14th September 2023
Exploring UX/UI Design in Capital Markets #1
User Experience and Accessibility have become a core element of modern trading system design. Creating interfaces that can be easily used by everyone – from casual investors to professional traders – and customized to fit varying trading styles, assets classes and regulatory requirements have become the norm.
In this series of UX/UI-focused blogs we will explore design elements, building reusable trading workflows and how modern design principles and codified design systems can help capital markets firms develop truly inspiring, customizable and scalable UIs with ease and speed.
#1: Creating successful products, quickly!
Introduction
Creating a successful and impactful digital product involves a combination of strategic planning, user-centric design, and effective execution. It also involves getting your timing right and launching with the high value features that support the core needs and wants of your target market. But how do you deliver rapidly without sacrificing quality?
From FinTech startups to established Tier 1 banks, the combination of speed and strategic tool utilization has become a winning formula for innovation and market dominance. Harnessing the potential of available tools and accelerator products is key.
Why does speed matter?
The traditional approach of perfecting every detail before launch can lead to missed opportunities, and lengthy build cycles. Successful digital products are those that prioritize speed to market, getting a minimum viable product (MVP) out quickly to gather real-world insights and feedback. By doing so, businesses can:
Seize Early Opportunities: Being the first to address a pressing need or offer a novel solution can set the stage for success. A rapid launch allows you to capitalize on emerging trends and capture a valuable user base.
Iterate Based on Real Data: User feedback collected from an MVP provides tangible insights that drive product improvements. This iterative process ensures that your final product is aligned with user expectations and preferences.
Stay Ahead of Competition: The digital landscape is competitive, and waiting too long to launch can give competitors a head start. Speed to market helps you establish a foothold and build brand loyalty before others can catch up.
Realise cost savings or generate revenue sooner: Delivering a new internal product quickly means your users are utilizing new technologies sooner, with better user experiences, which can impact their bottom line. For external user focused products you can start to generate revenue much earlier and build a more financially stable environment.
Leveraging tools and accelerators
In the digital age, we are fortunate to have an array of tools and accelerator products at our disposal. These tools not only streamline the design and development process but also enhance and, in some cases, help maintain the quality of the end product. An accelerator doesn’t have to be a specific technology tool though it can also be a process or pre-defined setup.
Here are three accelerators that are invaluable for a consultancy, like Adaptive, and help deliver huge value;
Pre-defined or clone-able project structures: This provides a scalable eco-system setup, that has been tried and tested on small and large scale projects and that can be quickly recreated and used as a starting point – saving on the creation time. It also brings with it a shared understanding and set of principles for a team to build on that elevates their starting point from nothing to a strong foundation.
Tested outcome-driven workflows: Knowing how a project team is going to work together and having tools that support this does more than save time. It creates a unified happy delivery team. With repetitive tasks automated as well as roles and ownership clearly defined, your team can focus on the unique problems at hand.
Pre-Built Components: UI kits, design libraries, and open-source frameworks provide pre-built components that can be customized to fit your product’s needs. They come with a huge amount of investment packaged into them. This accelerates design and development without sacrificing quality.
Conclusion
The ability to deliver quickly and leverage available tools and accelerator products sets the stage for innovation, growth, and user satisfaction. By embracing speed to market and harnessing the potential of tools, financial firms can create digital products that not only meet user needs but also stay ahead of the curve in an ever-evolving digital landscape.
In our next blog post we will talk more about Design Systems and User Interface Kits (UI Kits) and the important role they play. Stay Tuned.