RESeARCH | PRODUCT DESIGN | USABILITY TESTING
Options Analysis & Research platform
Background
Through the early 2000s, Fidelity Investments was a leader in options trading for personal investors. A growing interest in shorter term, “high risk, high reward” trading amongst younger and novice investors and an influx of intuitive, accessible options trading offerings from competitors signaled an emerging trend, but Fidelity’s aging trading platform had begun to lag behind the trend heading into the 2020s. The questions were many, but the two that stuck out most were: how do we design an innovative experience that lowers the barrier for novice traders while avoiding the alienation of more seasoned users? And, how do we leverage modern technologies and design trends while avoiding the disruption of industry standards and mental models for options trading?
“Our option chain looks like it’s from 1995.”
– Literally any of our analysts
Fidelity’s “classic” (aka, old as heck) option chain experience. Aside from an outdated aesthetic, it was poorly responsive, clunky, and inaccessible.
Goals and methodology
We were tasked with modernizing an outdated options trading experience. Our objectives were (1) to refresh the visual design to meet Fidelity’s design system standards for personal investors, (2) to bring options trading tools and features up to parity with competitors, and (3) to provide the best possible UX for as many users as possible in order to exceed our KPIs. Our team’s development process was Agile, and my design process was as lean as possible to meet the urgent needs of modernization.
Responsibilities
- Understanding competitive analysis and qualitative user feedback
- Contributing to acceptance criteria
- Wireframing and interaction design
- Producing high fidelity designs in Figma
- Conducting creative quality assurance passes
Research
We utilized findings from several rounds of user research studies performed to determine the pain points of the classic option chain and option trade ticket experiences. We also met with competitive analysis experts to learn more about options research and analysis offerings currently provided by Fidelity’s competitors in order to determine a baseline UX and learn how to bring our offerings into parity.
Designs
The option chain is the cornerstone of the option trader’s analysis and research experience. User research indicated that Fidelity’s classic option chain had become slow and difficult to use as well as looked archaic when compared to more modern web-based UX (especially for tables and grids). I worked closely with our analysts to design a modernized option chain with enhanced functionality that allows users to improve their workflows, such as better integration with other tools and an improved layout that allows for better interaction on devices with smaller form factors.
Samples of early responsive page layout designs.
Sample of the option chain design (with quote bar and trade analyzer), built in Figma.
We built the trade analyzer as a complementary feature to the option chain; by selecting multiple options from the chain, users can build their own custom multi-leg option strategies and perform on-the-spot analysis before placing trades. The trade analyzer behaves responsively with the option chain in various form factors to ensure that the chain remains highly usable, and it can be expanded or collapsed to further aid the chain’s usability.
The trade analyzer has been well-received by users and acts a bridge that spans the gap between the option chain and the option trade ticket by allowing users to analyze trades quickly and effectively before execution. Furthermore, it synchronizes with the platform’s charting capabilities and allows users to track their selected option and stock prices in real time.
Current (as of Oct 2024) live version of the trade analyzer.
Test and learn
By way of Qualtrix surveys, we have monitored user feedback on a regular and frequent basis to test each incremental release and determine how well we have responded to our users’ needs (e.g., whether a new feature fails or succeeds at addressing needs, or whether it introduces or resolves pain points or usability issues). Analyzing this feedback in the Agile framework has allowed me to introduce UX improvements on a consistent basis and has better enabled me to perform creative quality assurance on our latest implementations.
“The UI/UX is soooooo awkward that the apps are almost unusable. I know I can eventually get the trade done but the UX is horrible.”
– A real survey comment on the classic experience, October 2022
Current (as of Oct 2024) live version of the Options Analysis & Research experience.