REFLECTION
Key Learnings
In designing a solution for our target users, we learned the importance of going beyond assumptions to truly understand their needs through empathy, deep research, and evidence-based insights.
Our solution highlighted a significant opportunity for Scotia Wealth Management to better serve newcomers, build rapport, and ultimately boost profits by filling a key demand gap.
Asset credits - Icons: Remix Icons | Stickers/Illustrations: Flaticon | Pictures: Unsplash, Pexels
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