Redesigning Expenses & Cashflow
on RBC’s MyAdvisor
The Expenses and Cashflow portion of the user journey on RBC’s MyAdvisor played an integral role in keeping users engaged.
The Expense entry became a high friction point, with a 48% client drop-off that left advisors unable to support clients effectively.
We set out to transform this experience to enable faster onboarding and actionable financial planning.
Our key objective was to understand how the expense conversation was taking place. Upon understanding this piece through user interviews with both clients and agents we applied and user tested initial feedback on the concept to validate any of our assumptions.
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Why
Clients are increasingly dropping off in the expense part of the onboarding journey. Advisors are finding it challenging to input expenses after onboarding to assist clients.
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How
Data and analytics has helped us understand where pain points in the onboarding journey lie. Interviews with clients and advisors assist in understanding key areas across the onboarding flow.
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What
Removing the expense entry on the funnel page and re-introducing the Cashflow experience as a tool to empower users to input expenses. The client and advisor are now able to see how much money is left on the table.
Previous State of the Experience
Taking a different approach required looking at which parts of the user journey were causing the most paint points. Consulting with our advisors we were made aware of the challenges internally during the onboarding phase when it came to clients inputting information on the funnel page. Advisors were unanimous in describing the funnel page as leaving something to be desired. Some were more critical than others, but the common theme was that this page was a effortful task presenting a barrier to showing the client the MyAdvisor goal dashboard.
“In onboarding, the funnel page takes the longest - it can be a big mountain to get over especially if you want to make sure you’re doing it right, but you want to get through to the dashboard quickly.” - Advisor (SME Interviews)
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Problem Statement
Underprepared and overwhelmed with the task of inputting expenses at the start of the onboarding experiences pain points have negatively impacted the experience. Without expense information Advisors are ill equipped to guide clients on a clear financial path.
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Impact & Risk
Pain points throughout the onboarding user journey have impacted client and advisor experiences. Clients are increasingly dropping off while Advisors are ill equipped to guide clients without a clear picture of their financial health.
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Potential Solve
How might we empower clients to input their expenses in an easy and convenient time of their choosing. How might we provide client solutions that ease the task of Advisors inputting expense information?
Insights and recommendations
A few insights and recommendations we landed on after thorough user interviews while consulting with our advisors:
Clients are confident but can’t accurately and quickly estimate their expenses.
Recommendation: The tool should
help advisors guide clients down
a path that draws out the truest cash flow information from clients.
Advisors find the cash flow page useful, and they rely on it as part of their advice routine.
Recommendation: Leave the cash
flow graph (relatively) unchanged
and accessible for advisors to use.
The funnel page on the onboarding journey is not necessary and has prevented a successful completion of the onboarding flow for many clients
Recommendation: Removing the funnel paeg from all onboarding avenues
and updating the experience to allow for more flexibility and ease of input.
Impact and Achievements
As of November 2020, over 2 million Canadians were using MyAdvisor.
User Engagement
+21% User Engagement: Logins surged as entry barriers were removed
Featured cashflow redesign contributed to sustained adoption of 2M Canadians using MyAdvisor
From March 2020 to January 2021, completed appointments increased by 84%.
Accessibility-first UX raised iOS conversion by 50 bps and improved app ratings
Feature Expansion
In 2020, we added the new cash management feature called CashWise to provide
better insight into cash flow.
Industry Recognition
MyAdvisor contributed to RBC being named the Best Investment Bank in Canada for
12 consecutive years (up to 2019).
+21% User Engagement: Logins surged as entry barriers were removed
Integrating Accessibility to our UX Workflow
Our business goal: To increase iOS conversion from 1.7% to 2.2% (+50bps) 2) and see an increase
in weekly average app store rating from 1 to 4.
