Magnifi - AI Assistant
Reviews
Overview
Overview
Enhancing accessibility to personal investing by providing users with a revolutionary AI-Assistant, empowering them to experience the benefits of having a dedicated investment advisor.
Enhancing accessibility to personal investing by providing users with a revolutionary AI-Assistant, empowering them to experience the benefits of having a dedicated investment advisor.
Goal
In line with our product vision of democratizing personal investing, the goal was to create a personal financial assistant that truly understands users' goals and motivations. We aimed to develop a platform that tailors investment plans specific to each user, taking into account their unique circumstances. Furthermore, we strived to provide personalised recommendations and insights based on their individual goals and current portfolio, offering diverse strategies to optimise their investments
In line with our product vision of democratizing personal investing, the goal was to create a personal financial assistant that truly understands users' goals and motivations. We aimed to develop a platform that tailors investment plans specific to each user, taking into account their unique circumstances. Furthermore, we strived to provide personalised recommendations and insights based on their individual goals and current portfolio, offering diverse strategies to optimise their investments
The design process
When we first decided to launch the feature, design along with the marketing and customer delight teams worked in collaboration, employing a phased approach to introduce the AI-Assistant feature. Throughout the process, we established a continuous feedback loop, relying heavily on user feedback and usability testing to enhance the overall experience. This particular feature was the first of its kind in the industry (pre Chat-GPT), making it crucial for us to prioritise constant improvement.
Initially, the focus was on core functionality, implementing a minimalist design to gauge product engagement. As time progressed, we dedicated out efforts to refining the visual aesthetics and creating delightful user experiences within the chatbot. By adopting this rollout strategy, the product available in the market today has evolved into a user-friven experience, resulting in remarkable user engagement and retention rates the we observe each quarter.
Here are a few examples of the earlier designs vs where we are today:
When we first decided to launch the feature, design along with the marketing and customer delight teams worked in collaboration, employing a phased approach to introduce the AI-Assistant feature. Throughout the process, we established a continuous feedback loop, relying heavily on user feedback and usability testing to enhance the overall experience. This particular feature was the first of its kind in the industry (pre Chat-GPT), making it crucial for us to prioritise constant improvement.
Initially, the focus was on core functionality, implementing a minimalist design to gauge product engagement. As time progressed, we dedicated out efforts to refining the visual aesthetics and creating delightful user experiences within the chatbot. By adopting this rollout strategy, the product available in the market today has evolved into a user-friven experience, resulting in remarkable user engagement and retention rates the we observe each quarter.
Here are a few examples of the earlier designs vs where we are today:
Highlights
Tracking Users Financial Goals
Tracking Users Financial Goals
One of the stadout features of assistant is its goal-based investing functionality. 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.
One of the stadout features of assistant is its goal-based investing functionality. 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.
Reviews
External Account Integration
External Account Integration
As an intelligence platform, it was crucial for us to minimize the reliance on creating new brokerages as a prerequisite to accessing our full range of product offerings. Our target audience primarily consisted of experienced investors, and it was observed that approximately 90% of them already possessed a brokerage account prior to visiting Magnifi. This presented a significant barrier to product engagement.
To address the issue, we implemented 3rd party integrations, enabling users to link their existing accounts. This feature empowered us to retrieve data based on their current investments, eliminating the need for users to duplicate efforts or undergo tedious onboarding processes. By streamlining the data feed from their linked accounts, we significantly enhanced the UX and provided a comprehensive view of their investmensts.
The impact? $397M in AUM through external accounts within the first 4 months of launch.
As an intelligence platform, it was crucial for us to minimize the reliance on creating new brokerages as a prerequisite to accessing our full range of product offerings. Our target audience primarily consisted of experienced investors, and it was observed that approximately 90% of them already possessed a brokerage account prior to visiting Magnifi. This presented a significant barrier to product engagement.
To address the issue, we implemented 3rd party integrations, enabling users to link their existing accounts. This feature empowered us to retrieve data based on their current investments, eliminating the need for users to duplicate efforts or undergo tedious onboarding processes. By streamlining the data feed from their linked accounts, we significantly enhanced the UX and provided a comprehensive view of their investmensts.
The impact? $397M in AUM through external accounts within the first 4 months of launch.
Reviews
Cold Start
Cold Start
One significant challenge we encountered after launching the AI assistant was a lack of user engagement and retention. After conducting remote testing and analyzing heatmap insights, a key observation emerged: many users struggled to progress beyond the initial touchpoint, unsure of how to get started. The assistant seemed to lack the capability to guide users in exploring its wide range of features
A staggering 74% of active users only interacted with the prompts provided during the initial setup, while 11% of users didn't even initiate any conversation. To address these usability issues, I developed a more user-friendly and interactive introduction flow. This new approach showcased the most popular features that users could explore to kickstart their journey with the assistant.
The result? A remarkable reduction in friction during the initial weeks of the launch, leading to a decrease in the lack of engagement to just 28%. Subsequently, we continued to fine-tune the user experience, implementing multiple adjustments to further enhance engagement metrics and ensure the assistant's continued success.
One significant challenge we encountered after launching the AI assistant was a lack of user engagement and retention. After conducting remote testing and analyzing heatmap insights, a key observation emerged: many users struggled to progress beyond the initial touchpoint, unsure of how to get started. The assistant seemed to lack the capability to guide users in exploring its wide range of features
A staggering 74% of active users only interacted with the prompts provided during the initial setup, while 11% of users didn't even initiate any conversation. To address these usability issues, I developed a more user-friendly and interactive introduction flow. This new approach showcased the most popular features that users could explore to kickstart their journey with the assistant.
The result? A remarkable reduction in friction during the initial weeks of the launch, leading to a decrease in the lack of engagement to just 28%. Subsequently, we continued to fine-tune the user experience, implementing multiple adjustments to further enhance engagement metrics and ensure the assistant's continued success.
