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

0x

Growth in engagement

0k+

Trades within four weeks

0%

Increase in DAU

(Daily Active Users)

0+

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.

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