The Business Challenge
63 Moons' flagship product, WAVE, has historically held a strong position in the broking landscape. WAVE served as the preferred white-labeled app for numerous brokers, including Anand Rathi and Astha Trade, enabling them to offer their broking services to their customers.
However, as the market progressed, companies like Zerodha, Groww, Paytm Money, and Upstox emerged and introduced digital experiences that greatly enhanced user- friendliness. Consequently, the market for traditional brokers diminished rapidly. These brokers turned to 63 Moons for assistance in developing a competitive app that could retain their existing customers and create opportunities to attract new ones.
Crafting the experience strategy
The design strategy team faced a challenging task: Understanding the intricate broking market and the interplay of its various components and participants. They conducted multiple interviews with broking company owners, actual traders and investors, and the 63 Moons sales team. These conversations revealed that traditional brokers needed to reinvent their brand image by delivering digital experiences to their customers. Given that this was a B2B2C product, it was crucial to define what constituted a Superior UX" in terms of the value brokers would derive, leading to increased transactions, engagement, and customer retention, ultimately benefiting 63 Moons.
Insights
• The app should be customizable enough for brokers to feel like it
is their own.
• The app should provide the breadth and depth of functionality
that traders demand, while also competing with Zerodha in terms
of ease of use.
• The visual aesthetics should meet global standards rather than
merely competing with local players.
• The UI and user experience should be clean and easy, catering
to both novice investors and intermediate users.
Based on these insights, the team developed the core app structure around the primary scenarios in which investors and traders would use the app. Research indicated that the following tasks were the most frequently performed, and the app should deliver an unparalleled user experience for these activities:
• Providing updates on the user's watchlist.
• Enabling trading activities (buying/selling).
• Displaying order statuses.
Improved User Experience with new age User Interface The team implemented innovative product and UX features, such as a revamped watchlist that facilitated informed decision- making, along with pre-built watchlists to reduce the ambiguity of selecting the right options. The app also offered auto-suggest search with intelligent recommendations, comprehensive views of option chains and markets, user-friendly screeners. The Buy & Sell journeys were humanized, simplifying the decision-making process and focusing on actual investor and trader behavior.
To align with the brokers objectives, the content and actionability within the app were integrated, empowering investors to quickly act when triggered. Various promotional elements were incorporated to drive desired business outcomes, ranging from account opening to fund maintenance. Investors were strategically encouraged to transact at multiple relevant touchpoints.
Addressing the objectives of 63 Moons, the app was designed as a modular product, allowing brokers to choose specific modules or widgets for onboarding, news, engagement, and more, at relevant pricing.
The layered strategy implemented in the product ensured that it not only provided a superior user experience but also aligned with the core objectives of the brokers and 63 Moons as a B2B2C.
Experience Innovations
In our relentless pursuit of elevating the platform's user experience, we have implemented strategic initiatives aimed at enhancing user engagement, streamlining processes, and aligning with user and business requirements.
Here are a few illustrative examples of these strategies that we crafted and successfully implemented, resulting in a trading experience that is not only seamless but also personalized to meet the unique preferences and needs of each user.
Outcomes Delivered
The outcomes of our innovation have surpassed expectations, showcasing remarkable results and impressive numerical figures that highlight the success of our endeavors.
