Evati is an upstart, fast-growing investment management application. Similar to other popular fintech platforms Wealthfront and Stash, it takes user’s savings in the app to invest for them in order to reach their financial objectives. With a powerful algorithm backed by Morningstar Investment Management’s portfolio models, it is able to help its users save money towards the goals they want.
We knew that the biggest issue in the existing application was its user flow. It required written, on-screen explanations of different buttons; had a complicated on-boarding; and overall worked more as a content dumping ground than as a cohesive and seamless application. With so many fintech competitors on the market, we knew this one needed to both avoid friction and instill trust.
The first step in our process was having every person on the project sit down, create an account, and try out the app. We had everyone note down their pain points when they tried to use it, and made sure we completed every possible flow. Afterwards, everyone shared their experiences and we mapped out each action. We found that project members who had no context on the app had almost no idea what the purpose of it was, and even those who had context were aware of what the app was supposed to do, but were left with questions. We made a list of the most important changes we needed to make:
New Onboarding Flow
The main thing we knew we weren’t going to change was the purple color palette. We had a few reasons for this: it was client preference, it was different than other fintech apps, and we didn’t want to lose all recognizability for existing users. Here’s the breakdown of the changes:
New Goal Process
The biggest change was simplifying the goal creation process. We took a twelve-step process and made it into three. Here’s what else we did:
Making a more friendly & less stressful interface.
Finance can be stressful and intimidating. We wanted the look and feel of the app to be the opposite.
Taking out the guesswork of the process.
An application that allows so many different options and customizability can be overwhelming. Breaking up the onboarding and breaking up the goal creation into separate, labeled, and tracked steps helped decrease friction by lowering user cognitive load.