IG Markets CFD - Driving mass adoption of
an advanced trading product
IG Markets CFD - Driving mass adoption of an advanced trading product
IG Markets CFD - Driving mass adoption of an advanced trading product
My Role
Product Design, User testing, Strategy
Team
Designer, PM, Business, Developers,
Regions
APAC & ME
TL;DR
TL;DR
I designed IG Markets' CFD experience from zero to one, adding leveraged trading to an investing app without disrupting share dealing. Since launch it's driven £70 million in notional trading volume. 77% of applicants get activated and 71% of funded clients go on to trade which is a strong pass-through for a product that legally requires a knowledge assessment before anyone can start.
I designed IG Markets' CFD experience from zero to one, adding leveraged trading to an investing app without disrupting share dealing. Since launch it's driven £70 million in notional trading volume. 77% of applicants get activated and 71% of funded clients go on to trade which is a strong pass-through for a product that legally requires a knowledge assessment before anyone can start.
Context
What is IG Markets and why integrate CFD into it?
IG Markets is IG’s new all-in-one platform, designed to make investing and trading accessible. We began with share dealing, and now, integrating CFDs allows users to broaden their strategies and access new opportunities within the same seamless ecosystem. CFD offers following to the users:
IG Markets is IG’s new all-in-one platform, designed to make investing and trading accessible. We began with share dealing, and now, integrating CFDs allows users to broaden their strategies and access new opportunities within the same seamless ecosystem. CFD offers following to the users:
IG Markets is IG’s new all-in-one platform, designed to make investing and trading accessible. We began with share dealing, and now, integrating CFDs allows users to broaden their strategies and access new opportunities within the same seamless ecosystem. CFD offers following to the users:
Ability to trade on markets beyond just equities, thus allowing users to diversify their portfolio.
Trade with leverage - Allowing them to hold bigger positions with smaller upfront funds.
Go short on markets - to benefit from trading against the market.
Ability to trade on markets beyond just equities, thus allowing users to diversify their portfolio.
Trade with leverage - Allowing them to hold bigger positions with smaller upfront funds.
Go short on markets - to benefit from trading against the market.
Ability to trade on markets beyond just equities, thus allowing users to diversify their portfolio.
Trade with leverage - Allowing them to hold bigger positions with smaller upfront funds.
Go short on markets - to benefit from trading against the market.
Declining active client numbers in IG’s legacy product - IG Trading indicate that the current strategy is not future-proof
Since CFD is a niche product,
there is a huge barrier to entry.
This creates a need to nurture an active funnel of investors to become traders via IG Markets.
Since CFD is a niche product, there is a huge barrier to entry. This creates a need to nurture an active funnel of investors to become traders via IG Markets.
Since CFD is a niche product, there is a huge barrier to entry.
This creates a need to nurture an active funnel of investors to become traders via IG Markets.
User archetype
Understanding the target audience
The ideal TG for CFD within an investor predominant app will have two main archetypes.
The ideal TG for CFD within an investor predominant app will have two main archetypes.
The ideal TG for CFD within an investor predominant app will have two main archetypes.
Archetypes
Non-leverage investors
Investors who don’t have leverage trading experience but are interested in exploring it.
Investors who don’t have leverage trading experience but are interested in exploring it.
Leverage-experienced investors
Investors who have some experience dabbling around leverage products like CFD/Options etc.
Investors who have some experience dabbling around leverage products like CFD/Options etc.
Common Traits
High risk tolerance and financial standing
High risk tolerance and financial standing
Active research-driven trading approach
Active research-driven trading approach
Frequent short-term buy /sell transactions
Frequent short-term buy /sell transactions
Have exposure to advanced products like Options/Leveraged ETFs
Have exposure to advanced products like Options/Leveraged ETFs
Planning & strategy
Go-to-market Approach
Since IG has the backend infrastructure for CFD trading as part of the legacy platform, we wanted to make use of that infrastructure as a launchpad for MVP release and to focus only on the frontend in-terms of simplifying and enhancing the CFD trading UX without disrupting the core share dealing UX of IG Markets.
Since IG has the backend infrastructure for CFD trading as part of the legacy platform, we wanted to make use of that infrastructure as a launchpad for MVP release and to focus only on the frontend in-terms of simplifying and enhancing the CFD trading UX without disrupting the core share dealing UX of IG Markets.
Since IG has the backend infrastructure for CFD trading as part of the legacy platform, we wanted to make use of that infrastructure as a launchpad for MVP release and to focus only on the frontend in-terms of simplifying and enhancing the CFD trading UX without disrupting the core share dealing UX of IG Markets.
1
Design the most critical trading journeys - discover, trade, monitor.
Design the most critical trading
journeys - discover, trade,
monitor.
2
Conduct usability testing on critical flows while refining non-critical flows in parallel.
Conduct usability testing
on critical flows while refining
non-critical flows in parallel.
Conduct usability testing on critical flows while refining non-critical flows in parallel.
3
Align stakeholders to finalize Information architecture and UX for core flows.
Align stakeholders to finalize
Information architecture and UX for core flows.
Align stakeholders to finalize Information architecture and UX for core flows.
4
Finalize production-ready critical flows, including edge cases, and hand off to tech.
Finalize production-ready
critical flows, including edge
cases, and hand off to tech.
Finalize production-ready critical flows, including edge cases, and hand off to tech.
5
Build the frontend on current backend infrastructure while parallel design work continues.
Build the frontend on current
backend infrastructure while
parallel design work continues.
Build the frontend on current backend infrastructure while parallel design work continues.
6
Conduct internal QA and external beta testing prior to the public launch.
Conduct internal QA and
external beta testing prior to
the public launch.
Conduct internal QA and external beta testing prior to the public launch.
Solution
CFD onboarding flow
Singapore regulation requires a knowledge assessment before anyone can trade CFDs. Two quick questions on trading experience and savings route each client: those who qualify go straight through, while others accept the terms and then complete an external learning module, each on its own screen. They can leave mid-way, keep using share dealing, and resume from a home-page banner, and 77% of completed applications go on to activation.
Singapore regulation requires a knowledge assessment before anyone can trade CFDs. Two quick questions on trading experience and savings route each client: those who qualify go straight through, while others accept the terms and then complete an external learning module, each on its own screen. They can leave mid-way, keep using share dealing, and resume from a home-page banner, and 77% of completed applications go on to activation.
Singapore regulation requires a knowledge assessment before anyone can trade CFDs. Two quick questions on trading experience and savings route each client: those who qualify go straight through, while others accept the terms and then complete an external learning module, each on its own screen. They can leave mid-way, keep using share dealing, and resume from a home-page banner, and 77% of completed applications go on to activation.
Benefits before sign-up
Benefits before sign-up
Benefits before sign-up
Guided learning module
Guided learning module
Guided learning module
Approved, prompt to fund
Approved, prompt to fund
Approved, prompt to fund
Home & Discover page flow
The main purpose of homepage is to provide users an integrated summary of all different products and let users monitor their multi-product watchlist. Discover page for CFD is built with equal focus on educating the users about CFD and providing them market recommendations.
The main purpose of homepage is to provide users an integrated summary of all different products and let users monitor their multi-product watchlist. Discover page for CFD is built with equal focus on educating the users about CFD and providing them market recommendations.
Home page
Home page
Home page
Discover page
Discover page
Discover page
Deal ticket flow
Once they land on the asset details page of any instrument, they get to see market sentiment and other indicators that would help them to finalise their decision and to place a trade. Once they tap on Buy/Sell, deal ticket screen with added risk management opens up and lets users place a trade in a seamless way.
Once they land on the asset details page of any instrument, they get to see market sentiment and other indicators that would help them to finalise their decision and to place a trade. Once they tap on Buy/Sell, deal ticket screen with added risk management opens up and lets users place a trade in a seamless way.
Asset details
Asset details
Asset details
Deal ticket flow
Deal ticket flow
Deal ticket flow
Post-trade flow
This flow shows how users can monitor their positions, edit risk management and close positions. Users have a granular view on their past performances and balances section with helper text. They also have visibility to all of their current positions and open orders.
This flow shows how users can monitor their positions, edit risk management and close positions. Users have a granular view on their past performances and balances section with helper text. They also have visibility to all of their current positions and open orders.
Portfolio & Monitor
Portfolio & Monitor
Portfolio & Monitor
Edit & Close position
Edit & Close position
Edit & Close position
Design considerations
Integration without disruption
Integration without disruption
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
Integration without disruption
Integration without disruption
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
Use share dealing familiarity as a bridge
Use share dealing familiarity
as a bridge
We maintained consistency with Share dealing experience as much as possible for familiarity.
We maintained consistency with Share dealing experience as much as possible for familiarity.
Integration without disruption
Integration without disruption
Usability testing helped us create clear, context-rich copy that stays easy to understand.
Usability testing helped us create clear, context-rich copy that stays easy to understand.
Integration without disruption
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
Integration without disruption
We preserved the primary share dealing experience while enabling access to CFDs when relevant.
Use share dealing familiarity
as a bridge
We maintained consistency with Share dealing experience as much as possible for familiarity.
Integration without disruption
Usability testing helped us create clear, context-rich copy that stays easy to understand.
Validating our designs through usability testing
Usability testing V1
Usability testing V1
First round of user testing focussed on core journeys like how do they discover a trading idea and how do they execute it?
Insights
Insights
Users showed a clear preference for video-first learning, clicking explainer content first.
Users showed a clear preference for video-first learning, clicking explainer content first.
Users preferred Learn and Discover together, making it easier to connect education with actionable instrument ideas.
Users preferred Learn and Discover together, making it easier to connect education with actionable instrument ideas.
Participants frequently confused total trade value with margin required, believing they needed to pay the full notional amount upfront.
Participants frequently confused total trade value with margin required, believing they needed to pay the full notional amount upfront.
It’s quite straightforward, I can see everything I need. Just that I don’t fully understand some terms yet.
It’s quite straightforward, I can see everything I need. Just that I don’t fully understand some terms yet.
Usability testing V2
Usability testing V2
Second round of user testing focussed on core trading journeys like deal ticket flow and post-trade monitoring flow.
Insights
Insights
Extra confirmation of costs or pop-ups feel like roadblocks between analysis and execution
Extra confirmation of costs or pop-ups feel like roadblocks between analysis and execution
The use of “Buy” and “Sell” on open positions caused confusion, as users interpreted them as actions rather than past trades.
The use of “Buy” and “Sell” on open positions caused confusion, as users interpreted them as actions rather than past trades.
The terms ‘Leverage’, ‘Margin’, ‘Available cash’ need to be re-adjusted for natural journey of reading.
The terms ‘Leverage’, ‘Margin’, ‘Available cash’ need to be re-adjusted for natural journey of reading.
It’s in between (Tiger, Moomoo) and IBKR — Tiger and Moomoo are good for beginners, IBKR is too complicated. IG is a good balance
It’s in between (Tiger, Moomoo) and IBKR — Tiger and Moomoo are good for beginners, IBKR is too complicated. IG is a good balance
Handoff & Implementation
Since this project has a lot of moving parts, we (product team) wanted to hand off designs to the tech team in a strategic manner that doesn’t overload or confuse them. Wherever needed, we simplified a flow into multiple stages so that the tech would handle one complex problem at a time.
Since this project has a lot of moving parts, we (product team) wanted to hand off designs to the tech team in a strategic manner that doesn’t overload or confuse them. Wherever needed, we simplified a flow into multiple stages so that the tech would handle one complex problem at a time.
Masterflow page for Stakeholder alignment
Masterflow page for Stakeholder alignment
Page-wise detailed flow for developer handoff
Page-wise detailed flow for developer handoff
Exception handling flows for almost all major error scenarios
Exception handling flows for almost all major error scenarios
Exception handling flows for almost all major error scenarios
Annotate, annotate, annotate...
Annotate, annotate, annotate...
The more context we provide to the tech team, the simpler their work becomes.
The more context we provide to the tech team, the simpler their work becomes.
Key performance indicators
£70m
£70m
in notional traded through the CFD
since April launch
in notional traded through the CFD since April launch
15.4K
15.4K
total monthly active customers,
averaging
total monthly active customers, averaging
71%
71%
of funded clients went on to place
their first trade
of funded clients went on to place their first trade
Learnings
I got to learn a lot about how complex financial products actually work in realtime and to know about the product and tech backbones that hold it all together.
I got to learn a lot about how complex financial products actually work in realtime and to know about the product and tech backbones that hold it all together.
I got to learn a lot about how complex financial products actually work in realtime and to know about the product and tech backbones that hold it all together.
I learnt how the power of iterative usability testing, use of layman language can make significant improvement to the overall customer journey.
I learnt how the power of iterative usability testing, use of layman language can make significant improvement to the overall customer journey.
I learnt how the power of iterative usability testing, use of layman language can make significant improvement to the overall customer journey.
Other works
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