Royal Bank of Canada

Optimizing the process of creating investment policy statements for 2,000+ wealth advisors

OVERVIEW

My Role

User research and analysis
Host stakeholder workshops
High-fi designs & iterations
Usability testing

Team

Product Manager
Lead Developer
Lead Product Designer
Me (Product Designer)

Timeline

Project duration: May to August 2024

BACKGROUND

Optimizing the process of creating investment policy statements (IPS) on the client onboarding platform (COB) to be easier, quicker and more efficient.

RBC’s Client Onboarding (COB) platform is used by wealth management advisors to create/maintain new client accounts and generate client account documentation.

An investment policy statement (IPS) is a legal document that’s created in COB. It outlines all the guidelines about how weath advisors will invest their client’s money.

SOLUTION

Improved dashboard with an updated user interface to enhance engagement and findability of information

Simplified approval process to reduce manual work, decrease number of steps and optimize time-on-task

Enhanced tracking of status updates and notifications for IPS’s to reduce inefficiencies in system tracking

DESIGN IMPACT

Improved user engagement and task efficiency. Decreased time spent on manual and redundant tasks.

SCALE OF IMPACT

Who and what does the project impact?

PROBLEM

The process of creating an IPS is not engaging, inefficient and time-consuming.

CONSTRAINTS

Before starting the design process, there were four main challenges to consider.

DESIGN CHALLENGE

How might we enhance the process of creating an investment policy statement to be quicker, easier and more efficient?

USER RESEARCH

Users are the most frustrated with the following steps in the journey: Using the IPS dashboard, obtaining legal compliance approval, and tracking IPS statuses.

MAIN INSIGHTS

In particular, users experienced inefficiencies when using the dashboard, pain points with an extensive legal approval process, and difficulties tracking progress of IPS’s.

IDEATION

Holding stakeholder workshops helped maintain alignment on the design solution.

Together with the Lead Product Designer, Product Owner and Lead Developer, we prioritized all the design ideas to determine quick wins for the design of the MVP.