Hong Kong MPF is a compulsory pension scheme for retirement protection. However, users struggle with navigating and optimizing their MPF investments due to a lack of personalized guidance, complex financial jargon, and frustration with existing tools.
Partnering with Manulife, the top MPF provider in Hong Kong, we developed an AI-driven tool to simplify the pension planning process and offer personalized advice, addressing users' pain points.
Challenges
Designing an AI pension tool for two collaborating corporates involves significant challenges. Ensuring rigorous compliance with financial and regulatory requirements, balancing innovation with user trust and ensuring the tool is user-friendly while handling sophisticated pension calculations adds further complexity. These challenges demand meticulous planning and a deep understanding of both AI and financial services.
Result
Tier 1 media joint PR and coverages with Manulife will help Syfe HK establish more trustworthy brand, while the access to Manulife quality customers brought massive distribution opportunities
30%↑
100,000
11%↓
01. Understanding the problems
How?
We conducted workshops with 2 focused groups of 20+ individuals to analyze and understand their financial behavior.
Collating insights from the partner's (Manulife) member surveys.
What?
02. Concept Development
Journey Mapping
Mapped out the user journey to identify touchpoints and opportunities for improvements
Given our partnership with another platform, it is imperative to harmonize the user experience seamlessly between the 2 platforms.
Workshops
Facilitated brainstorming sessions with stakeholders, including advisories, marketing, compliance and developers.
Compliance, partner requirements, and development constraints must all be integrated into the design.
03. The Challenges
To ensure compliance and understand users' needs better, around 25 questions should be asked, but users might drop off due to the lengthy questionnaire.
Current onboarding
4m20s
4.8/10
The current form-filling onboarding often feels tedious. The long fields, repetitive questions causing drop-offs —turning the first impression into a chore rather than a welcoming experience.
How can we enhance users' emotions to keep their focus engaged throughout this lengthy, boring, frustrating procedure?
04. Design solution
Let's test if a chatroom interface can help to enhance the onboarding experience!
Chat interfaces tend to be more engaging, providing a conversational and interactive experience that can keep users more involved
Users may find it easier to answer questions one at a time rather than dealing with a complex form all at once.
By breaking down the process into smaller, conversational chunks, a chat interface can reduce the cognitive load on users, making the task feel simpler.
To confirm my hypothesis, I have invited 10 colleagues to participate in a test. They will need to complete the onboarding process and rate their satisfaction afterward.
11%↓
30%↑
05.Learnings
By conducting extensive user research, we identified key pain points and preferences for our focused group which we might overlook before. This allowing us to design a more intuitive and effective pension tool that truly resonates with our target audience.
Managing expectations between two corporates, and compliance highlighted the importance of clear communication and collaboration. Aligning goals and maintaining transparency were essential to successfully deliver a unified and cohesive design.
