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Digital Stock Trading

Designing a New Standard for Stock Trading on the Nigerian Stock Exchange (NSE) for mobile and web platforms.

  • Year:

  • 2020
  • Sector:

  • Fintech
  • Role:

  • UX Designer

Project Brief

Stock trading on the Nigeria Stock Exchange (NSE) is currently traditional with a high-entry-barrier for non-stock brokers, digital and mobile traders, etc. Also Stock brokering by digital platforms is hugely impacted by the unavailability of any gateway/API providing this service. This platform provides a service that allows for stock brokering, and trading seamlessly for B2B merchants and also for B2C users respectively.

The Challenge

Today if you want to trade on the NSE you will have to trade via a 3rd party agent known as a Stock Broker, and this is often done in person or via proxy. Also, the market is currently run by legacy organisations, preventing new digital entrants into the market. The key challenge to solve was to provide a platform that serves as a gateway/API access for businesses/merchants to become stockbrokers while delivering to mobile users to trade easily on their phones.

Research & Findings

The research for this project was a closed one, and the participants during the surveys were hand-picked based on the criteria set by stakeholders. Although, I conducted a personal open research to understand how stock brokering in Nigeria worked, the demography of stock traders and how the current merchants serve their stock traders. Here are a few findings:

184

Active Stock Brokers

  • All accredited by the Nigeria Stock Exchange

  • No available data on digital stock brokering/trading

  • Customers trade via agents or by proxy

Stanbic

StanbicIBTC Stock Brokers

  • Largest Stock Broker on the NSE

  • Has a digital trading platform 'Stanbic E-trade'

  • Very complex and not-so-appealing UX

0/22

research participants trade on the NSE

  • 9 Trade on the NYSE via digital mobile platforms

  • All assume trading on the NSE is hard

  • All within the age range of 22 - 29

Bamboo

Digital Mobile Trading Platform

  • Access to over 3,000 stocks listed on U.S Exchanges

  • Mobile app with market data, listings and portfolio

  • Plans to list Stocks on the NSE soon.

After my first survey, I carried out a Semi-structured interview to have a more in depth conversation with participants. I recruited 7 participants who are financial services experts, 3 participants who trade stocks internationally, and 2 participants who showed interest in stock trading but are yet to try it out. I grouped the outcome of the interview into four main headings; Trading Literacy and Trust, Lack of Personalization, Tedious Processes, and Market Performance. I illustrated the outcome using a mind map.

This was probably the most informing part of my process, as I got to learn a lot about how stock trading works in Nigeria, the misconceptions, and this particularly informed the communication and copy (Ux Writing) direction for this project. Here is a funny comment from one of my participants;

The first time I decided to look into stock trading, it felt completely complex! I saw a lot of numbers moving around, and a lot of abbreviations and it felt like I need a degree in Maths and Statistics!

Data Synthesis & Solution Hypothesis

After gathering data from surveys, interviews, and market research, I synthesized my findings to align with stakeholder and business goals to come up with a solution hypothesis that addresses each of the categorized problems.

01

How might we simplify the stock trading experience for the average user?

  • Stock trading terms should be easy to grasp

  • Market data should be visualized in simple charts

  • Information provided should aid decision making

02

How might we reduce drop off at sign up for stock brokers and traders?

  • Users should be able to sign up without hassle

  • Documentation should not be cumbersome

  • Data collection should only happen when neccessary

03

How might we personalize the stock trading experience for traders?

  • Users should experience control of their trading

  • Remove the obvious 3rd-party influence

  • Domicile trading activities within their reach

04

How might we build trust to enable digital stock trading adoption ?

  • We can't fix the market, but we can fix the perception

  • Provide highlights on key performers and predictions

  • Communicate events and their influence on the market

User Persona, Story, Flows & Information Architecture

Due to legal constraints, I am unable to show the details of this part of the project

Design Solution

After communicating product requirements with stakeholders, and aligning on several drawbacks using a Feature prioritization matrix , I proceeded to design the solutions agreed on while also intentionally highlighting my rationale behind each direction.

Paper & Ink before Screens and pixels ....

Seamless Sign up.

  • Verify Phone Number
    It is easier for users to verify their account opening just from the comfort of their mobile phones than the email route. 9/10 Nigerians use their mobile phone for a major part of their financial transactions and also to communicate.
  • Collect only required Data
    Data collection can become a headache especially when the users do not understand why they have to provide it. A single sentence would do to explain why, and only collected at that particular stage.

An Immersive
On-boarding Experience

A huge part of the on-boarding experience is personalized as per the clients requirements, unfortunately my non-disclosure clause prevents me from sharing it. But hey! I got more screeeeeennnnnssss!!!!

API Gateway for B2Bs

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