building an AI assistant

Magnifi aimed to make personal investing assistance accessible to all users with the introduction of the Gen-AI Assistant; by understanding their financial goals and motivations.

The goal was to offer tailored investment plans based on each users unique situation, providing personalized recommendations and insights to optimize their portfolio and investment strategies.

Evolution of the platform

The initial beta launch, released to only a 1000 users, prioritized a core objective: understanding how early users interact with the platform; with the focus being on function and not form. It was built simplistic on purpose; a chatbot interface which allowed users to ask questions and Magnifi provided text based answers in response.

Despite the limited set of features - the test proved successful, generating a wealth of user feedback and data. This valuable user input informed our decision to prioritize the next steps and future roadmap.Some key user insights and conversations noticed during this beta phase were -

1. Goal Optimisation - The majority of conversations involved users trying to invest against a specific goal in mind and have the assistance suggest investments that would support that goal

   
   

2. Investment Research - Users also looked to compare different investments to understand granular details before proceeding to invest

   
   

3. Portfolio Performance - Some users wanted to analyse their own portfolio and have Magnifi highlight the specific risk areas and suggestions on how to update the same

User Base

Our primary audience believes investing is their path to financial freedom. They’re level headed, not gamblers. They envision the power of the markets and responsible strategies with a little guidance, would empower their futures.

Notably, approximately 74% of our users are mobile-first, accessing our app via their phones, reflecting the contemporary trend towards convenient and accessible investment platforms.

Investors who self-identify as having limited or good experience with investing made up nearly 80% of Magnifi members prior to the launch of the AI Assistant

User needs and journey

Understanding our users is paramount. To achieve this, we identified distinct user personas, representing the different types of investors who utilize Magnifi.

We didn't stop there. We took a deep dive into each persona, meticulously mapping out their ideal investment journey. This process involved pinpointing their most critical needs – the aspects of Magnifi that would deliver the most value to them.

Here we identified that some needs were common, like planning for a goal and some were bespoke, for example the early investor needed a lot of guidance and help whereas the established investor needed the ability to create mock trading accounts after linking their multiple portfolios directly onto the platform.

Feature Prioritisation

From the beta phase and identifying user needs and personas - it gave us a good understanding of what type of features they were looking for in a product like and as a result, allowed us to prioritise scaling the platform to accommodate these set of features.

Of course, this wasn't done in one go - through an execise along with the product folks and leads - we mapped a impact vs effort matrix to identify the lowest hanging fruit in terms of features and prioritised the roadmap accordingly.

The Initial Roll Out

Based on the insights gathered above - we arrived at a solution that a dedicated section within the assistant for users to explore all available insights was required. This ensures a seamless user experience while maintaining the conversation window as the primary interaction point.

What we focussed on -

But..

There were a few drawbacks and feedback from users that had impact on usage and retention on the platform. A few of them being -

Evolving to meet user needs

Our commitment to user-centricity drove a critical decision. Through user research and analysis of the V1 platform usage, we identified a need to enhance Magnifi's scalability and support a wider range of user experiences as well as addressing key drawbacks that we noticed in the flow that hampered engagement. (user flows).

To achieve this goal, we embarked on a strategic redesign. This involved carefully deconstructing the existing user experience and making key design decisions to enhance the platform experience. Throughout this process, we ensured the new Magnifi prioritized the following:

1. Fulfilling evolving user needs: The redesigned platform directly addresses the revised user needs identified through research.

   
   

2. Scalability for future growth: The new architecture ensures Magnifi can seamlessly accommodate a growing user base and future feature additions.

   
   

3. Supporting diverse user journeys: The redesigned user flows cater to a wider range of user types and investment goals.

The Design System

Building Magnifi from the ground up presented a unique opportunity. We weren't just crafting a platform; we were laying the foundation for a holistic user experience.

This included the development of a comprehensive design system, built to scale alongside the product itself. The design system ensured:

1. Visual Consistency: A unified design language across the app and website, guaranteeing a seamless user experience.

   
   

2. Scalability for Growth: The design system is flexible and adaptable, allowing for future expansion without compromising visual coherence.

   
   

3. Custom Design Elements: This includes the creation of unique iconography and illustrations specifically tailored for the insights section, enhancing user engagement and clarity.

Design Principles

To ensure a seamless user experience and the ethical implementation of AI, I established a set of core design principles. These served as the project's backbone, balancing intuitive functionality with a firm commitment to data privacy.