Magnifi - AI Assistant
Lead Designer - June 2022 - Present

Reviews

What is Magnifi AI Assistant?

What is Magnifi AI Assistant?

Magnifi is an AI-powered investing platform that uses artificial intelligence to empower users to make informed investment decisions. It provides functionalities like:

Conversational AI assistant: Ask questions and get investment guidance tailored to ones needs.

Investment research tools: Analyze data and compare investment options.

Portfolio management: Build and optimize an investment portfolio.

Commission-free investing: Investing directly through Magnifi (optional).

Overall, Magnifi aims to democratize investing by making it more accessible and user-friendly through AI technology.

The 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

This brief outlines the design process for our innovative AI assistant, launched with a phased approach emphasizing user feedback and continuous improvement.


Initial Design & Launch: A simple design focused on core features was launched to assess user interaction and gauge core functionality value.

User Feedback & Iteration: Feedback from user engagement was channeled through a collaborative effort between design, marketing, and customer delight teams.

Iterative Refinement: Based on the gathered feedback, the AI assistant's UX and visual design were iteratively improved.


Outcome:

Through this user-centric design process, the AI assistant evolved into a highly engaging and well-retained product.


Here are a few screens on the evolution of the design (BETA vs. current versions):

This brief outlines the design process for our innovative AI assistant, launched with a phased approach emphasizing user feedback and continuous improvement.


Initial Design & Launch: A simple design focused on core features was launched to assess user interaction and gauge core functionality value.

User Feedback & Iteration: Feedback from user engagement was channeled through a collaborative effort between design, marketing, and customer delight teams.

Iterative Refinement: Based on the gathered feedback, the AI assistant's UX and visual design were iteratively improved.


Outcome:

Through this user-centric design process, the AI assistant evolved into a highly engaging and well-retained product.


Here are a few screens on the evolution of the design (BETA vs. current versions):

Reviews

Tracking Users Financial Goals

The assistant empowers people to achieve your financial aspirations, big or small. Whether it's a dream vacation, a new home, or securing their retirement, the assistant acts as their personalized guide.


Two important product offerings were :

  • Goal Tracking: Monitor progress towards each goal and receive updates on ones' journey.

  • Automated Rebalancing: The assistant keeps a persons portfolio aligned with their goals, ensuring their investments stay on course.

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Exernal Account Integration

Recognizing that our target audience of experienced investors (90% with existing accounts) didn't want to create a new brokerage, we prioritized 3rd party integrations. This eliminated the friction of creating a new account and allowed users to link their existing holdings. By streamlining data from linked accounts, we provided a comprehensive view of their investments, significantly enhancing the user experience.

Summary Of Accounts Linked

$1.7B in AUM through external accounts within the first 6 months of launch.

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Portfolio Analysis

Magnifi's initial launch allowed users to connect their external accounts and ask questions about their holdings. However, this approach had a limitation. Users often weren't sure what insights to seek or what questions to ask the AI.


To address this, we implemented a guided portfolio analysis that automatically launches when users link an external account. This walkthrough provides a "health check" of their portfolio and compares it to market benchmarks. This gave a glimpse of the immediate value that is provided which is followed by a series of prompts to get a user started.

Analysis Against Market Benchmark & Future Risk Analysis

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Cold Start

Initial launch data showed low user engagement with the AI assistant. Remote testing and heatmap analysis revealed a key issue: users struggled to navigate beyond the initial interaction, unsure how to explore its functionalities. A significant finding: 74% only interacted with setup prompts, and 11% didn't even initiate a conversation.


To address this usability gap, a new, user-friendly introduction flow was developed. This interactive approach showcases the assistant's most popular features, providing users with a clear path to explore its capabilities and kickstart their journey.

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65% increase in new-user engagement on their 1st visit

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Extended Usage

With Magnifi's AI Assistant reaching its current mature state, a formal design system was implemented. This system not only fostered consistency within Magnifi but also enabled the efficient scaling of similar platforms across the company by leveraging pre-built components inspired by Magnifi's design.

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