Income Investing Product
Overview
As a product designer focused on investment products at StashAway, I was tasked with expanding our investment offerings. The challenge was to introduce a low-risk cash investment product in collaboration with JP Morgan. The goal was to provide users with a balanced investment portfolio by filling the gap between higher-risk products and liquid assets. Additionally, we sought to offer an income-investing feature that allowed users to set goals and receive regular cash withdrawals from their profit returns.
Problem Statement
StashAway faced the challenge of capturing market share by differentiating itself from competitors. While existing offerings covered various risk levels, there was no dedicated low-risk cash investment option. This gap meant users looking for safe, interest-bearing investments had to look elsewhere. To address this:
A low-risk cash investment product was introduced.
Income investing was incorporated to enable users to set financial goals and withdraw returns regularly.
A seamless user experience was required to ensure easy understanding and adoption of the new product.
Solution
To meet user needs and regulatory requirements, we implemented the following design solutions:
User Estimation & Payout Frequency Customization
Designed an intuitive interface allowing users to estimate potential earnings and select payout frequency.
Provided real-time visual feedback to illustrate different payout scenarios.
KYC (Know Your Customer) Integration
Due to regulatory and risk considerations, KYC verification was embedded in the investment setup flow.
Payout Selection Flow
Created a user-friendly payout selection experience that allowed customization of withdrawal amounts and frequency.
User Research & Testing
To ensure usability and effectiveness, we conducted user interviews with existing and potential investors:
Objective: Understand user perceptions, expectations, and usability challenges related to the new product.
Methodology: Conducted in-depth interviews, usability tests, and feedback sessions.
Results
The new investment product was successfully integrated into the app, leading to:
Improved User Adoption: Users were able to understand and create new portfolios without significant challenges.
Increased Engagement: The ability to estimate returns and customize payouts encouraged more users to explore the product.
Competitive Differentiation: StashAway strengthened its market position by offering a unique low-risk investment alternative.
Conclusion
By prioritizing user needs, we successfully launched an innovative cash investment product that filled a critical gap in the market. The combination of usability research, thoughtful design, and strategic collaboration with JP Morgan ensured a compelling and accessible investment experience for our users.
