Context.
Hong Kong MPF is a compulsory pension scheme for retirement protection. However, users struggle with navigating and optimizing their MPF investments due to a lack of personalized guidance, complex financial jargon, and frustration with existing tools.
Partnering with Manulife, the top MPF provider in Hong Kong, we developed an AI-driven tool to simplify the pension planning process and offer personalized advice, addressing users' pain points.
Syfe is a digital investment platform with a mission to empower people to build their wealth for a better future.
Challenges
Designing an AI pension tool for two collaborating corporates involves significant challenges. Ensuring rigorous compliance with financial and regulatory requirements, balancing innovation with user trust and ensuring the tool is user-friendly while handling sophisticated pension calculations adds further complexity. These challenges demand meticulous planning and a deep understanding of both AI and financial services.
Outcome
The pilot journey has promoted to 100,000 customers via 100 employers/corporates and multiple events.
Tier 1 media joint PR and coverages with Manulife will help Syfe HK establish more trustworthy brand, while the access to Manulife quality customers brought massive distribution opportunities
Role
UX Designer
Timeline
6 months
01. Understanding the problems
Findings
71%
have difficulty in managing their MPF investments
53%
lack sufficient knowledge in portfolio management
02. Ideation and concept development
Methodologies & Challenges
S
L
Journey Mapping
Mapped out the user journey to identify touchpoints and opportunities for improvement.
Given our partnership with another platform, it is imperative to harmonize the user experience seamlessly between the 2 platforms.
Workshops
Facilitated brainstorming sessions with stakeholders, including advisories, marketing, compliance , and developers.
Compliance, partner requirements, and development constraints must all be integrated into the design.
02. Ideation and concept development
Challenges
Existing onboarding screens
To ensure compliance and understand users' needs better, around 25 questions should be asked, but users might drop off due to the lengthy questionnaire.
Onboarding Flow
Discover
Intro
Account creation
Suitability
AI result
How can we enhance users' emotions to keep their focus engaged throughout this lengthy, boring, frustrating procedure?
03. Design solution
Hypothesis
Hypothesis
Maybe a chatroom interface can help to enhance the onboarding experience!
User Engagement
Chat interfaces tend to be more engaging, providing a conversational and interactive experience that can keep users more involved
Simplicity and Ease of Use
Users may find it easier to answer questions one at a time rather than dealing with a complex form all at once.
Reduced Cognitive Load
By breaking down the process into smaller, conversational chunks, a chat interface can reduce the cognitive load on users, making the task feel simpler.
Let’s find out
03. Design solution
User Test
Internal User Testing
To confirm my hypothesis, I have invited 10 colleagues to participate in a test. They will need to complete the onboarding process and rate their satisfaction afterward.
Time on Task
4m20s
Overall experience
4.8/10
Old
New
Time on Task
Overall experience
7.6/10
3m50s
Faster
More satisfied
03. Design solutions
Launch & User Flow
Discover
Intro
KYC+Suitability
Result
Manulife directs selected pilot clients to Syfe’s digital retirement advisory tool from its website, EDMs and other means.
Collects name, email and mobile number for account creation.
Conducts suitability assessments according to MPF guidelines to assess user’s risk profile.
Matches user’s risk profile with risk level of funds in the recommended portfolio according to MPF guidelines; and obtains client agreement on the results with clear explanation.