Background: BMO Wealth Management previously operated four distinct web applications, each tailored to a specific Line of Business (LoB) based on the investment profiles and net worth of their users. Our mission was to streamline these separate entities into a single, cohesive digital experience that would serve the diverse needs of all LoBs effectively.
Identified Customer Challenges:
Objective: The project aimed to address these pain points by creating a unified platform that simplifies access and navigation for all wealth management clients, regardless of the LoBs they are associated with, thereby enhancing overall user satisfaction and streamlining their financial management experience.
With a prioritized list of features for a Proof of Concept (PoC) approved by the business, we sought to understand customer interactions with the system, identify their pain points, and gather expectations for a unified platform. To achieve this, we collaborated with 'Asking Canadians', an online survey provider, conducting a poll that engaged nearly 2000 participants to capture their usage habits and feedback.
Further exploring insights from the survey, we organized two focus groups, consisting of 10 participants in total, who were active users of Wealth Management software. These discussions aimed to delve into issues identified from the survey responses. The goal was to prioritize redesign efforts and engage in co-design activities with customers, enhancing our understanding of their needs and expectations for an improved Wealth Management platform.
We successfully launched a unified platform for all Line of Business (LoB) customers right before tax season, introducing an enhanced E-statements feature to encourage adoption of the new application. Concurrently, we announced a discontinuation date for the previous versions, effectively transitioning users to the updated experience.
