Investing is complex, scary and boring. It's also an important tool in managing one’s financial future.
To solve this, DBS publishes many easy to understand, informative investment articles through NAV University.
This would greatly benefit beginners,.. If only they read them.
After speaking to a group of DBS users, I determined that a significant target audience of NAV University are beginners who want to improve their knowledge on investing.
Despite this, most users have not read the resources on NAV University before. Some users didn’t know NAV University existed, despite having used the DBS app for years.
From these interviews, I identified 3 main issues with the existing user experience:
1. HARD TO FIND
Most users were not aware that these articles existed. The articles are accessed through an in-app browser deep in the DBS app, outside of features that users typically use.
2. PAINFUL TO READ
Users shared that the content of the articles were dry, and too long.
Put the two together and we get content that requires a lot of energy and willpower to read.
3. Cliche and clickbait-y
The articles looked like clickbait and scammy advertisements to some users. They disliked the “suspicious” headlines and generic stock photos. These discourage users from viewing the articles.
I also created a user journey map to understand the key parts of a user’s experience when learning about investing.
How might we make NAV University enjoyable and easily accessible?
With the above issues in mind, I identified some user needs and considerations. I wanted a NAV University that streamlined learning, and encouraged users to continue their self-initiated education. This translated into the following needs:
1. GUIDED
Provide users with the resources they need to start their learning journey with minimal effort.
Users just turn up, and everything is there.
2. EASE OF ACCESS
Reduce the inertia to learn and increase outreach to users by ensuring that information can be easily found.
3. PLAYFUL
Learning about investment is already dry to begin with.
Let’s make the experience more enjoyable and human.
Before I began designing, I took a look at existing competitors to get a better understanding of the market. Additionally, I looked at other educational applications and related articles to identify the best practices for education apps.
INVESTMENT EDUCATION
Most platforms have “Investment 101” articles, providing necessary guidance for beginners.
However, these articles are usually lengthy and can get complex, requiring significant time commitment. This can also result in information overload and discourage beginners from reading on.
The articles often provide many resources. However, these extended lists of external URLs can distract & overwhelm users.
Although minimalistic, long paragraphs with no illustrations will bore users. Financial jargon and complex language is also often used. This might confuse users who are really new to the world of investing.
Beginners must also independently sieve through articles of different complexities to identify what is best for them. Any further guidance is limited. This requires the user to be able to take charge of their own learning. This can create greater inertia to learn, especially if users don’t know where to continue.
There are many articles to read. On Seedly, there are over 120 articles tagged as “Beginner Investing.” This can result in choice overload, and overwhelm a beginner.
Articles are suggested in no particular order. Users have to independently determine which articles to read. This increases a beginner’s mental load.
HOW TO ENCOURAGE LEARNING
I also looked at popular educational platforms. These include Duolingo, IxDF, Khan Academy and edX. Common patterns present include:
2. A variety of media formats (e.g., text, video)
3. Short quizzes to test knowledge
4. Commitment setting
5. Gamification to encourage users to return (e.g., leaderboards, points, streaks)
I tested the prototype with some participants. From this, I identified 3 main insights:
1. Not stimulating
Users shared that they were still bored reading the articles, and were likely to skim or mentally check out.
Some users also prefer a colourful interface with more illustrations.
2. Inconvenient to use
Users don’t want to download another app. They prefer everything compiled in a single DBS app.
3. HIGH DROP-OFF RATE
Participants shared that if left alone, they'd likely fall off and stop using the app.
Though the progress bars helped track progress, some participants felt that over-emphasis on it resulted in them feeling guilty for not progressing fast enough.
While participants liked the ability to take notes, they shared that they might not actually use the feature. Some participants also struggled to add a note, and all participants would not have known about it without the task.
Since the feature requires significant improvement and is only ancillary to the app’s educational purpose, I did not focus on it for next iteration.
I iterated on the designs with the above issues in mind:
Increase interaction and improve attention with quizzes
I brainstormed for a way to make NAV University more stimulating, and decided to use short quizzes. This would test the understanding of users, whilst allowing for a change in activity.
The microcopy also uses positive affirmations with a focus on effort rather than results, to avoid users feeling discouraged when they make a mistake.
Alternative ways to improve access
Instead of having NAV University on a standalone app, I kept it within the existing DPS app. To increase the visibility and accessibility of NAV University, I added it as a shortcut on the existing “Invest” page.
Actionable notifications also remind and encourage users to engage in lessons.
Motivate learning and reduce inertia
I shifted the focus of the onboarding flow to one that encourages users to be more conscious of their motivations behind learning to invest.
I also added an interactive graph to the onboarding flow, to allow users to immediately see the benefits of investing.
Hopefully this further encourages users continue their education.
Taking reference from DBS’ existing web design, I created mock-ups of possible web designs. The intention is to keep things clean and easily scanned.
Any further designs would first require input from DBS, as to the feasibility of the existing redesign. I would also like to conduct further usability tests with actual content and users, for instance to see whether the lessons are split up too much.
I’d also like to focus on improving the note feature. All users shared that it would be useful, but they struggled with using it. I thus think that there is value in further exploring this feature, albeit in the future.
I used the DBS Digital Design System, with references taken from the existing application. It was a fun challenge trying to make the design more fun and excitable within the constraints of the design system.
This was also a good experience for me to work on balancing user with company needs. It was initially a struggle to balance advocating for users whilst still thinking of the company’s purpose and bottom line. For instance, I wanted a more interactive and in-depth way for users to practice investing, but the tradeoffs were not in line with my understanding of NAV University’s purpose.
Such considerations are necessary, as it is only when design can value-add to business metrics does it gain a seat at the discussion table.
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