IIFL Securities
GemRush: A marketplace for all types of stock recommendations
Mobile App
B2C Platform
Aug 2021 - Feb 2022
The Team
+4
The team involved me as the Lead Product Designer alongside a product manager and a team of Developers. The key stakeholders involved the CEO, Sandeep Bharadwaj, and the CDO, N.K. Purohit of IIFL.
Tools used
My Role
As the solo and lead product designer, I managed the project and led the end-to-end experience for GemRush, a marketplace for all types of stock recommendations within in the IIFL securities retail broking mobile app. My involvement spans all the way from product envisioning to development support.
Product Envisioning & Strategy
Process & Scope Management
Sprint Planning
UX Architecture
User Flows & Journey
UI Design
Micro Interactions & Motion Design
Development coordination & Support
Background
Leveraging their robust team of researchers and analysts, IIFL launched a stock research & recommendations platform
Backed by a robust team of researchers and analysts who were certified by SEBI (Securities and Exchange Board of India), IIFL launched a stock research and recommendations platform called IIFL Ideas.
The business objective
IIFL Ideas was launched with the objective of increasing trade and user engagement
IIFL Ideas was launched with the objective of driving higher trade transactions by providing users with actionable, well-researched investment recommendations.
Convert new users to active or long term traders
Increase the frequency of trade transactions among active and advanced traders
The Challenge
IIFL Ideas and other research tools received low user engagement and transactions
IIFL faces challenges with low user engagement, poor transaction conversions, and limited discoverability in its research section. The design fails to attract users to explore investment recommendations, requiring a more engaging experience and improved discoverability.
Enter GEMRUSH
We rebrand IIFL Ideas as Gemrush and brought upto 2x increase in daily user engagement
Due to the success of trading products delivered by Them Consulting, IIFL collaborated with us to audit and envision a product strategy to enhance trade conversions and engagement on their platform. As a part of THEM Consulting, I was picked to lead this project.
Initial analysis
Based on our initial UX audit and analysis, these were our conclusion
Unique bEHAVIORal research insight
Users were likely to engage and transact more when shown visually appealing investments
Through thorough research and analysis, we gained valuable insights into user behavior and investment preferences. Users were more likely to engage and transact when presented with visually appealing and engaging investment options.
the decision to rebrand
To give the platform a unique brand recognition we rebranded the platform to GemRush
We rebranded IIFL Ideas to GemRush primarily to establish a unique brand identity, making the platform more distinct, engaging, and recognizable.
Variable visual reward to stimulate exploration and engagement
Associating gems with high value recommendations
Visually stimulating content to cater to new, young & amateur traders
Strategic onboarding campaign
Onboarding campaign designed to ignite curiosity and exploration
We introduced an animated gem button with a red dot notification to drive exploration, sparking curiosity. Pressing it triggered an animation of uncovering valuable gems, creating excitement and motivating users to delve deeper into the Gemrush experience.
Improved discoverability
Invokes curIosity
Building excitement
Our approach involved a variable visually stimulating content to entice users and increase engagement
By aligning Gemrushs experience with users investment decision-making processes and their preference for visually stimulating content, we aimed to enhance user engagement and drive transaction conversions.
user engagement
trades
Building the motivation to engage
Strategies to increases engagement
Visually stimulating cards to entice users
By aligning experience with user's investment decision-making processes and their preference for visually stimulating content, we aimed to enhance user engagement and drive transaction conversions.
Elements to build trust & educate users
GemRush builds trust with SEBI-certified research, success metrics, and real-time investor activity, helping users make informed decisions confidently.
Search designed to foster serendipity & exploration
GemRush’s search adopts a dynamic, social media-inspired design, showcasing trending investments to create serendipity and encourage frequent returns.
Provoke trades with FOMO, Social Proof and trust
GemRush strategically nudges users toward trading decisions by leveraging psychological triggers like FOMO (Fear of Missing Out), Social Proof, and Trust, creating a compelling investment experience that encourages action.
Catering to existing users
Retaining preference of existing users of IIFL Ideas as we beta test GemRush
GemRush retains IIFL Ideas users with a seamless toggle, allowing risk-free exploration while keeping familiar workflows intact. Performance validation and enhanced discoverability build trust, ensuring a smooth transition without forcing change.
user Retention
Reduced cognitive dissonance
Attracting wide range of users
A new approach to stock recommendations
GemRush makes investing easy for beginners by clearly showing how much to invest, expected returns, and the time needed to earn them. A countdown timer and the number of investors help create urgency, encouraging quick decisions.
ACQUISITION
eNGAGEMENT
tRADES
Fostering long term loyalty
Opportunity to upsell & cross other instruments
Initially, IIFL relied on intrusive pop-ups for promotions, which users instinctively dismissed. GemRush’s visually dynamic interface provided a more engaging and effective space for upselling and cross-selling financial instruments.
Revenue & tRANSACTIONS
User Retention & LOYALITY
higher lIFETIME VALUE PER USER
Reducing the barriers for decision making
Facilitating quick trades and informed decisions
Facilitating informed decision-making through transparency
The recommendation details page highlights risk factors, investment details, and research tools like news and charts, giving users essential insights upfront for informed trading.
Trust
Social Proof
FOMO
dRIVING TRADES
Executing faster trades with pre-populated details
Users can adjust the quantity and instantly see their potential profit, encouraging higher investments. Clicking "Buy" auto-fills all trade details, minimizing effort and streamlining execution.
faster trade
Increase in trade volume
A Success story
GemRush revolutionized IIFL's research & recommendations
GemRush redefined stock recommendations with social proof, seamless trading, driving higher engagement, transactions, and user adoption, showcasing design-driven fintech growth
Growth in engagement
Trades within four weeks
Increase in DAU
(Daily Active Users)
Product types listed
*The rise in numbers is an approximation based on the data from the first month of launch.
Won an award for Product Innovation at the Great Indian BFSI Awards 2022
IIFL won the Great Indian BFSI Product Innovation Award for revolutionizing how people look at stock research & recommendations in India through GemRush. IIFL was recognized in 2022 Great Indian BFSI Awards for its strength in product innovation, digital transformation, and financial product distribution.
Them Consulting secured three more projects with IIFL
Considering the progress and the success of the products being built for IIFL, we were handed over three more projects. An options strategy builder, market place for Algo traders, and a primary investments platform.
Lessons learnt
Reflections & key takeaways
Managing priorities while handling multiple projects simultaneously
As more projects were being assigned by IIFL simultaneously alongside GemRush, it was crucial for me to manage priorities and urgency. Defining a clear scope and timeline was a crucial aspect to achieving this.
Devising effective communication strategies for better collaboration
Several pieces of feedback and information were being lost in conversations. I devised several tools and frameworks that capture the intent behind the conversation. This helped us proceed with a clear objective to reduce the feedback and iteration cycle.
Strong ownership and deligence
Being a lead Designer, strong ownership, diligence, and effective decision-making were some of my core responsibilities. However, it's the critical thinking and growth mindset, that facilitated me to do my responsibilities.
Other work
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