UI/UX Design
Client Project
2022
Due Diligence Platform
Designing a platform for portfolio managers to efficiently manage client data and seamlessly execute essential processes required for onboarding.
My Role
User Research
Competitive Analysis
Concept Generation
Workflows and IA
High-Fidelity Wireframes
Time Period
4 Weeks
Team Members
2
overview
Citibank, a multinational investment bank headquartered in New York City, uses a systematic Due Diligence process to analyze potential clients and products. This involves examining financials, tracking performance over time, and benchmarking against competitors. The client wanted to shift this process from traditional methods to a fully digital solution for greater efficiency and reduced cognitive load.
challenges
We had a very short window of time to complete the project, which required us to comprehend the objectives of the business and the users and to synthesize the data properly. Interaction with the direct stakeholders was limited. Hence, most of the information gathered was through product owners and single user interviews.
The current process of establishing and maintaining due diligence for diverse clients is time-consuming and dispersed across various media. This project aimed to facilitate a smooth transition from offline data management to a comprehensive digital platform, offering an all-in-one solution that enhances productivity and fosters heightened user engagement.
Research Methods
Stakeholder Interviews: Conducted interviews with product owners and key stakeholders to identify the users for the platform to derive a custom questionnaire for them.
Contextual Enquiry: We asked the users to show how they currently perform the whole task, to gather some pain points and insights.
Competitive Analysis: Analyzed similar systems in the industry to identify best practices and potential improvements.
Workflow Mapping: Mapped existing workflows to identify bottlenecks and inefficiencies.
Who are the users?
The user base comprises three key roles: a DD analyst, who creates and manages the due diligence process; a DD manager or head, who oversees the process and grants necessary approvals; and the clients, who provide the required information.
DD Analyst
I spend most of my time in finding the correct document or email for a client
TASK
Major user who develops and manages the strategies for due diligence and communicate back and forth with the clients.
PROBLEMS
Scattered Documentation: Analysts have to manage and track multiple documents stored in different folders in Q drive, making it hard to find necessary information quickly.
Manual Processes: Many tasks are performed manually, including data entry and tracking approvals in word or excel, which are time-consuming and prone to errors.
Communication Overload: Excessive reliance on emails for communication leads to missed or overlooked messages and approval requests.
High Cognitive Load: The need to handle a large volume of information and documentation increases cognitive load and stress.
GOALS
Wants to access and manage all data in one place, minimizing hassle and reducing cognitive load.
Wants to keep a track of open and closed cases.
DD manager and head
I want to track progress in real-time and allocate resources more efficiently.
TASK
The DD manager and head who will supervise these details and grant the necessary approvals to wrap up the process.
PROBLEMS
Visibility and Tracking: Difficulty in tracking the progress of multiple due diligence cases and ensuring all tasks are on schedule.
Approval Bottlenecks: Delays in approvals due to dispersed communication and lack of a streamlined process.
Resource Allocation Issue: Challenges in efficiently allocating resources and managing workloads among the analysts.
GOALS
Wants to implement a more efficient approval process to reduce bottlenecks, delays and errors.
Clients
I want to have a seamless communication and updates on my requested submissions.
TASK
The last user group involves the clients who will share information about themselves, the stocks, securities, and the company.
PROBLEMS
Delayed Responses: Experience delays in responses and approvals, leading to frustration and dissatisfaction.
Lack of Transparency: Limited visibility into the progress of their due diligence cases and unclear communication.
GOALS
Gain clear visibility into the progress and stages of their cases
Key Findings from interviews
Too many workflows scattered all over different mediums
At the moment, the procedure is quite disorganised because it entails filling out several forms and receiving permissions by email. It is challenging to monitor all of these approvals and filter them out of mail.
Difficulty in handling multiple documents
To gather and keep all the pertinent documents related to a certain customer, more than 1000 folders are established on Drive.
Excessive information leading to increases in cognitive load
The cognitive load is increased by the overwhelming volume of papers the DD Analyst must process to finish the procedure as well as the volume of documents he gets from the clients.
Communication is tiresome on emails
Receiving all the necessary information at once becomes a laborious procedure because the DD Analyst and the firm giving the information interact via email. The only available means of communication are emails, which take a lot of time and effort.
How might we
HMW streamline the process to enhance efficiency, reduce cognitive load, and improve user performance?
HMW make it easier for analysts to find and manage client information efficiently?
HMW reduce the manual effort and time analysts spend on data entry and tracking?
HMW provide real-time visibility into the progress of due diligence cases to help managers track tasks more effectively?
HMW eliminate bottlenecks and reduce delays in decision-making?
User Flows
Journey of a DD Analyst
Simple Creation
One may now view all of the DD request's progress, status, and comprehensive information in one location, instead of spending a lot of time on following up on the status of requests with different individuals.
Users don’t have to spend time to figure out the right questionnaire. The system provides them with the option to move ahead and assigns the request to an Analyst once the case is approved.
Personalised and Unified Platform
The dashboard covers the monthly and weekly report to keep a track of their overall information and automatically adds tasks as soon as a DD request is created. Task manager helps them to keep a track of immediate actions
Centralized Workflow
Today, users must finish the process on many platforms before sending it for approval. Keeping track of these paperwork and approval records is challenging. With this platform, there are no documents needed for job completion, and all approvals and rejections may be made quickly with records in one flow.
