Trade - On
Trading platform for foreign exchange dealers on desktop and mobile
The problem!
Foreign exchange dealers in banks need to access multiple applications like Bloomberg, Trading Platform, etc. and at the same time check their Net Positions while making a deal.
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Though this is a traditional practice, it causes a lot of stress and takes a toll on their professional as well as personal life. The solution presented here addresses their pain points.
The road taken...
As it is said, that the journey is more beautiful than the destination itself and indeed the process followed to arrive on the solution was quite interesting right from understanding the domain to final solution.
Discovery
Understanding the domain
We researched a lot of content that was available online and reached out to retired professionals to know how markets work, how deals are made, etc. before heading out for contextual interviews.
Contextual Inquiries
For our contextual interviews, we went to two banks whose annual turnover was more than $7.9 billion.
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We witnessed dealers in action, interacted with them and got to know about how stressful and challenging their lives were.
Fig: Understanding forex through peer learning and contextual inquiries
Conceptualization
Creating personas and user journeys
From the insights generated through contextual inquiries, we created user personas.
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Using these user personas, we envisioned user journeys that will provide a better experience over the existing ones.
White-boarding & paper prototyping
Carrying these user journeys forward, initial concepts were drafted into paper prototypes for testing with experts
Fig: Sketching out low-fidelity concepts on white-boards
Testing
Testing with expert users
To validate our concepts, we tested out the prototypes with field experts and stakeholders. Their feedback was instrumental in shaping our final product and taking it ahead for user testing.
Fig: Testing out the initial prototype with expert users
Persona of a dealer
Demographics
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John, forex dealer with a reputed bank, currently in his mid-30s.
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Makes around 150-200 deals daily on various dealing platforms.
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Simultaneously monitors his currency positions and limits throughout the day.
Technical proficiency
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Uses 4-6 display monitors to consume content.
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Use of multiple applications simultaneously to complete a deal.
Pain points
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Is stressed and frustrated due to hectic work environment.
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Have to process multiple information from different displays.
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Confined to desk for the entire day.
Solution
The proposed solution addresses the pain points of the users and at the same time reduces the friction while switching from the old system to the new system.
Work flow
The dealer makes a deal after observing his net position and current market trend. He can either use his desktop or mobile for making the deal
The deal details flows to back office, where all necessary information is checked and the deal is accepted
The deal details flows to back office, where all necessary information is checked and the deal is accepted
Desktop version of the solution
Trading section showing different deals
Data showing the current and past market trend
Left navigation for quick menu access
Position indicator widget showing live positions of dealers
Fig: Screen grab from the dealer's dashboard
Trading book indicator
Currency pair indicator: A user can also change to the desired pair if required
Sell Rate: The selling rate for a single EUR in exchange for USD.
Amount: Default value is 1million, but can be user-defined as well. Clicking on the currency can also swap the pair from EUR/USD to USD/EUR
Spot or Fwd: Depends on user requirement
Fig: A forex deal showing various information like rate, today's lo-hi, default amount, spot/swap trade
Buy Rate: The buying rate for a single EUR in exchange for USD.
Today's hi-lo: Today's highest and lowest rate along with the performance
User can also input the required date for fwd settlement
Mobile version of the solution