Next Gen Moneytree
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Next Gen Moneytree
Redesigning financial management software to increase usability and market penetration
Moneytree is a comprehensive financial management platform designed to empower financial advisors in tracking and managing client goals. It features advanced calculation tools that facilitate plan creation, portfolio risk assessment, and high-volume simulations.
Moneytree is a comprehensive financial management platform designed to empower financial advisors in tracking and managing client goals. It features advanced calculation tools that facilitate plan creation, portfolio risk assessment, and high-volume simulations.
Moneytree is a comprehensive financial management platform designed to empower financial advisors in tracking and managing client goals. It features advanced calculation tools that facilitate plan creation, portfolio risk assessment, and high-volume simulations.
As the primary designer, I was responsible for a comprehensive redesign of the product to enhance user experience, modernize the visual aesthetics, and add new analysis features. I also collaborated with our UX researcher to conduct in-depth user research through card sorting, affinity mapping, user interviews, surveys, and usability testing.
As the primary designer, I was responsible for a comprehensive redesign of the product to enhance user experience, modernize the visual aesthetics, and add new analysis features. I also collaborated with our UX researcher to conduct in-depth user research through card sorting, affinity mapping, user interviews, surveys, and usability testing.
As the primary designer, I was responsible for a comprehensive redesign of the product to enhance user experience, modernize the visual aesthetics, and add new analysis features. I also collaborated with our UX researcher to conduct in-depth user research through card sorting, affinity mapping, user interviews, surveys, and usability testing.
Company
Company
Moneytree
Accutech Systems Corporation
My Role
My Role
Primary Visual & UX Designer
Industry
Industry
Financial Management
Duration
Duration
June 2023 - August 2024
The Problem:
"I Still Don't Know How To Use It"
The Problem:
"I Still Don't Know How To
Use It"
Despite its powerful capabilities, Moneytree had only 2-4% market penetration compared to competitors. The platform, originally designed by engineers, had not been updated visually in twenty years. Users reported frustration with navigation, difficulty showing scenario assessments to clients, and having a cumbersome experience for data entry. The outdated information architecture also led to underutilization of the platform’s features.
Despite its powerful capabilities, Moneytree had only 2-4% market penetration compared to competitors. The platform, originally designed by engineers, had not been updated visually in twenty years. Users reported frustration with navigation, difficulty showing scenario assessments to clients, and having a cumbersome experience for data entry. The outdated information architecture also led to underutilization of the platform’s features.
Despite its powerful capabilities, Moneytree had only 2-4% market penetration compared to competitors. The platform, originally designed by engineers, had not been updated visually in twenty years. Users reported frustration with navigation, unclear scenario assessments, and a cumbersome user experience, particularly around data entry. The outdated information architecture also led to underutilization of the platform’s features.
Design Goal
Design Goal
After synthesizing competitive analysis and user research, our objective was clear:
Modernize Visual Design: Make the platform visually competitive and appealing.
Enhance User Experience: Improve navigation, clarity, and ease of use to address user frustrations and awkward workarounds.
Introduce New Features: Add new analysis and visualization tools while retaining existing capabilities.
Expand Market Reach: Appeal to both current users and attract new, younger financial advisors by creating an intuitive, digestible platform.
After synthesizing competitive analysis and user research, our objective was clear:
Modernize Visual Design: Make the platform visually competitive and appealing.
Enhance User Experience: Improve navigation, clarity, and ease of use to address user frustrations and awkward workarounds.
Introduce New Features: Add new analysis and visualization tools while retaining existing capabilities.
Expand Market Reach: Appeal to both current users and attract new, younger financial advisors by creating an intuitive, digestible platform.
After synthesizing competitive analysis and user research, our objective was clear:
Modernize Visual Design: Make the platform visually competitive and appealing.
Enhance User Experience: Improve navigation, clarity, and ease of use to address user frustrations and awkward workarounds.
Introduce New Features: Add new analysis and visualization tools while retaining existing capabilities.
Expand Market Reach: Appeal to both current users and attract new, younger financial advisors by creating an intuitive, digestible platform.
Results
Results
The redesign significantly improved Moneytree's visual appeal and user experience, addressing the key issues identified in user feedback. It not only enhanced retention for existing users but also attracted new financial advisors, setting the stage for increased market penetration and user satisfaction.
The redesign significantly improved Moneytree's visual appeal and user experience, addressing the key issues identified in user feedback. It not only enhanced retention for existing users but also attracted new financial advisors, setting the stage for increased market penetration and user satisfaction.
The redesign significantly improved Moneytree's visual appeal and user experience, addressing the key issues identified in user feedback. It not only enhanced retention for existing users but also attracted new financial advisors, setting the stage for increased market penetration and user satisfaction.
100%
success rate of task completion during usability tests
320%
increase in trial sign-ons
69%
trial users converted into full purchase
THE PROBLEM
Through interviews, users struggled with…
Navigating quickly between sections with co-dependent data, as certain pages prevented access to other parts of the software
Quickly showing metaclients visualizations of their scenarios, as they had to export a full report
Understanding data visualizations and explaining them to metaclients
Efficiently entering data for metaclients without missing important fields that were hidden in other areas
Locating items because they were organized in unexpected categories
Mastering the learning curve, often taking over a year to understand
THE SOLUTION
With the new Moneytree, users can…
Always access the navigation from any page, and quickly navigate between commonly dependent pages due to new information architecture
Present data visualizations from individual analysis pages or from a centralized summary page
Easily interpret graphs with clear legends and simplified visuals
Mass enter and edit data in data entry sections with a drawer without having to start the process over for every item
Easily locate items due to reorganized information architecture
Quickly learn how to use features with built-in Appcues integration
The Process
Research
Research
To kick off the project, I performed a competitive analysis of Moneytree’s main rivals, Right Capital and E-Money. Despite offering fewer features that advisors desired, these competitors achieved higher market penetration, primarily due to their lower barriers to entry. The analysis revealed that while Right Capital and E-Money were visually superior, they lacked the advanced calculation capabilities and flexibility that Moneytree provides to cater to a diverse range of financial clients.
To kick off the project, I performed a competitive analysis of Moneytree’s main rivals, Right Capital and E-Money. Despite offering fewer features that advisors desired, these competitors achieved higher market penetration, primarily due to their lower barriers to entry. The analysis revealed that while Right Capital and E-Money were visually superior, they lacked the advanced calculation capabilities and flexibility that Moneytree provides to cater to a diverse range of financial clients.
I also conducted user research from the beginning to end of the project alongside our UX researcher in the form of card sorting, surveys, user interviews, and usability tests. We validated our assumptions during these tests and created a list of the most critical pain points to address.
I also conducted user research from the beginning to end of the project alongside our UX researcher in the form of card sorting, surveys, user interviews, and usability tests. We validated our assumptions during these tests and created a list of the most critical pain points to address.
Ideation
Ideation
In the original Moneytree, users could not view any scenario assessments without exporting a full report. To address this concern, we decided to focus the new Moneytree on two main modes of interaction: data entry and analysis. The new data entry section would need an entire overhaul of its organization to address user confusion at where items were located, and the analysis sections would contain all necessary visuals of a client's scenario assessment without the need to export a full PDF report. Together with a senior designer, I created sketches for these sections, setting up the initial framework and considering how these concepts could be integrated throughout the entire product.
During this stage, I proposed the concept of using a left-side sidebar for analysis pages that would feature an at-a-glance summary of a client's portfolio. Furthermore, this feature would also allow advisors to quickly present this view to their clients without the effort of having to export a full report filled with highly specific jargon and extraneous visuals. I also proposed the usage of a right-side drawer for data entry which would house all relevant sections within it without navigating the user away from the page, as many users were missing important information sections in the process of data entry due to the location of these fields being on multiple different pages or hidden beneath other sections of the page that were not related. This drawer would also have the option for users to bulk input data to address concerns of data entry being too reliant on repeating the same long process for every entry, when advisors could have up to hundreds of items they needed to input.
In the original Moneytree, users could not view any scenario assessments without exporting a full report. To address this concern, we decided to focus the new Moneytree on two main modes of interaction: data entry and analysis. The new data entry section would need an entire overhaul of its organization to address user confusion at where items were located, and the analysis sections would contain all necessary visuals of a client's scenario assessment without the need to export a full PDF report. Together with a senior designer, I created sketches for these sections, setting up the initial framework and considering how these concepts could be integrated throughout the entire product.
During this stage, I proposed the concept of using a left-side sidebar for analysis pages that would feature an at-a-glance summary of a client's portfolio. Furthermore, this feature would also allow advisors to quickly present this view to their clients without the effort of having to export a full report filled with highly specific jargon and extraneous visuals. I also proposed the usage of a right-side drawer for data entry which would house all relevant sections within it without navigating the user away from the page, as many users were missing important information sections in the process of data entry due to the location of these fields being on multiple different pages or hidden beneath other sections of the page that were not related. This drawer would also have the option for users to bulk input data to address concerns of data entry being too reliant on repeating the same long process for every entry, when advisors could have up to hundreds of items they needed to input.
I then developed higher-fidelity versions of these sketches, including prototypes for A/B testing with users to gain important feedback to determine next steps.
I then developed higher-fidelity versions of these sketches, including prototypes for A/B testing with users to gain important feedback to determine next steps.
In usability tests for the new analysis features, the left-side sidebar proved highly effective on complex pages, such as Net Worth and Cash Flow. Users expressed enthusiasm at the new visuals provided in graphs directly on the page instead of hidden in reports and showed 100% success rate in task completion during usability tests in which users were asked to quickly locate information on these pages with the use of the sidebar and graphs.
The most crucial tests were for the data entry sections, as an intuitive and cohesive process is vital for advisors. Through user testing, we validated the use of the drawer for faster, more organized data entry and its ability to input data in bulk, as 100% of users were able to complete data entry tasks during usability tests much quicker than in tests compared to the original Moneytree.
Both concepts were ultimately implemented in the final product as a result of these successful usability tests.
In usability tests for the new analysis features, the left-side sidebar proved highly effective on complex pages, such as Net Worth and Cash Flow. Users expressed enthusiasm at the new visuals provided in graphs directly on the page instead of hidden in reports and showed 100% success rate in task completion during usability tests in which users were asked to quickly locate information on these pages with the use of the sidebar and graphs.
The most crucial tests were for the data entry sections, as an intuitive and cohesive process is vital for advisors. Through user testing, we validated the use of the drawer for faster, more organized data entry and its ability to input data in bulk, as 100% of users were able to complete data entry tasks during usability tests much quicker than in tests compared to the original Moneytree.
Both concepts were ultimately implemented in the final product as a result of these successful usability tests.
"This is one of the best financial planning softwares I have seen, and I've been doing this since 1999."
Greg Gilbert
CEO | Infinity Financial Services
Moneytree launched early August 2024 with version 1.0. New pages and features are still being developed, and the product has already shown promising results with its updated looks and much improved usability.
Moneytree launched early August 2024 with version 1.0. New pages and features are still being developed, and the product has already shown promising results with its updated looks and much improved usability.
Reflections
Taking on the redesign of a complex financial product within a tight timeline presented significant challenges. I had to independently research contexts and requirements, often working as the sole designer.
The biggest challenge was transforming a highly complex platform designed for users with specialized knowledge into efficient workflows, while avoiding the risk of high-impact errors that could result in significant losses for end users and their clients.
This project underscored the importance of rigorous user research in validating user pain points, leading to exceptionally successful user tests. Additionally, we overhauled cross-team processes to improve communication and hand-offs among PMs, developers, design, and QA in an agile setting, which ultimately led to Moneytree's successful launch on track.
Taking on the redesign of a complex financial product within a tight timeline presented significant challenges. I had to independently research contexts and requirements, often working as the sole designer.
The biggest challenge was transforming a highly complex platform designed for users with specialized knowledge into efficient workflows, while avoiding the risk of high-impact errors that could result in significant losses for end users and their clients.
This project underscored the importance of rigorous user research in validating user pain points, leading to exceptionally successful user tests. Additionally, we overhauled cross-team processes to improve communication and hand-offs among PMs, developers, design, and QA in an agile setting, which ultimately led to Moneytree's successful launch on track.
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