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JP Morgan
Demonstrating tangible value through user-
centred experience design
Overview
In the high-stakes world of investment banking, every system must be seamless. However, JP Morgan's existing trading quote system (RFQ) had evolved organically, often at the expense of user experience. Missed quotes, a symptom of design neglect, were impacting the firm's revenue. Another system, Interest Rate Swaps presented another level of complexity and challenge. The question arose: could a user-centred design approach transform these crucial systems within the distinct environment of an investment bank?
The Challenge
Two primary challenges arose:
1.
Trading Quote System (RFQ): The original design was rife with inefficiencies, leading to frequent missed quotes and revenue losses.
2.
Interest Rate Swaps: Recognised as one of the most intricate trading areas, crafting a solution here required design expertise and a nuanced understanding of the trading landscape.
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A trader’s work desk is an extremely complicated and intensive environment.
Specific challenges for interest rate swaps:
1.
In-depth Collaboration: Grasping the complexities of this trading sector was paramount. The design would falter without a deep understanding.
2.
Branding as Trust: The new system wasn't just a tool; it was positioned as a branded product. A distinct design language was imperative for trust and consistency.
3.
Global Insights: Observations spanned across London and New York, ensuring a comprehensive understanding of user needs.
4.
Visual Precision: Given the nature of interest rate swaps, information graphics were pivotal. Proper data visualisation and interpretation were non-negotiable.
Approach
As the Creative Director and Client Lead, I adopted a hands-on strategy:
1.
User-Centric Research: The foundation was laid with user observations, interviews, and heuristic evaluations. These insights unveiled the system's pain points.
2.
Collaborative Design: Key users and stakeholders were enrolled for collaborative design sessions. This approach ensured the redesign catered to real user needs and bought buy-in from the key users.
3.
Prototyping and Iteration: Before the final build, prototypes underwent rigorous testing and refinement.
4.
Technical Collaboration: we partnered closely with JP Morgan's programming team post-design. This ensured our designs were brought to life with pixel-perfect accuracy.
Mapping people, processes AND system garnered some key insights.
Go-to-market Strategy:
Upon launch, the redesigned trading quote system (RFQ) demonstrated immediate results. Traders, despite no prior training, adapted seamlessly. With its compelling design language, the interest rate swaps system emerged as a branded product within JP Morgan's portfolio.
Many iterations of scenario mapping and wireframe/prototyping occurred throughout both projects
Outcomes:
Within a week, the trading quote system witnessed a staggering 33% reduction in missed quotes. It served as a testament to the potential of user-centric design in a banking environment. The interest rate swaps system, recognised as one of JP Morgan's finest in-house innovations, has been used for over half a decade since its inception.
RFQ results: After launch, there was an instant 33% drop in missed quotes, accounting for a significant amount of money saved. All despite there being zero training on the system.
Design system for Insight , the Interest Rate Swap system
Personal reflection:
Navigating the complexities of investment banking systems underscored the indispensability of collaboration and deep understanding. Whether revamping an existing system or crafting a new solution, grounding every decision in user needs proved paramount. The success at JP Morgan reaffirms the potency of user-centric design, even in the most intricate sectors.
Start up animation for Insight, the Interest Rate Swap system
Final visual designs for the Insight system
