INTRODUCTION

Stockbit is on a mission to revolutionize trading experiences. With the development of the Trading Limit feature, Stockbit aims to empower traders by allowing them to trade stocks using secure loans provided by the platform. This innovative product is not just a feature; it's a strategic move to achieve operational breakeven by the end of FY23. The team's goal is to launch the feature fully by Q2 2023, enhancing trading opportunities and user satisfaction.

OBJECTIVE

The primary objective of this UX case study is to create an intuitive and user-friendly interface for the Trading Limit feature. The goal is to ensure traders can seamlessly navigate the loan application process, understand the terms, and make informed decisions while trading.

RESEARCH AND ANALYSIS

User Persona Analysis

Understanding the diverse user base – from novice traders to seasoned investors – to tailor the interface according to their needs and preferences.

Market Research

Analyzing similar features in other trading platforms to identify best practices and potential areas of improvement.

Background and Objective

In order to provide trading limit services that suit user needs, we conducted an initial desk research by comparing other securities that have trading limit services, some of the things we want to see are:

• Interfaces and flows

• Negative condition (forced sell)

• How securities remind users to pay bills

List Competitor Analysis

Mirae

No need to register a trading limit account, when you open a securities account, you can immediately use the trading limit facility

• Due date T+2

• Remain Trading Limit 3x

• Penalty 0,2% per day

• Forced sell T+4

Motion Trade (MNC Sekuritas)

MNC will remind users on T+2 to deposit and inform when the stocks will be forced sell

• Due date T+2

• Suspend buy T+3

• Forced sell T+4

No need to register a trading limit account, when you open a securities account, you can immediately use the trading limit facility

BIONS (BNI Sekuritas)

To activate trading limit, users are required to send a request to: directchannel@bnisekuritas.co.id then, send the form: https://drive.google.com/file/d/1s8vPJsVqqz0qOtORLJ7CCLQ1x0CIr-bD/view?usp=drivesdk

• Due date T+2

• Suspend buy T+3

• Penalty 36%% per year

• Forced sell T+4

• Need to register a trading limit account through a form and then send it to BNI Sekurities to get access

IPOT

TRADING LIMIT: FLOW BUY IPOT VIA EZ

If you order via EZ, there is a choice of orders that exceed cash, and available cash is displayed

TRADING LIMIT: FLOW BUY IPOT VIA SIMPLE BUY

There is no CTA/info regarding buying power for trading limit in the flow order via simple buy & fast buy *users have to check Info Kas

REMINDER TO DEPOSIT: Telegram & Email

IPOT will remind every day since T+1

IPOT forced sell on 24 January, without notification from email/tele

REGULAR ACCOUNT REGISTRATION

Need to register a regular account first to get the trading limit facility

Need to register a trading limit account through a form and then send it to BNI Sekurities to get access

• Remain Trading Limit 3x

• Penalty 0,1% per day

• Liability ratio 67%, Forced Sell 80%.

• Forced sell T+4

MOST (Mandiri Sekuritas)

Users can instantly use trading limit, but after several trial, it’s still rejected

FORCED SELL CONDITION

No need to register a trading limit account, when you open a securities account, you can immediately use the trading limit facility

• Due date T+2

• Remain Trading Limit 3x

• Penalty 0,1% per day

• Liability ratio 67%, Forced Sell 80%.

• Forced sell T+4

Key Takeaways

• Motion Trade (MNC) gave clear information compared to other securities (Mirae and IPOT) regarding amount of money to deposit and when they will forced sell the stocks

• IPOT regularly send reminder that help users to deposit despite of lack of information when they will forced sell the stocks

• Most of securities (MOST, MNC, BIONS, Mirae) have the same flow to transact with trading limit. However, currently only BIONS that require users to send a request by filling and sending the form to BNI securities office since IPOT allow users to request directly from the app

• Regarding forced sell: IPOT sold all of the stocks (no reminder), MNC sold some of the stocks (with reminder D-2 before forced sell, and will be notified after it)

• Mirae have the highest penalty fee (0,2%/day) mostly securities 0,1%/day

Recommendations

• Clear interfaces; direct CTA to select transactions using cash or RTL (Remain Trading Limit)

• For users who transact using TL (Trading Limit), we can send reminders to pay obligations regularly thru email or in app notification

• We can inform user before and after forced sell thru email (we can refer to MNC’s email notification) or in app notification

• Provide onboarding info when the user first uses the trading limit regarding RTL, and the obligation to pay

Usability Testing

Conducting usability tests with a sample user group to gather feedback on initial designs and identify pain points.

DESIGN PROCESS

Wireframing

Creating wireframes to outline the basic structure and flow of the Trading Limit feature, ensuring clarity in user interactions.

Prototyping

Developing interactive prototypes for user testing, allowing participants to navigate the feature and provide real-time feedback.

Iterative Design

Incorporating user feedback into design iterations, refining the interface for optimal user experience.

Visual Design

Applying a visually appealing and cohesive design language, aligning with Stockbit's brand identity and ensuring readability and clarity.

KEY PROCESS

User-Friendly Interface

Streamlined application process with clear steps, guiding users through the loan request.

Educational Resources

Providing in-app tooltips and educational content to help users understand loan terms and risks.

Transparent Information

Displaying loan terms, interest rates, and repayment details prominently, ensuring transparency and informed decision-making.

Notifications

Implementing real-time notifications to keep users informed about the loan approval process and trading opportunities.

T+2 (08:50AM)

Soft Reminder for Action Required: At T+2 8AM, we've already processed the transactions with KPEI. Users are gently reminded to either deposit more funds or sell stocks to avoid a buying suspension on T+3.

T+3 (08:50AM)

Buy Suspension Alert: Starting from T+3 1AM (Initial Data Process), users are suspended from buying activities (suspend buy). They are alerted to take action to avoid forced selling on T+4.

T+4 (08:50AM)

Last-Call Before Forced Selling: This is the final reminder sent to users at T+4 8AM. Forced selling procedures will start at 11:00 AM if the user still fails to meet their obligations.

T+4~ (After Forced Sell completed for the day)

Post Forced Sell Completion Reminder: This email serves as a reminder sent after forced selling procedures have been completed for the day. Please note that if any outstanding obligations persist, similar reminders may be sent on subsequent days as long as forced selling procedures are ongoing and the debt remains unsettled.

T+5~ (08:50AM Remaining Debt)

Ongoing Reminder: Sent daily until outstanding debt is cleared.

OUTCOME

The UX design for Stockbit's Trading Limit feature aims to enhance user satisfaction, increase user engagement, and boost confidence in trading decisions. By creating an intuitive interface and ensuring transparency, Stockbit intends to empower traders, thereby achieving operational breakeven by the end of FY23. The iterative design process and user feedback play a crucial role in shaping the final product, aligning it with users' expectations and needs.