Study Case: Revamping Ideation for Stockbit (Stock Trading) Application
Stockbit is an application for investors/traders who want to discuss, analyze and invest in stocks in one place. (source: Stockbit). (Disclaimer: this post is not an initiative by Stockbit but we do research and recommendation for revamping this application.)
Based on 2019 data, investor numbers stood at 2,4 million users, whereas in February 2021, the number has reached 4,5 million investors. We also learned that the millennials constitute 44% of the total investors in Indonesia and their motivation are typically:
1. To invest and trade in Indonesia’s stock market
2. To get information about stock & mutual funds in one app
3. To use an app with fast, efficient, and transparent processes
Thus, the next step to explore is the customer journey map. A customer journey map is a very simple concept. It is a diagram that illustrates the steps your customer(s) go through in engaging the product or service of your company, be it a physical product, an online experience, a retail experience, a service, or a combination of those. This customer journey map covers the stages, customer goals, touchpoints, channels, processes, feelings, and customer pain points.
The following are the customer pain points:
- Users cannot sell their stock automatically
- Users find it difficult to login
- Users must see and understand the market when they want to be a trader
- Users do not know and have dividend information
Based on those user pain points, the potential solutions that we analyzed were based on the Eisenhower matrix. The Eisenhower matrix, also known as the Urgent- Important matrix, helps in deciding and prioritizing tasks according to urgency and importance and ranks the least urgent and important tasks that should be delegated or should not be done at all. And the recommended actions based on the matrix are improving login feature & layout, improving trading plan feature and developing deposit & withdraw history feature.
Qualitative Analysis Summary
Age: 26–39
Goals: To trade stock easily with a secure system and an advanced trading plan feature
User Cases:
1. Existing StockBit users who have not traded in a while and use a separate device to trade
2. Users who hardly trade because they forget their PIN Account, experience difficulties in choosing login type and see the lack of security system
3. Users who cannot view financial history after deposit/withdrawal
4. Users who wish to automate their trading plans because they are working full-time.
Next, to determine the priority of possible solutions, we used RICE Analysis. The RICE scoring model is a prioritization framework designed to help product managers determine which products, features, and other initiatives to put first on their roadmaps by scoring these items according to four factors. These factors, which form the acronym RICE, are Reach, Impact, Confidence, and Effort. As a result, improving login feature ranked first, followed by developing a deposit & withdraw feature and improving the trading plan.
The picture below depicts a summary of what we wanted to improve.
Here is the Epic & User Story for the possible solutions.
Epic: Login Page
User Story: We will improve the login page where users could determine which login portal they want to access & add a 2FA option for advanced security to replace Trading PIN
Definition of Completion:
- Users understand which type of login that suit their needs
- Question mark icon (?) was added on the bottom of Login feature with Google/Facebook option that leads into “streaming only” feature
- Question mark icon (?) was added on the bottom of Login feature with Email/username combination & password to access the full features from stream to trading
- Login flow is more secure with Google Auth option
- Users are now able to activate Google Auth, thus changing the login flow Trading PIN field to Google Auth field after they set up the 2FA
Epic: Trading Plan
User Story: We will develop stock trading feature which contains stop loss and profit-taking procedure that can be set automatically
Definition of Completion:
- Users can add stock bit auto order system when buying stocks
- Users can select the period
- Users can select conditions based on price or percentage +/- based on current price/targeted price
- Users can target volume based on lot or price
- Users receive confirmation upon completion of transaction
- Users can opt to cancel the auto-order
Trading Plan Prototype
Epic: Deposit & Withdraw History
Epic: Deposit & Withdraw History
User Story: We will improve deposit and withdrawal history so users could easily find their incoming and outgoing funds history and calculate their own ROI
Definition of Completion:
- Users can view IDR balance history and set the desired date range
- Users can choose the “month” and “year” button to view their finance history
- Users can view whether the transaction is successful, in progress, or unsuccessful in one page
To sum up, after conducting Usability Testing with five respondents, the resume of the testing can be viewed from the image below. Respondents favoured the trading plan feature, especially advance order and profit- taking /sell feature as well as the financial history. However, they do not like the Google authenticator for login. In addition, we received new ideas for portfolio performance and motivation words for investors.
Supporting Data
User Flow
Wireframe
Acknowledgment
Thank you to Binar Academy that eventually met with Nidya, Afra, Anel, Bayu, Daniel & Keisya to revamp the Stockbit Application, and here is our final project regarding revamping the Stockbit application.
References
Binar Academy Bootcamp Product Management
Binar Academy Bootcamp UI/UX
