CASE STUDYInformation Architecture
M1 - Chicago, IL
Role: Product Design Lead
Responsibilities: Research, UX Design, UI collaboration, Project management
Stakeholders: CEO + founder, Head of Design, Head of Product
The project focused on reimagining the information architecture of a prominent financial super app managing over $7B in assets. The goal was to enhance user navigation, simplify complex financial data presentation, and optimize the overall user experience. Key challenges included balancing data-rich content with intuitive design, ensuring seamless integration of new features, and maintaining security standards. The high-level outcomes aimed at improving user engagement, increasing user satisfaction, and fostering trust in the app's financial services.
Five year old design with main navigation spread horizontally across top tab, limited by screen size + lacking detail. Note the broken IA in the form of the secondary menu living above the account name rather than below it.
Business goal
Reimaging Architecture for a Growing Business
As M1 experienced growth, the original 5 year plan for the UX had reached it’s time. A need for design for the next 5+ years was called for with focus on efficient navigation paired with an eye towards future expansion. CEO + founder Brian Barnes reached out to me personally to work this project with him.
Inadequate wayfinding systems can lead to confusion, decreased productivity, and a negative brand perception. Addressing this challenge was crucial for the company's goals of accommodating future expansion, enhancing operational efficiency, and creating a positive experience for all users regardless of assets on platform.
User problem
User Frustration Due to Dated Navigation Design
Users consistently expressed frustration with the product's architecture and navigation, as it does not align with their expectations. This mismatch leads to difficulty in locating features or moving through the system seamlessly, resulting in user frustration and potential disengagement. Never is this more important than with money where users consistently callout transparency + trust as major issues in selecting their product of choice.
The lack of intuitive navigation impacts user experience and diminishes overall satisfaction with the product.
Research via Maze to test hypothesis.
Process
Identifying Pain Points and Anticipating Future Growth Needs
The project began with a thorough analysis of the current product structure to identify pain points through user feedback, analytics, and usability testing. Simultaneously, the team conducted research to anticipate future growth needs by examining trends, industry benchmarks, and potential user requirements. By combining insights from current pain points and future growth paths, the team formulated a comprehensive strategy to address immediate issues while ensuring scalability for future expansions.
Additionally, I worked closely with M1’s CEO to distill his vision as we adopted a future leaning framework for all of our offerings. As you’ll see in the next step, this was primarily around a General Ledger concept of accounting.
Solution
Simplified General Ledger Interface
The project focused on creating a user-friendly General Ledger form of accounting that prominently displayed assets and liabilities in an intuitive and easy-to-navigate format. Design choices included a clean layout with clear categorization of financial data, left side rail with details, and interactive elements for seamless navigation. By emphasizing clarity and simplicity, users could efficiently move through their financial information and make informed decisions.
The thought process solved the question of, ‘How are my finances’ by providing a layered structure we referred to as Levels 1, 2 + 3. L1 answered general overview of ‘Is there an issue?’. L2 then followed up with, ‘Which account has the issue?’. And L3 batted clean up with details, ‘Which transaction specifically is the issue?’.
In this example, L1 is represented by Home in left side bar - the Overview of all accounts. L2 is the account highlighted in the side bar nav - Personal Portfolio. And L3 is the horizontal navigation at the top of the main content window.
“After years of sequentially adding products at M1 leading to a disorganized platform, Heath led the effort to overhaul our information architecture and navigation. Through his efforts, we landed on an extensible structure for a complex platform - one that combined many personal finance products, each with their own unique user experiences. This was a large-scale effort that elevated the design and usability of M1, leading to customer praise and stronger business metrics.”
Impact
Driving User Growth and AUM Expansion through Product Evolution
M1 experienced a continued increase in user growth, the primary usability metric, while also witnessing a growth in Assets Under Management (AUM). This growth was achieved even amidst the introduction of new products such as Cash Accounts and the discontinuation of others such as Checking accounts (which created substantial negative coverage). The strategic product evolution positively impacted both user acquisition and AUM, showcasing the platform's adaptability and responsiveness to market demands.
Learnings
The Significance of Information Architecture in Financial Products + Kaizen
The importance of Information Architecture (IA) in financial products cannot be overstated. Clear IA is essential for ensuring transparency in wayfinding, organization, and navigation, particularly in scenarios involving monetary transactions. Establishing a well-thought-out IA foundation is crucial to delivering a seamless user experience and building trust with users in financial interactions.
Perhaps my greatest takeaway with this project is reinforcement of the continual progress concept, often referred to by the Japanese term Kaizen. Despite not achieving a team wide goal of unifying mobile navigation to a single pattern over the then current dual side panel + bottom tab structure, we were able to implement swipe functionality for the L2 which greatly improved the experience moving through an account.