UX researchers conducted a Diary study with a group of existing and prospective customers, which later helped us with mapping a user journey. 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 the interviewer for free. They just wanted to help us to improve the tool. The studies enabled us to understand usage scenarios, motivations and behaviours of our 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 but-and-hold 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 data quickly.