Regulator Workspace
UX case study
Redesigning FINRA’s Legacy System for State Regulators
In a nutshell...
The Product: A centralized dashboard for managing regulatory tasks.
The Problem: Users lacked an efficient way to view, manage, and complete tasks due to dispersed information.
The Solution: Implementing a unified dashboard that consolidates task management, allowing details to be visible at a glance and tasks to be completed more efficiently.
The Outcome: Task completion times were reduced by an average of 25%, enhancing productivity.
CLIENT
U.S. Securities and Exchange Commission (SEC)
North American Securities Administrators Association (NASAA)
SERVICE
Web Application,
SaaS
TEAM
Design Lead(Me), Product Manager,
Engineers, Business Analyst, UX Researcher
TOOL
Figma, Usertesting.com,
Miro, SurveyMonkey, Jira
YEAR
2023
1. INTRODUCTION
What is it?
One Platform for Regulatory Needs:
- Review applications & manage registrations.
- Report events & ensure compliance.
Who is it for?
- U.S. Securities and Exchange Commission (SEC)
- State Securities Agencies and their parent organization NASAA Self-regulatory Organizations (SROs)
Why did we build it?
Provide regulators with a personalized experience that uniquely caters to their regulatory needs, enabling efficient review process, improving work management
2. Challenge
1
Legacy System Inertia
20 years of the old system means users are comfortable but resistant to change.
2
Modern ≠ Mystery
The system is a vital part of their workflow. We needed to modernize without making users feel lost in an unfamiliar interface.
3
Core Features, New Look:
Essential functions like reviews and decision-making must remain accessible and intuitive within the updated design.
How might we design a modernized system that seamlessly transitions users, balances familiarity with new features, & prioritizes core regulatory functions?
3. SOLUTION
Simplified Task Management with Dashboard Cards
- See all pending tasks at once.
- Get key details with quick info cards.
- Track progress with visual indicators.
- Update tasks directly - no more jumping between pages.
Deep Dive at a Glance:
- All details with a single click.
- See all linked tasks for context.
- Take action (approve, deny, etc.) on the spot.
- Leave comments for seamless collaboration.
4. APPROACH
*Things I lead
01 Define
Understanding the problem space
Defining project goals
*Outlining expected redesign methodologies
Scheduling project milestones
02 Research
*Conducting secondary research
*User interviews with state regulators
Analyzing existing task flows
Developing personas
Mapping out the regulator’s journey
03 Design
*Generating varied redesign concepts
*Crafting initial design sketches
Hosting first round of feedback sessions
*Creating wireframes for key interfaces
Conducting a second feedback session
*Prototype design
04 Evaluate
Expert usability review
Testing with state regulators
Gathering redesign feedback
*Implementing design improvements
5. RESEARCH
We interviewed regulators and staff (state, admin, compliance) to understand how reviewers use the old system.
Over 75% of users reported difficulties in navigating the existing system.
Task completion times were 30% longer than industry benchmarks.
Insights from User Interviews
1
Inefficient Task Management:
Users craved a central hub: a single dashboard for easy task oversight, quick access to details, and streamlined completion – all to boost efficiency.
2
Navigation Complexity & Information Overload
Confusing navigation & too much data make tasks take longer and finding specific details harder.
3
Inefficient Collaboration
Reviewers couldn't easily see past comments. They had to download separate documents just to see notes from previous reviewers.
User Journey
1
Alex (Applicant):
Decides to become a stockbroker and applies through a brokerage firm.
2
Brokerage Firm:
Submits Alex's application and associated fees to FINRA via the Web CRD system, aiming to hire qualified individuals like Alex.
3
Web CRD System:
Acts as the intermediary, processing the application and fees, and forwarding the information to State for further review.
4
State Reviewer:
Reviews the application (In Web CRD) to ensure Alex meets all necessary qualifications and complies with regulatory standards, with the goal of protecting investors.
5
Web CRD System:
Notifies the brokerage firm of Alex's application approval.
Breaking down the tasks performed by the reviewer
Breaking down the tasks performed by the reviewer (Step 4 above)
1
Confirm Alex's work location and home address.
2
Review the Exam Info section to ensure Alex has completed the required Certifying Exams
(New Tab).
3
Examine the Registration Summary and Employment History
(Go to Individual Application Details Page)
4
Investigate the Disclosure section for any new incidents since the last registration
(Go to Individual Application Details Page and then click link to open a new tab)
5
Review any Regulatory Notes from other regulators
(Go to Individual Application Details Page and then click link to open a new tab).
6
Mark the application as reviewed for other regulators to see
(Go to Individual Application Details Page).
Old Screens
The old Web CRD system overwhelmed users with info. Regulators navigated through multiple clicks to even start working on tasks.
The Web CRD's task list page had too little info, forcing users to go to the detailed page for tasks. The button to get there wasn't clear, causing frustration.
Users found the task details page in the Web CRD system frustrating due to the need to click on multiple links and juggle information across new tabs, often getting lost in the navigation.
Additionally, there was no feature to update the task's progress or leave comments and notes, hindering effective task management and collaboration.
6. Test & Iterate
Option 1: Enhanced Task Card with 'View More' Option
Strengths:
Quick-glance task summaries and a 'View More' option for details.
Less clutter on cards with a focus on key information.
Easy access to legal 'Disclosure details' on the details page.
Weaknesses:
Task cards were still too ‘information dense’ for some users.
Users needed clearer navigation to 'Disclosure details'.
Multiple links on the cards caused confusion about where to find full task details.
Option 2: Dedicated section for action items and status updates
Strengths:
Grouping all tasks together like ‘Assign Task’, ‘Update Status, View Task Details.
Weaknesses:
Legacy users found info confusing because it was split into two rows on the card. This made scanning and finding important details difficult.
A group of 25 state regulators participated in the initial round of user testing, providing feedback on the redesigned system's usability, intuitiveness, and efficiency.
1
40% reduction in the time regulators needed to locate and initiate tasks.
2
Some regulators found the information density on individual Task Cards challenging, signalling a need for cleaner information design.
3
Seeing 'other related tasks' to an individual's profile expedited task completion by 25%.
Based on the outcomes of user testing, several iterative refinements were made:
Detailed Task View: Grouped related information for less clutter and faster decisions.
Task List Dashboard: Used a compact layout for clearer task overview.
Icons and Tooltips: Added these to show task status without the clutter quickly.
One-Click Access: Enhanced to display all necessary details through a single click.
Linked Tasks Visibility: Included a feature to view other tasks related to the same application, providing broader context.
Action and Status Updates: Enabled users to take actions (approve, deny, etc.) and update the application's status directly from this page.
Commenting Feature: Added the ability to leave comments, facilitating smoother collaboration among team members.
After implementing these refinements, a second round of user testing showed a significant improvement in user satisfaction:
85% approval rating for the redesigned system.
Usability (SUS) score jumped from 65 to 82!
(SUS = a common usability rating system)
Task completion times were reduced by an average of 25%
7. Learnings
1
Behavioural Change is Challenging
We learned that getting users to change their habits is hard. Even though the new system was better, some users who were used to the old way found it hard to switch. This taught us that we need to help users adjust to changes slowly and make sure they understand how to use the new features easily.
2
Cognitive Load Management
We underestimated the impact of cognitive load on user adaptation. Initially, the redesigned system, while efficient, presented too much new information at once, overwhelming users. This reflected the need to better manage the cognitive load by minimizing unnecessary information and optimizing the information architecture for easier absorption and recall.
Fin.
Other Projects:
Sambit Mohanty
sambitmohanty2707@gmail.com
267 455 (3042)
