⌛ Saving Financial Advisors time by 90% by faster password management 😇
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⌛ Saving Financial Advisors time by 90% by
faster password management 😇
⌛ Saving Financial Advisors time by 90% by
faster password management 😇
Project Overview
Company
Wylth - B2B Fintech Startup
Industry
Wealth Management, SAAS
Timeline
Jan 2023 - Feb 2024
Status
Shipped & LIVE
Team
1 Designer, 1 Design Manager,
1 BA, 1 QA and 1 Developers
Buisness Impact of Redesign
🎉 The new UX led to the faster password management from average time of 30 minutes to around 2 minutes
Product Overview
“Wylth® is a Wealth-Tech Platform as a Service (PaaS) designed for financial advisors (IFAs and RIAs).
It covers the entire customer lifecycle including onboarding, transaction management, reporting, and portfolio management.
Users of Platform
For ease, I will address them as Advisors / Users throughout the project.
IFA / RIA
IFA’s/ RIA's are independent financial advisors; They are the primary users of the platform who manage their clients finances and assets.
CRM
Customer relation manager is the Wylth support team who takes care of smooth operation efficiency by workflow management and communication
Role of BSE Star & NSE NMF
BSE Star and NSE NMF are Mutual fund transaction platforms.
BSE Star
It is an online platform by the Bombay Stock Exchange.
It enables IFAs to efficiently manage client portfolios through electronic transactions.
NSE NMF
It is an online platform by the National Stock Exchange in India
It provides a digital space for IFAs to manage mutual fund transactions efficiently.
Why did we do this project?
The existing password management process was tedious and time-consuming, making it difficult for IFAs to access their accounts quickly.
This led to delays and added friction in completing transactions, impacting their workflow and efficiency.
The Problem
This simple rule from BSE created an unexpected UX nightmare.
Here’s how password management used to work:
Every 30 days, the IFA would manually reset their password on the BSE portal.
They’d then inform Wylth’s support team through email or chat.
The support team would update the password in the backend.
Only then could the IFA resume client transactions.
It was a multi-step, manual, back-and-forth process that could take up to 30 minutes each time.
If any step was delayed, or the password wasn’t synced in time?
Transactions failed.
Support queues flooded
How might we?
How might we make password management simpler and more efficient for IFAs and CRM users?
Existing User Journey
Every 30 Days, IFAs creates a new password on the BSE Portal.
They then inform the app support team about password change
The app support team manually updates the password on backend
IFAs can then initiate transactions successfully
This process repeats every 30 days
Desired User Journey
To create front end on the platform to streamline the process by allowing IFA's & CRM users to directly save, create and update password.
Challenges
Multi-step and complex process involving multiple stakeholders
Requires constant communication between IFAs and support teams.
Time-consuming process causing frequent delays
Multi-step and complex process involving multiple stakeholders
Requires constant communication between IFAs and support teams.
Time-consuming process causing frequent delays
Current Scenario
BSE API Integration on Wylth
Integration of the BSE API lets Advisors initiate transactions on behalf of their clients (Investors).
BSE Regulations
As per BSE regulations the password needs to be updated on the portal every 30 days
Back and forth Communication
IFA’ s resets the password every 30 days. This updated password is then communicated to the app support team, who syncs it on the back end.
No scope for Error
Any lapse in updating the password within the time frame of 30 days results in transaction failures.
Problem Identification
1.
IFA needs to create a new password manually on the BSE portal every 30 days.
It causes users to create similar password and come up with predictable password. This can be exhausting and tiresome.
2.
For the CRM users, there is no front end where they can view and manage all the passwords
Currently everything is managed from the backend by the application support team and involving multiple back and forth communication.
3.
IFA needs to communicate to the app support team to update the new password every time they change the password.
Post this, the application support team saves the new password on back end. Failure/issues communicating can cause transaction failure.
Defining User Actions
Update/Save Passwords changed on BSE/Other platforms:
Users should be able to effortlessly update their existing passwords on Wylth Platform.
The date on which the password was created on BSE portal is to be collected.
The password expired date to be created (30 days after after creation date) on the basis of submitted date
Create Passwords (Auto & Manual): For IFA's and RIA's
Give user the option to manually create passwords
Give users the option to enable/disable auto update passwords
Auto generated passwords to be send to IFA's on email
View Passwords: For CRM Users and IFA's / RIA's
Provide a secure and user-friendly method for users to view their stored passwords.
Users should be able to view password by giving a command and should be by default off.
Consideration for Design Decision -1
User Assumption
We assumed that users may find it challenging to recall the exact date of their last password change.
Collecting and managing these dates manually could lead to errors and create friction in the user experience.
Avoiding Friction:
To eliminate potential friction arising from incorrect date entries or users forgetting to update correct password date on time,
we thought of not collecting specific dates
Reset Prompt for Auto Update Password
When a user opts to turn on the auto-update feature, we prompt them to reset their password immediately.
This eliminates the need for them to remember the last update date.
Password Change to be Authorised by OTP
The OTP is needed to make sure that the IFA is giving consent for the same.
It strengthens security for IFA platforms by adding an extra layer of identity verification
Design Exploration
Success & Error State
Setting New Password
Updating Password for New user
Design Iteration Considerations
Will the IFA be able to authenticate the password each and every time?
Consider use case where there can be multiple account under one ARN/RIA Code?
Can we make a common flow suitable for new users as well as existing users?
Is prompting to create a new password each time auto updating the best option?
Design Trade-off
We compared the impact of 2 design directions to do the necessary trade-offs
New Password Creation Based Auto-Update
Action - When the user turns on auto update, they will be asked to set a new password post which the auto updating of password is done every 30 days.
Have to create a new password
Not have to remember/know the password creation date.
Users might have to update passwords on all platforms
Date-Based Auto-Update
Action - When the user turns on auto update, the date when the user last updated their password is collected and the auto updating of password is done every 30 days.
Not have to create a new password
Have to remember/know the password creation date.
Users might have to update passwords on all platforms
We went with Date base auto-update
Less Friction for Users – Users do not have to create a new password upfront when enabling auto-update, which simplifies activation.
Automation with Minimal User Effort – The system automatically updates passwords every 30 days without requiring the user to intervene.
Better Scalability – Works well for both new and existing users without forcing unnecessary password resets.
Design changes after discussion
Tabular View for consolidated view of multiple accounts together.
Saving existing password as a primary task for new as well as existing users.
Collecting date of when they last updated the password on BSE.
Keeping Auto Password toggle while saving as well as creating a new password.
Any Password Change/Update will be informed to IFA via email and not authorised through OTP.
Final Screens
Popup - Updating Password for New & Existing User ; Auto Renew : ON
Navigation Screen for IFA's/ RIA's
Success & Error State
Impact
The NEW feature reduced the time for the entire process from 30 Minutes to 2 minutes