Private Wealth of the Future

CIBC 2022 Internship

Role

UX Design Intern

Timeline

10 Weeks

Team

UX Designers, Product, and Research

Brief

As part of the Innovation Team, I designed a dynamic prototype of CIBC Digital Wealth’s platform for the new generation of high-net-worth clients. The platform highlights the art of the possible for private wealth management offering a customized aggregated view, real-time updates, and personalized insights.

See final prototype
ProblemResearchIterationsFinal & Impact

Problem

Why is this important?

A massive transfer of over $1 trillion in wealth from baby boomers to younger generations is expected in Canada over the next 10 to 15 years.
Currently Digital Wealth is shifting to a younger generation. The current private wealth management experience doesn’t fully meet their changing expectations. The current wealth management system lacks what younger clients seek:
✔ Personalization
✔ Collaboration
✔ Flexibility and control

The user

Understanding our user

To understand the experiences and pain points of both clients and advisors, we held workshops with users to define key jobs to be done and I led the creation of user journey maps for these tasks. This led us to identifying our main how might we challenge.

How might we...
Re-imagine the digital wealth experience to attract younger clients with advisor-supported, personalized, and on-demand services?
Task 1
Task 2
Task 3

Research

Surveying 773 Future wealth individual

Finding meaning in quantitative insights

To gain insights into the motivations and pain points of financial advisors and high-net-worth (HNW) clients, I collaborated with the research team and conducted 700+ user surveys on feedback loop. These insights shaped the platform's key features, focusing on real-time communication tools, consolidated dashboard, cross-platform functionality, and account aggregation as core features.

Key Learnings: Many clients were comfortable with digital tools but still valued human touchpoints for complex decisions.

Constraints

Some of my limitations

As part of the Innovation Team, my focus was on ideating and reimagining a new design rather than working within an existing framework. With no established design system for this project, I referenced CIBC's branding while creating new elements, which was a great opportunity to explore design systems and flex my creative skills. Below you can see just some of the components and elements we made for this project!

Feature 1

Aggregated Account Breakdown

Currently,

The aggregated account breakdown is a unified view of all banks, accounts, and household members in one place.
In the current state, a couple of key issues are:
✘ Total asset information is easily missed as you have to scroll to the end of the table.
✘ No option for aggregation of different banks and household members.
✘ Complicated funding process that requires users to go to a separate page.
I started by interviewing users on their current experience and here are a couple of key feedback points. From this, I identified a common theme of needing a way to filter.

Understanding our competitors

I then conducted competitor analysis and identified helpful design patterns, including tiered tabbed lists, graphs, highlighted account value summaries, and filters by bank and household members.

Designing a couple wireframes

Then I designed a couple lo-fi wireframes and iterated on to create the final aggregated accounts design

Here are the final designs!

In the final design, I added the total market value to the top since so that its easier to see
and used a color scheme that both matches with CIBC branding so it emphasizes the action item buttons and important information like gains, losses and funding account compared to before where there was 6 colors at a minimum and half of them did not follow CIBC branding.
The new designs also highlight account aggregation across different banks and household members. Users can now filter directly by household member, select specific accounts, and easily view different banks using the new column.
I also designed an option to allow users to fund directly from the table, rather than going to a different page, and see the progress with a status of activation 

Feature 2

Performance View and Report

Currently,

The performance view and report section is a real-time progress view tracking different accounts and performance. Currently, there are two existent versions of the design. We started by conducting A/B Testing on these 2 versions and we found that:

Wireframing

From this, I designed the first iteration which was a simple wireframe based on the data we collected from A/B testing and decided to create a separate section just for the performance view rather than having it be a hover pop-up to not block useful information on the table. I also created a chevron select button and filter option to easily choose an account rather than having to hover over the account in a table like in the previous design and reduced unhelpful information such as insights, last updated, and account details to present only key information.

Getting some feedback

After getting some feedback from my design team, I created a Lo-fidelity design with added features.
In this design, I added the tooltip line provides precision when reviewing specific data points, and added a Line vs table tab selection and a simple date selection tabs for customization. However, the y-axis for the amount and account information banner takes up too much space and there is also no option to specify a date range. So, I iterated and replaced the filter option to select a specific date range
I continued to iterate and added personalization and filters and created this final high fidelity design. I removed the account select button as it is redundant to the filter function, I changed format of y axis and reduced width of values for more balanced spacing, and added select account filter directly on the page to reduce clicks from 3 clicks to 1 click.

A progression of my designs

Here you can see a progression of my main iterations and here is a final before and after
Before
Wireframe
Lo-fidelity
After

Feature 3

Report Requests

Exploration 1: Filter style

The report requests section is a new feature which didn’t exist in the current experience. So, I started by brainstorming and initially, I was going to go with a simple checkbox filter similar to the filter for account aggregation, but this design lacked complexity and the ability to complete key tasks on top of having too many multi-select options.

Competitor analysis

So I did some competitive analysis of form generation and decided to go with a checkout flow style similar to the Farfetch style in the center, guiding users step by step with a checklist.
I created a lo-fi design and conducted a couple of quick usability tests with users and found 3 main issues
✘ Users felt like there were too many unnecessary steps to request 1 report
✘ They felt like they lacked information on the progress of their request
✘ The filter was limiting rather than providing more customization

Final designs

So with my final design, I simplified the request process to 1 direct input rather than multi-step process with filters, simplifying the experience from 5+ clicks to 2 clicks, and added an option to search for previous reports rather than have to request new reports each time. I also added a section detailing the progress of report requests on the right to provide a more informed experience.

Final

Here is the final prototype!

See prototype

Final results

What was my impact?

At the end of my term, my design team and I presented this design walkthrough to key stakeholders including VPs and R&D leads and received glowing feedback endorsing the design to be implemented, with research projecting an incremental revenue of $60k and impact on 40k+ users!

This design is projected to generate

$60 000

in revenue
Impacting

40 000 +

projected users

Continuous feedback

Even though the design was “finished” by the end of the term, I continued to seek feedback and organized a Coffee & Critique feedback session!

A few words from my team

By the end of my internship, I received a glowing review from my team and overall had an incredible experience filled with growth and learning.

Next case study: Arctic Wolf →
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Made with 🤍and 🍵 ~ 2024 Kathy Chen