Sales Trader Workflow
2019 Waters Ranking: Best Buy-Side Compliance Product, Regulatory Reporting
Exceeded sales and usage targets by delivering an innovative Sales Trader Workflow (STW) solution to help clients meet their MiFID II regulatory requirements.
Background: MiFID II was the European Union's legislative response to the 2008 financial crisis. The regulations went into effect on Jan 3, 2018, and aimed to "strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent." In order to help our clients meet their regulatory requirements, we designed and released a Sales Trader Workflow solution. The solution enables our clients to report their quotes in real-time per the regulations. This solution has been a commercial success and we continue to pursue opportunities to iterate and further improve upon it.
Workshops: The enterprise salesforce had significant experience engaging clients about the new STW product offering, so they helped identify, organize, and prioritize early feedback about the product.
Contextual Inquiry: Observing clients using the STW solution to find opportunities and gather feedback.
Journey Map: Usability challenges were found across the workflow.
Journey Map: Many users retained an old, manual workflow and weren't using the solution as intended.
Workflow Illustration: Based on research insights the solution was mapped to traditional voice negotiation examples in order to highlight challenges and opportunities.
Concept Sketching: Based on findings concepts were created to improve the solution and make the intended real-time usage more appealing.
Iterative Wireframes: Near-term design changes were proposed to improve the workflow.
Vision Wireframe: Long-term designs provided a clear vision for the future.
Outcome: Enhancements to the Sales Trader Workflow solution have resulted in additional sales and an increased usage of 21% in the past year. Additional opportunities for growth and improvement still exist and the product offering continues to evolve based on those insights and vision.
