Before we jump in, let\u2019s first recap: what do \u2018the good, the bad and the ugly\u2019 really mean?<\/p>\n\n\n\n
- \n
- The good:<\/strong> I\u2019d tell my friends all about it and really advocate for it<\/li>\n\n\n\n
- The bad:<\/strong> It\u2019s just OK, but has the potential to be so much better<\/li>\n\n\n\n
- The ugly:<\/strong> It works, but the experience is poor and it\u2019s a turn-off to continue engaging or revisit<\/li>\n<\/ul>\n\n\n\n
Of course, we need to bring some objectivity to our assessments, so what criteria are we using this month?<\/p>\n\n\n\n
- \n
- Ease of use<\/li>\n\n\n\n
- Personalization<\/li>\n\n\n\n
- Aesthetics \u2013 i.e. is it visually appealing?<\/li>\n<\/ul>\n\n\n\n
Good \u2013 Ellevest <\/strong><\/h2>\n\n\n\n
In recent years, the USA\u2019s wealth management market has been a frontrunner in providing digitally-enabled and user-centric experiences \u2013 surprising when comparing the maturity of their digital banking solutions with Europe\u2019s challengers.<\/p>\n\n\n\n
The clear winner for this month\u2019s crown is ElleVest. They\u2019re on a mission to close the gender-based wealth gaps, assisting women in reaching financial milestones through goals-based investing. Taking on Wall Street, their proposition boasts \u2018hybrid\u2019 advice offerings, coupling robo-advice and money coaching services for the everyday investor with private wealth advisory services for the high-net-worth individuals (HNWIs). <\/p>\n\n\n\n
- \n
- Ease of use:<\/strong>\u00a0<\/em>It\u2019s 2022. Digital onboarding journeys are now considered hygiene across financial services and beyond \u2013 you won\u2019t wow customers with a simple, mobile-first journey alone. Conversational and unconventional, Ellevest\u2019s onboarding flow is truly differentiated. It offers a slick experience while collecting the rich pools of data required to onboard a customer. Relevant integrations, like Plaid, which enable instant connection to bank accounts via a simple account management UI, make it obvious why Ellevest has been successful in a hugely competitive market.\u00a0<\/li>\n<\/ul>\n\n\n\n\n
![\"\"](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
<\/p>\n <\/div>\n <\/div>\n<\/section>\n\n\n\n- \n
- Personalization: <\/strong><\/em>Personalization is at the core of ElleVest. While the company predominantly targets women, anyone<\/em> can use their services. Their offering truly harnesses the value of data to provide ultra-bespoke suggestions, recommendations and forecasting visualisations \u2013 all customisable based on individually inputted goals. So, investment recommendations don\u2019t simply respond to risk appetite or hypothetical desired returns, but specific objectives and a whole host of life events not accommodated by traditional wealth management platforms, or indeed the majority of UK WealthTech \u201ctrailblazers\u201d.<\/li>\n<\/ul>\n\n\n\n\n<\/p>\n <\/div>\n <\/div>\n<\/section>\n\n\n\n
- \n
- Aesthetics of user interface (UI):<\/strong> <\/em>Traditionally, wealth management propositions haven\u2019t needed to look \u2018good\u2019. After all, what you pay for is the experience and expertise of your adviser. But, as the wealth management landscape turns increasingly digital and seeks a new demographic of HNWIs (e.g. women, millennial), its appearance has no longer been left by the wayside. The UI is clean, using a distinctive yet warm color scheme and stylish fonts, providing comfort and accessibility to the less confident investor. <\/li>\n<\/ul>\n\n\n\n
Bad \u2013 Moneybox <\/strong><\/h2>\n\n\n\n
As a result of the streamlined experiences provided by frontrunners like ElleVest, the bad experiences really stand out. As noted, the US are leading the game, meaning many British firms are falling into the \u201cbad\u201d category, even though they do perform well in their home market. We\u2019re not just talking about looks either \u2013 fundamental, often industry-wide, regulatory-driven flaws exist in the propositions themselves (attempt to transfer an ISA at your own peril\u2026), indicating an overall industry in need of serious change.<\/p>\n\n\n\n
Moneybox\u2019s claim to fame is their \u2018round-ups\u2019 offering, where they connect to customer bank accounts and collate all card purchases and invest the difference. The target customer is those new to investing, with the firm claiming \u201cto make saving and investing simple<\/strong>.\u201d Although an admirable enough goal, a poor UX means it is anything but. <\/p>\n\n\n\n
- \n
- Ease of use: <\/strong><\/em>Although the onboarding experience for Moneybox products is relatively smooth, the usability of Moneybox app for returning customers does not meet the same standard. Emphasis is on improving the financial literacy of its customers, and as a result the app is filled with articles, educational resources and investment guides. These elements themselves are easy to access, but often obstruct and obscure the ability to complete other actions (such as managing your investments).<\/li>\n\n\n\n
- Aesthetics of user interface (UI): <\/strong> <\/em>Once you\u2019ve made it onto the landing page, confusion abounds. Customers are confronted with a bunch of calls to action: view your total investment amount, add more money, edit your amount saved \u2013 the list goes on. Moneybox have clearly forgotten the core reason as to why a customer might access their app: to view investment performance. A summary of this is nowhere to be found on the home screen.<\/li>\n<\/ul>\n\n\n
\n\n<\/p>\n <\/div>\n <\/div>\n<\/section>\n\n\n\n- \n
- Personalization: <\/strong><\/em>Once the customer has made it to their account breakdown, frustrations continue. Although you can see investment performance, the message is still confusing. Competitors such as Wealthify and Nutmeg are stronger here, personalizing their offerings by enabling users to choose their risk appetite and product elements like ESG preferences, using clean, interactive visuals that bring performance to life. Interactive wealth calculators \u2013 charts that grow as sliders are moved left to right \u2013 all make for a bespoke experience and highlight the potential of investments. And in doing so, they encourage customers to invest more \u2013 surely a no-brainer addition. Although Moneybox claims to be making investing more accessible, their experience doesn\u2019t compare. In over-simplifying their offering, they do their customers a disservice \u2013 even a first-time investor wants to see future projections.<\/li>\n<\/ul>\n\n\n\n
Ugly \u2013 Nest<\/strong><\/h2>\n\n\n\n
The U.K. government-backed pensions scheme, Nest, is fundamentally lacking behind the rest. Although founded to drive the inclusion and accessibility of wealth to UK citizens, it hosts a limited offering for maintaining and growing a wealth portfolio, proving it\u2019s the \u201cugly\u201d of the wealth management space.<\/p>\n\n\n\n
- \n
- Ease of use: <\/strong><\/em>Instinctive digital onboarding journeys, mobile applications & biometrically verified security are just some examples of what are now considered hygiene factors when it comes leading experiences. However, Nest doesn\u2019t even offer a basic mobile application. This missing journey \u2013 handheld and accessible-anywhere \u2013 forces all users to open up a web browser and attempt to navigate their portfolio with a mouse and keyboard or fumble around as their device struggles to render the pages. This archaic approach is inhibiting Nest\u2019s chances of competing with even basic user experiences \u2013 a key factor in creating \u201cstickiness\u201d and essential to compete with market leaders.<\/li>\n\n\n\n
- Aesthetics of user interface (UI):<\/strong> <\/em>Unlike Moneybox, Nest\u2019s landing page provides very little: an investment summary and the contribution origins. While this may be a useful statistic to see, Nest ceases to take advantage of the remaining space. Showing contribution analytics or a wealth calculator, for example, could result in better engagement and help educate users, leading to increased profits in their investments \u2013 the primary objective of the platform.<\/li>\n\n\n\n
- Personalization: <\/strong><\/em>The core objective of a wealth manager is to provide the user with a platform that meets their needs i.e. visibility of performance and future projections. Yet, Nest\u2019s platform offers none of the basic functionalities required to achieve this, leaving the user questioning their investment performance, if they should be diversifying or if they should increase or decrease investments. Every user journey in the Nest platform is unclear, cluttered and overly confusing for users, regardless of financial literacy or investment experience.<\/li>\n<\/ul>\n\n\n\n
Our two cents\u2026<\/strong><\/strong><\/h2>\n\n\n\n
The wealth management industry, typically a biased industry targeting a very specific demographic, is undoubtedly well into an era of major disruption. As target demographics for wealth management propositions change in the UK and globally, the winners will not only have great product terms, but they\u2019ll create experiences akin to what we now expect in the rest of the FS ecosystem \u2013 hyper personalization, sharp UIs and easy-to-use experiences will win over the next generation. We recognize that not all challenges can be fixed by a single provider \u2013 take the much-bemoaned ISA transfer as an example. This requires central, regulatory backed, change initiatives. And that\u2019s a good thing; it creates competition and pushes providers to deliver the best experience. Maybe that\u2019s what the UK needs if it is going to compete with US rivals? <\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
With the new ISA season upon us, and the annual barrage of mass marketing from an ever-growing number of WealthTech firms, we\u2019re steering our attention towards wealth management for part…<\/p>\n","protected":false},"author":1,"featured_media":34992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[140,233],"related_service":[47],"related_industry":[341],"class_list":["post-34937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-customer-experience","tag-wealth-asset-management"],"acf":[],"yoast_head":"\n
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<a href='https:\/\/www.elixirr.com\/en-us\/wealth-management-ux-the-good-the-bad-and-the-ugly\/' class='wp-component-card__title'>\n <h2>\n Wealth Management UX: the good, the bad and the ugly\n <\/h2>\n <\/a> <div class=\"wp-component-card__description\">\n With the new ISA season upon us, and the annual barrage of mass marketing from an ever-growing number of WealthTech firms, we\u2019re steering our attention towards wealth management for part… <\/div>\n <div class=\"wp-component-card__meta\">\n <p class=\"wp-component-card__date\">\n 17 May 2022 <\/p>\n <div class=\"wp-component-card__terms\">\n <div class=\"wp-component-tags edwp-component\">\n <div class=\"wp-component-tags__tag\">\n Wealth & Asset Management <\/div>\n <div class=\"wp-component-tags__tag\">\n Digital Strategy <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"wp-component-card__button-wrapper\">\n <button class=\"btn btn--link arrow wp-component-card__button\">\n Read more <span class='edwp-svg '><svg 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- Aesthetics of user interface (UI):<\/strong> <\/em>Unlike Moneybox, Nest\u2019s landing page provides very little: an investment summary and the contribution origins. While this may be a useful statistic to see, Nest ceases to take advantage of the remaining space. Showing contribution analytics or a wealth calculator, for example, could result in better engagement and help educate users, leading to increased profits in their investments \u2013 the primary objective of the platform.<\/li>\n\n\n\n
- Ease of use: <\/strong><\/em>Instinctive digital onboarding journeys, mobile applications & biometrically verified security are just some examples of what are now considered hygiene factors when it comes leading experiences. However, Nest doesn\u2019t even offer a basic mobile application. This missing journey \u2013 handheld and accessible-anywhere \u2013 forces all users to open up a web browser and attempt to navigate their portfolio with a mouse and keyboard or fumble around as their device struggles to render the pages. This archaic approach is inhibiting Nest\u2019s chances of competing with even basic user experiences \u2013 a key factor in creating \u201cstickiness\u201d and essential to compete with market leaders.<\/li>\n\n\n\n
- Aesthetics of user interface (UI): <\/strong> <\/em>Once you\u2019ve made it onto the landing page, confusion abounds. Customers are confronted with a bunch of calls to action: view your total investment amount, add more money, edit your amount saved \u2013 the list goes on. Moneybox have clearly forgotten the core reason as to why a customer might access their app: to view investment performance. A summary of this is nowhere to be found on the home screen.<\/li>\n<\/ul>\n\n\n
- Ease of use: <\/strong><\/em>Although the onboarding experience for Moneybox products is relatively smooth, the usability of Moneybox app for returning customers does not meet the same standard. Emphasis is on improving the financial literacy of its customers, and as a result the app is filled with articles, educational resources and investment guides. These elements themselves are easy to access, but often obstruct and obscure the ability to complete other actions (such as managing your investments).<\/li>\n\n\n\n
- Aesthetics of user interface (UI):<\/strong> <\/em>Traditionally, wealth management propositions haven\u2019t needed to look \u2018good\u2019. After all, what you pay for is the experience and expertise of your adviser. But, as the wealth management landscape turns increasingly digital and seeks a new demographic of HNWIs (e.g. women, millennial), its appearance has no longer been left by the wayside. The UI is clean, using a distinctive yet warm color scheme and stylish fonts, providing comfort and accessibility to the less confident investor. <\/li>\n<\/ul>\n\n\n\n
- Personalization: <\/strong><\/em>Personalization is at the core of ElleVest. While the company predominantly targets women, anyone<\/em> can use their services. Their offering truly harnesses the value of data to provide ultra-bespoke suggestions, recommendations and forecasting visualisations \u2013 all customisable based on individually inputted goals. So, investment recommendations don\u2019t simply respond to risk appetite or hypothetical desired returns, but specific objectives and a whole host of life events not accommodated by traditional wealth management platforms, or indeed the majority of UK WealthTech \u201ctrailblazers\u201d.<\/li>\n<\/ul>\n\n\n
- Ease of use:<\/strong>\u00a0<\/em>It\u2019s 2022. Digital onboarding journeys are now considered hygiene across financial services and beyond \u2013 you won\u2019t wow customers with a simple, mobile-first journey alone. Conversational and unconventional, Ellevest\u2019s onboarding flow is truly differentiated. It offers a slick experience while collecting the rich pools of data required to onboard a customer. Relevant integrations, like Plaid, which enable instant connection to bank accounts via a simple account management UI, make it obvious why Ellevest has been successful in a hugely competitive market.\u00a0<\/li>\n<\/ul>\n\n\n
- The bad:<\/strong> It\u2019s just OK, but has the potential to be so much better<\/li>\n\n\n\n
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