The options trader is like the poker player; everything is about timing.
Time equals money for options traders, but all options traders are not equal in their experience. The design objective of the first iteration of the virtual options trading platform was to support the professional trader. Much to the surprise of the product manager, only twenty percent of their customers were professional traders while the other eighty percent is established, up and coming to less experienced professionals and hedge fund managers. Each customer has different needs for trading. Learning to use the virtual trading platform needs to take into consideration the trading experience of each customer.
Two key Objectives:
- To design a user-friendly virtual options trading platform that will increase the speed of trading while giving flexibility to the customer to be anywhere they want to be.
- To provide education on using the virtual trading platform across the various levels of customers.
Observational research was used to understand the needs of option traders. The insights informed the design of the platform, defined the needs and experience levels of all option traders.
- Observational research was used to understand the needs of the options traders and gather insights.
- Secondary research was used to explore opportunities that the primary research did not uncover.
- Competitive analysis was conducted to learn from competitors’ virtual options trading platforms.
- The think-aloud method was used to validate the new prototype design.
The analysis from the research provided solutions for the design of the virtual trading platform, brand strategy, marketing, and communications strategy.
The new iteration of the options trading platform created greater usage satisfaction; produced an increase in trade placements; and a longer commitment to using because of the educational materials.