Goal based journeys
User Base
51k
Retention Rate
87%
What are goal based journeys?
The assistant empowers you to achieve your financial goals, from saving for a dream vacation or acquiring a home to securing your retirement or funding a child's education. It acts as your guiding tool, tracking progress and providing updates on your journey towards each goal. The assistant goes the extra mile by managing your portfolio with automatic rebalancing, ensuring your investments stay aligned with your objectives and prevent them from drifting off course.
My Role
For the past 2.5 years, I have been leading the design efforts for our AI Assistant. In this role, I have overseen the design and launch of 10 significant features that had a positive impact on the conversion rate for the platform. I have also spearheaded the creation of a scalable design system for the AI Assistant, ensuring design consistency across both desktop web and mobile app experiences.
Feb 2022 - June 2024
The opportunity
In an effort to enhance the product experience, we introduced goal-based journeys, to drive users to invest against their personal aspirations. Whether aspirations include saving for a dream vacation, acquiring a home, or even planning for long term objectives like securing a users' retirement or funding a child's education, assistant serves as a guiding tool to expedite their journey towards these goals.
Moreover, assistant diligently keeps users informed about their ongoing progress of each of their goals. It goes the extra mile by offering the ability to efficiently manage their investing portfolio. This includes routine rebalancing to ensure that the investments remain closely aligned with the desired objectives, preventing them from drifting too far off course.
Observations & Insights
Research on financial planning against specific goals unveiled insightful details about people's investment philosophies and approaches. A few of the most common responses -
Three main themes emerged based on peoples' concerns -
Clarity
Goal Tracker and flexibility to invest or withdraw freely
Credibility
Credibility of suggestions given and more data to make informed choices
Ease of use
An easy way to engage with a single product to track investments
HMW design a user-friendly goal-based investing experience that offers clear goal definition, effortless tracking, and intuitive portfolio management, empowering users to confidently navigate their investment journey.
Mapping out the user journey
Tailored goal setting
Magnifi streamlines the goal-setting process by offering a curated list of the 10 most common investment goals (dream vacation, homeownership, retirement, etc.). Selecting a goal triggers a series of personalized questions designed to:
Uncover Your Motivation: These questions delve deeper into your aspirations, helping you articulate your reasons for achieving this goal.
Assess Your Financial Fitness: By understanding your current financial situation, Magnifi can tailor investment strategies to your unique circumstances.
This personalized approach ensures your investment journey is well-defined and aligns with your specific goals and financial reality.
Personalized investment projections
Building upon the above answers, Magnifi crafts personalized investment projections. This includes:
Investment Trend Visualization: A user is presented with a clear visual representation of their projected investment trajectory, helping them understand how their portfolio might grow over time.
Estimated Portfolio Growth: Based on a users answers and market data, Magnifi provides an estimated range for their portfolio's potential growth within the chosen timeframe.
This data empowers users to make informed investment decisions aligned with ones goals and risk tolerance.
Building a custom portfolio
If a user is feeling confident about their projected portfolio growth, Magnifi crafts a custom investment portfolio specifically designed to achieve their goals. This personalized portfolio features:
Hand-Picked Holdings: The AI engine carefully selects investment options tailored to a users risk tolerance, time horizon, and financial situation.
Goal-Aligned Strategy: The portfolio composition directly aligns with their chosen goal, ensuring that the investments are working towards the desired outcome.
Taking control of a ones' investments
If a user decides to proceed with the investment, they can then decide to independently manage their portfolio or opt for Magnifi to handle the portfolio, offering a seamless management experience. With regular rebalancing, Magnifi ensures ongoing portfolio alignment, reducing user intervention to the simple task of funding.
Guiding new investors
Magnifi understands that not everyone has a predefined investment goal. For those new to investing, Magnifi offers a dedicated discovery flow. This interactive experience helps one:
Uncovering their investor persona: Through a series of questions, Magnifi assesses ones risk tolerance, investment style, and financial objectives. Based on their responses, we identify your investor persona (example below).
Curated Portfolio Options: Once an investor persona is established, Magnifi presents a selection of pre-built portfolios tailored to their risk profile and investment style. These portfolios follow the same seamless user journey as those built around specific goals.
A few constraints we dealt with -
1.
Each goal-based journey required a new set of information - sometimes warranted a new component to created and uploaded on the design system which proved time consuming.
2.
Although built to support multiple goals being done in parallel, we hit a road block in implementation of managed accounts. Regulatory constraints made the process more complex than we first imagined.
3.
Building awareness around this feature proved a challenge due to the limited space available within the drawer. Currently working on a solution to represent the feature in other parts of the app.