MY ROLE: 

Sr. UX Designer

Each year, Schwab processes hundreds of thousands of options trading and margin applications. The majority of clients apply by filling out a confusing paper form, which results in a high number of erroneous applications. These errors lead to costly manual handling for Schwab and frustration for the clients.

Options trading is considered a complex form of trading and can lead to unlimited losses. Therefore, it’s required that clients go through an application process in order to be eligible for options trading.

Options?
Options are financial contracts that allow buying or selling an asset at a set price by a specific date. There are call options (to buy) and put options (to sell), used for different purposes. They're traded on markets and can be complex.

Margin?
A margin loan is a type of loan where an investor borrows funds from a broker to buy securities, using their existing financial assets (such as stocks) as collateral.

For who?
Novice to advance traders.

• A personalized landing page with dynamic content, utilizing the information Schwab already has on the client and their account. 

• Bite-sized informative content that provides guidance for the novice and informs the experienced trader to apply for the appropriate strategy level. 

• Improved the nomenclature by renaming the option strategy levels to create clarity for the clients in the selection process.

• An intuitive application form created by regrouping related questions, changing the order, and adding clear instructions and guidance, streamlined and optimized for higher conversion rates.

1. Learning: I educated myself on options trading, which helped me understand user needs better.

2. UX Workshop: I co-organized a 2-day journey mapping workshop with 40 participants. This collaborative effort provided stakeholders with a collective understanding of the client's challenges, enabling us to identify key areas to address and enhance the user experience.

3. Research: I conducted competitive and comparative research to identify the best practices in the industry.

4. Synthesizing Insights: I synthesized and collected insights from previous user research and reports on options traders.

5. Ideation & Design: I ideated and designed the application form through an iterative process, incorporating feedback from stakeholders, the design team, legal & compliance.

design

After three successful usability studies resulting in an A+ system usability score (SUS), Schwab's dynamic landing page and easy-to-complete enrollment process reduced erroneous applications and increased customer satisfaction. Additionally, the informative content and educational resources provided clients with the knowledge to make informed decisions, while the success page with instant feedback further improved the client experience and reduced the need for manual follow-up.
With the new system live on schwab.com since January 2023, Schwab is prepared to meet the increase in application volumes resulting from the upcoming TD Ameritrade client conversion.