Understanding approach to facilitating stock trading discoverability for first-time/ novice users.
Comparative statistical data analysis between two platforms, performing independent t-tests and integrating p-value analysis for insight validation.
September 2024 to December 2024
Finance
3 UX Researchers, 1 Senior UX Researcher
Tableau, Google Suite , Survey Recruitment Platforms
My Role
Prepared a research plan and proposal for the study. Recognized the research goal.
Planned and performed recruitment efforts for participants.
Designed and Launched 2 surveys.
Prepared visual charts that compare each parameter between the two platforms.
Analyzed the statistical data for usability insights.
Performed two-sampled, two-tailed t-tests and integrated p-value analysis for an added validation layer to the insights.
Impact created
Statistical data analysis uncovered key usability insights, identifying areas for improvement based on user behavior and experience. Issues that affected around 65% of users have been discovered.
By conducting two-sampled, two-tailed t-tests and integrating p-value analysis, the insights were rigorously validated, ensuring statistical significance and enhancing the reliability of the findings for design improvements.
50+
Participants tested
7
Core insights deduced
Research Process: Quantitative methods
I launched two different surveys with similar strategic typology of questions. The aim was to compare results between the two and analysis the usability of both platforms. Questions were asked to the participants based on usability ease, discoverability of features and behavioral questions to understand what users want from these platforms and how they use them.
Participants for the study were from the following user groups:
Users: Specifically, users who have traded or interacted with Robinhood’s or Fidelity’s platform, even if only once.
Beginner or Novice Stock Traders: Users new to stock trading, who may have started using similar platforms.
Experienced Users for Comparison: Consider including some more experienced Robinhood/ Fidelity users who can offer perspective on the platform's ease of use for beginners.
Survey Timeline:
I ran the recruitment campaign over a 2-3 week period with frequent reminders to maximize response rates.
Integrating the 'Why' through Qualitative method addition
To understand the issues facing novice users better, I also added in Qualitative research input: After the participants filled the survey, I also asked them focused questions based on some responses to understand why they are facing specific issues.
Statistical Analysis Method
BEHAVIORAL INSIGHTS
Users feel more confident using the stock filtering options in Robinhood than in Fidelity.
The mixed feedback, reflected in satisfaction rates of 58-62%, suggests that both platforms might need some improvement in meeting novice users' financial literacy needs.
What do users want? What do users need?
I presented the users with specific screens from both the platforms. Based on the screens/ interfaces, questions were asked to the participants based on usability ease, discoverability of features and behavioral questions to understand what users want from these platforms and how they use them. I analyzed these data received from these responses and the emotion expressed by the users to gain insights.
Some screens presented to users with relevant context
Overall, beginners segregate stocks based on Categories like Tech, Stocklists like Most Popular, and Search bar.
Users need added filters on the Fidelity interface.
P-value analysis revealed statistically significant differences, which here (second image in slideshow) indicate that users clearly need the following filter features in Fidelity, as it currently lacking.
Overall, people need detailed information on analyzing stock’s recent price history and trends followed by other filters.
Users often miss the date filter located at the top right and instead scroll through the entire page searching for relevant events. When they don’t find what they need, some scroll back up and only then notice the filter. This results in longer task completion times, increased frustration, and a higher likelihood of drop-offs.
The Filter panel on pages need to be clearly visible at all times.
The Filter panel would need to scroll with the page/ stay fixed beneath the top nav bar to encourage users to engage with the full set of filter options and reduce user frustration experienced in trying to locate what they are trying to find.
In addition, we believe reducing the text density on the page and make all text fields more visually distinct will firstly reduce the cognitive overload.
Broader Implications
The findings emphasize the importance of tailoring platforms to meet the needs of diverse user groups. By addressing identified pain points and capitalizing on strengths, both Robinhood and Fidelity could improve user retention and enhance the trading experience for first-time and novice users.
My key take-aways
Overcoming challenges in survey design and execution:
Balancing sample diversity to ensure fair representation of both novice and experienced users. Ensuring clarity in survey questions to avoid misinterpretation, especially for beginner participants.
Two-Sample T-Test and p-value analysis execution:
I learnt that a p-value analysis proved crucial in pinpointing areas where the differences between platforms were statistically significant. This guided me in determining which aspects of the user experience warranted deeper exploration or targeted improvements.
