A-Team Webinar: 5 Key UX Insights from Our Data Science Expert
On October 15, A-Team hosted a live webinar, Smart Trader Desktops: Placing UX Front and Centre, sponsored by Devexperts.
In this article, we’ll summarise the key topics of discussion—which spanned from best practices in UX design, and practical implementation advice to the integration of emerging AI and GenAI applications—all aiming at achieving optimal UX solutions.
Guest speaker: Ivan Kunyankin of Devexperts
Ivan Kunyankin, Data Science Team Lead at Devexperts, brings over six years of experience in machine learning and AI, particularly in the fintech sector.
Over the past three years, Ivan has been dedicated to advancing AI applications, including developing Devexa, an intelligent omnichannel communication platform tailored for brokers and funded trading firms.
During the webinar, Ivan discussed Devexa’s user-centric design and shared insights into his team’s journey in enhancing trading data analysis and risk management technologies.
5 key insights shared by Ivan
- UX prioritization in trading workflows for different client types
Ivan shared how various client types, namely retail versus institutional, prioritize UX in their trading workflows.
He emphasized that while UX is critically important to both client types for efficient operation and user satisfaction, their focus on specific elements of UX can differ significantly.
Retail clients
Retail clients tend to value platform accessibility, cross-platform functionality, and personalization highly.
This demographic looks for intuitive interfaces that don’t overcomplicate processes, making trading accessible to users with varying levels of expertise. Features like multi-language support and personalization, which tailor the trading experience to individual preferences and behaviors, are seen as essential.
Institutional clients
On the other hand, institutional clients tend to prioritize functional components above aesthetic or user interface (UI) elements.
These clients focus on features that handle high loads efficiently, advanced widget functionality, and customization options that cater to their specialized needs. Although visual appeal and accessibility are less critical for this group, the functionality that supports high-volume, complex trading activities is paramount.
Ivan noted that the industry is highly competitive, with standards for UX and accessibility now so well-established that the necessity of investing in UX is unquestioned. Both client types recognize that a ‘one-size-fits-all’ approach is inadequate.
The challenge lies in understanding each client’s unique needs during initial discussions and crafting a UX strategy that balances these requirements effectively.
- Implementing UX design for a trading platform
Ivan also shared insights from a recent project—implementing a new UX design for a North American bank’s trading platform.
The project’s primary objective was to introduce new features and a custom design that prioritized accessibility, aligning closely with W3C guidelines.
The Devexperts team faced several challenges during this project. The foremost was ensuring the platform met stringent accessibility standards without compromising on functionality.
This involved reworking various interface elements such as text contrast, font sizes, and data validation notifications to support different languages, keyboard inputs, and screen reader technologies.
A significant change was the need to avoid using color as the sole indicator for state changes, which required innovative design solutions.
Additionally, extensive research was conducted to understand how to harmonize UX with accessibility requirements and user demands, often finding that regulatory standards and functionality needs could be at odds.
This complexity was compounded by the client’s specific needs, which sometimes varied significantly due to different regulatory environments or market segments they operated in, such as those involving blockchain technology.
The key learning that emerged from this project, was how to successfully create accessible platforms that do not sacrifice user experience or functionality.
These learnings have now been integrated into Devexperts’ base platform design.
- The role of AI and GenAI for UX within trading platforms
The transformative role of AI and GenAI on UX within trading platforms, particularly through the integration of conversational assistants, was a key talking point.
These advanced technologies are increasingly used to streamline workflows and improve engagement by automating routine tasks and providing personalized assistance.
A prime example Ivan provided is Devexa, Devexperts’ AI assistant, which has been pivotal in automating the Know Your Customer (KYC) process.
Devexa has significantly increased the conversion rate for completing KYC requirements, showcasing a direct impact on operational efficiency.
This automation not only speeds up the process but also frees up resources to focus on other critical tasks, enhancing overall platform performance.
Devexa also plays a crucial role in the first line of user support. Through data analysis, she understands and anticipates trader needs, which has led to the integration of features such as AI Technical Analysis.
The AI-driven personalization extends to recommending trading instruments for watchlists and reranking news feeds based on user preferences and behaviors, making traders feel more supported and engaged.
This level of personalization has led to increased user activity and higher satisfaction scores, as traders receive a more tailored and efficient service.
- Balancing automation with human elements of UX
Ivan addressed the critical balance between automation and human elements in UX design within the context of AI and GenAI advancements in trading platforms.
He emphasized that while AI can significantly enhance efficiency and user experience, it is crucial to maintain a human touch for certain interactions and decisions.
Practical considerations (and common pitfalls) for maintaining this balance include:
Selective automation
Trading platforms should carefully evaluate which processes are suitable for AI automation. For example, routine processes like KYC can be automated to enhance efficiency, whereas more complex decisions such as account management may still require human oversight.
Fallback options
It’s essential to have mechanisms that allow a shift from AI-driven actions back to human intervention. This means that users can still seek human assistance when AI does not meet their needs or when they prefer human interaction.
Iterative approach
The integration of AI should be viewed as an iterative process. This involves continuous monitoring and adjustment of the level of automation based on effectiveness and user feedback. Reducing automation when necessary helps maintain trust and reliability.
Regulatory compliance
One of the significant pitfalls is the failure to consider regulations that might restrict certain AI functionalities. It is vital to ensure that all AI implementations are compliant with existing laws to avoid legal complications.
Managing expectations of AI capabilities
There is a risk of expecting too much from AI technologies, such as large language models (LLMs), which might not always deliver the desired outcomes in every context.
Cost and effort underestimation
The financial and operational costs associated with running sophisticated AI systems can be substantial. Often, these costs are underestimated, leading to budget overruns and resource allocation issues.
A balanced approach should respect the capabilities and limits of AI, incorporate user preferences for human interaction, and adhere to regulatory requirements.
This balance ensures that the platform remains user-friendly, compliant, and financially viable.
- Measurable benefits of optimal UX solutions: Metrics
Ivan was asked about the measurable impacts of investing in optimal UX solutions on trading platforms. He shared some of the KPIs Devexperts uses to evaluate the success of their UX projects.
First trade conversion
This metric is particularly valuable as it measures the percentage of new users who start trading on the platform. It not only tracks the initiation of trading activities but also the average time taken by new traders to make their first trade, offering insights into how intuitive and inviting the platform is for newcomers.
User engagement and retention
Enhanced UX significantly boosts user engagement and retention rates. An intuitive and efficient UX design ensures that users are more likely to continue using the platform, reducing churn rates.
Onboarding speed
A well-designed UX streamlines the onboarding process, allowing new users to familiarize themselves quickly with the platform’s features and functionalities. Faster onboarding is crucial for maintaining the interest of new users and encouraging them to start trading sooner.
Acquisition cost
Improved UX can lead to lower acquisition costs. When users find the platform easier to use and more engaging, they are more likely to convert without extensive marketing efforts, thereby reducing the cost per acquisition.
Ivan emphasized that today’s traders are somewhat spoilt for choice with the t.
The current market conditions (high standards of solutions making functional capabilities alone insufficient) make excellent UX more critical than ever because it directly correlates with user satisfaction and loyalty.
Still have questions?
Talk to us about UX design for fintech solutions directly
If you’re interested in maximizing UX within the trading environment, we’re always on hand to help.
Feel free to reach out to Devexperts for expert guidance.
Watch the webinar
The full webinar, Smart Trader Desktops: Placing UX Front and Centre, can be viewed below.