MyStock

I was invited as UX consultant to lead the design efforts for MyStock. I joined a diverse startup team to oversee the process of product discovery. I designed and tested prototypes. As part of my strategic role, I also helped to recruit another designer.

Exposition

In the summer of 2018, I was invited to be a guest speaker at a conference for startups in Almaty where I talked about how Lean UX approach helps me in my work as a UX designer. We discussed many aspects of Lean Startup and the importance of validating an idea with real users through early and lightweight tests.

After the conference, MyStock co-founder approached me and invited me to run a one-day training session about Design Thinking with his team. A few months later MyStock proposed me to help them with designing a new version of the native app. I had to work remotely because I was based in the UK while the team was distributed across three countries USA, Kazakhstan and Ireland.

Initially, MyStock provided ready to use stock analysis in a simple format with negative, neutral, and positive signals through the mobile app. The original app was built for mobile users only. Clients of the app could see how any company listed on the New York stock exchange is performing on the move. It allowed users to save time on research and analysis and improve their investment decisions by making them more data-driven.

Preliminary market research findings were suggesting that the majority of potential customers were using the desktop for research and maintenance of their stock portfolios. This finding shifted initial idea of re-designing existing mobile app. We decided to focus on creating an experience for desktop users instead.

The original app was plateauing, the acquisition rate was falling, and the retention rate was low. App store statistics showed that 60% of users left negative feedback and a one-star rating.

Researchers conducted a diary study with a group of existing and prospective customers, which helped me in creating personas. We recruited people from a list of existing subscribers and also reached out to a broader audience via LinkedIn, Facebook and professional platforms and apps such as TradingView and Robinhood.

We were pleasantly surprised that many investors were happy to chat with us for free. They just wanted to help us to improve the tool. The studies enabled us to understand usage scenarios, motivations and behaviours of users.  As we learned more about their routine, habits and how they feel when performing tasks we discovered opportunities for a new product.

We found that investors need to stay organised, stop emotional trading and stay focused. They also want to create custom algorithmic strategies. However, many investors don't know how to code with Python, a skill vital for effective creation of the custom algorithm. Instead, they use an Excel spreadsheet with custom formulas and mathematical equations, taking a lot of variables which overloads the system and they have to wait minutes even hours to see the result of back-test.

We pivoted the idea of a stock analytics tool to a personalised and robust solution for investors. A new tool would give control to investors to create code-free custom trading strategies, add companies of interest into a watchlist and see how they perform in the market with a better overview of stock indicators. This would enable investors to make informed decisions based on real-time and historic data.

I’ve designed a landing page to see if there is an interest in a new product. Within a few weeks, we received surprising result saying that over 20% of users who landed on a page left their emails. We also asked people to give us feedback regarding the new product; it helped us to gather ideas for new features.

I created a prototype which I tested with investors who participated in the initial diary study. I conducted a series of moderated remote usability tests and interviewed users after the test. The overall design received positive feedback.

Minimum Viable Product

We prioritised all of our ideas for product and came up with a list of features good enough for early adaptors to create a trading strategy. The new app allows investors to create a strategy visually and then apply it to a watchlist of companies of interest.

Within just two weeks we’ve successfully tested a new idea that solves users problems. We motivated early adopters to subscribe to the product which had not launched yet and became convinced of the necessity of the idea. Users helped us to understand the scope and requirements of the product and the whole product development process was aligned with users feedback. The new app received positive feedback from existing users and subscribers.

However, the reality is that the team had spent most of the budget to create the original mobile-app. So to create new features for the new application, they had to raise money from VC firms and angel investors. Investors who were backing up the team along the way have decided to put the project on hold. And the team is currently searching for other ways to raise funds, and I wish them all the best in their endeavours.

Learnings

Working on MyStock was a fantastic opportunity to try me as a UX consultant and perform a strategic role within a team, as well as to learn more about the stock market and private investment. I enjoyed the challenge of working remotely, and I enjoyed the opportunity to work in a startup environment.