The Business Challenge

Motilal Oswal has developed a range of specialized products catering to the derivative segment, characterized by their intricacy, enabling traders to construct and evaluate their own strategies. Despite the demand for these sophisticated capabilities from derivative traders, their adoption remains disappointingly low. Upon careful introspection, the MOSL team recognized that numerous potential users of the opportunity to explore and leverage these valuable functionalities the primary factors hindering the utilization of these features were

• poor discoverability: Users were discovering these products only by chance, indicating a lack of effective visibility.

• complexity barrier: The initial product design catered to advanced options traders, making it difficult for new users to engage in options trading.

• abandonment of custom strategies: Advanced users were frequently abandoning the process of creating custom strategies, highlighting the need for a more user friendly approach.

• value demonstration challenge: The inability to effectively showcase the value of paid offerings like Options Brain and TGS resulted in low conversion rates.

• impact on revenue: These challenges directly impacted the user base and potential revenue, necessitating the involvement of expert UX assistance.

Crafting the experience strategy

To tackle the complex domain of options strategy, the design team adopted an experience strategy to improve user engagement and attract new customers. By understanding the decision making processes and challenges faced by both advanced options traders and dabblers, the team gained valuable insights to inform their strategy.

Key elements of the experience strategy included: • simplifying the user journey and structure to accommodate both advanced traders and dabblers, while maintaining the ability for deep customization.
• leveraging the existing ecosystem of web-based and mobile products to provide entry points and contextual nudges for options strategy discovery.
• utilizing various communication channels, such as email, WhatsApp, and SMS, to raise awareness about the platforms features and benefits.
• designing a prediction utility to help users find the right strategies based on their market predictions.
• developing a structure and design that could effectively cross sell paid services without relying solely on advisor driven approaches
• enhancing the visual design of paid strategies to create a premium perception and clearly communicating the benefits and pricing options, including monthly subscriptions and free trial periods

Advanced Strategies and Dabblers' Dilemma Through interviews with advanced traders and dabblers, the design team gained valuable insights into user behavior and preferences. Notable insights included:

• advanced traders relied on a few strategies that they understood well and learned from successful peers.
• dabblers were interested in options trading for quick financial gains but were deterred by the complexity of existing solutions.
• both user groups were open to ready-made strategies and willing to pay for them to try out

Discoverability and Contextual Nudges by Amplifying Options Strategy Awareness To improve discoverability, the team implemented a multi-pronged approach, leveraging the existing product ecosystem. Relevant entry points were identified across web-based and mobile products, and contextual nudges were placed at the end of user tasks to encourage engagement. Additionally, communication channels like email, WhatsApp, and SMS were utilized to raise awareness about the platforms options strategy offerings.

Experience Innovations

To drive experience innovation and enhance user engagement, we implemented several innovative features and strategies. One key innovation was the introduction of a smart contextual filtering system that allowed users, both advanced traders and dabblers, to easily find the right options strategies.

By analyzing distinct search behaviors and preferences, We tailored the filtering options to cater to each user type, ensuring relevant and personalized results. Additionally, we developed a prediction utility that enabled users to select strategies based on their market predictions, empowering them to make informed decisions. Furthermore, we focused on cross selling paid services such as Options Brain and TGS by redesigning the visual presentation to create a premium perception.

Clear communication about the benefits and cost of these services, along with the introduction of monthly subscription plans and a 15 day trial period, increased their perceived value and reduced the barrier of upfront costs. These experience innovations not only improved user satisfaction but also resulted in increased adoption, higher conversion rates, and overall business growth for Motilal Oswal.

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Outcomes Delivered

A revamped structure accommodated the needs of both advanced traders and dabblers, providing simplicity while enabling customization. Smart contextual filters were implemented to help users easily find suitable options strategies based on their preferences. The prediction utility empowered users to find the right strategies based on their market predictions.

Cross selling of paid services was improved by visually differentiating them as premium offerings and emphasizing their value through clear communication. The introduction of monthly.

The multipronged strategy improved user experience, enhanced discoverability, and led to business growth by attracting new users and increasing revenue.

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