FINI Digital IPO Platform - HKEX
From Paper Forms to Digital Flow:
The Evolution of the IPO Process
Digital transformation is no longer a choice but a necessity for businesses today. As we embark on this journey, it's essential to seize opportunities to optimize and streamline processes.
When transitioning from offline to online, let's not just replicate existing workflows. Instead, let's use this chance to reimagine and refine our processes, eliminating unnecessary steps and maximizing efficiency.
This case study highlights the importance of incorporating user-centered design principles early on in the process. By doing so, we can ensure that our digital transformations are truly transformative, delivering better experiences for both users and businesses alike.
Role.
UX Consultant
Team.
HKEX team
1x Senior UI/UX Designer
Scope.
UX Research - User interview | Research analysis | Usability test
Overview.
As a UX consultant on the HKEX development team, I played a crucial role in evaluating the UIUX design of the FINI platform prototype. With the client, HKEX, nearing sign-off, my task was to confirm the design before development commences.
Platform Overview: The FINI platform streamlines the process for companies applying for IPO and regulating bodies verifying documents online. This shift from offline processes saves time, effort, and resources by eliminating physical document exchanges via postal mail.
Collaborative Effort: Working closely with HKEX's internal UI/UX designer, I aimed to elevate the FINI platform's user experience through intuitive and efficient design. Our shared goal was to create a seamless digital environment that facilitates smooth interactions between users, regulatory bodies, and market participants.
Background.
The Hong Kong Exchanges (HKEX) developed the innovative FINI platform (Fast Interface for New Issuance), revolutionizing the end-to-end settlement process for new listings in Hong Kong. FINI empowers seamless digital interactions between professional IPO market participants and regulatory authorities, significantly reducing time gaps between IPO pricing and trading.
By leveraging FINI, investors gain faster access to new listings, minimizing market risk while improving overall efficiency for all stakeholders involved.
Challenges.
Lack of understanding about stakeholders' needs:
The project lacks business intelligence from various stakeholders, including company legal teams, financial institutions, HKMA, SFC, and internal designers.
Insufficient information for design decisions: Internal designers are limited in their ability to gather requirements from internal business users within HKEX.
Inefficient UI design: Existing prototypes, although following material design, require significant improvements on the UI side.
The table demonstrates FINI's transformative effect on the IPO settling process, reducing the time gap from 5 days (t+5) to just 1 day (t+1). This significant improvement involves multiple stakeholders and has a substantial impact on Hong Kong's financial system.
The initial design of the dashboard and IPO Reference Data Page relied heavily on Material Design principles. However, instead of creating a new, user-centric interface, the approach was to simply digitize the existing printed forms without any significant redesign.
Research.
Gathering Insights and Conducting Research
To ensure a user-centered approach, I need to:
Understand the platform's flow: Familiarize myself with how the FINI platform operates, including its various stages and interactions.
Gather more information from end-users and business stakeholders at HKEX:
Conduct qualitative interviews with internal staff who have experience inputting forms as legal advisors. This will provide valuable insights into their needs and pain points.
If necessary, engage with external legal firms to gather users for the interviews.
Research Methods:
Qualitative Interviews:
Interview HKEX's internal staff who have worked on form inputting to gain a deeper understanding of their requirements and challenges.
Usability Tests:
Conduct usability tests with end-users who will submit forms to regulating bodies, using the same stakeholders mentioned above.
Prototype Walkthrough:
Perform a walkthrough of the FINI prototype with existing prospectus information to ensure alignment with real-world scenarios.
Research insight.
Through our research and user interviews, we have gained valuable insights into the needs and pain points of our end-users:
End-User Identification:
The primary end-user is typically an assistant to the legal advisor team.
Information Entry Process:
The user's primary task is to input information, which is already available in the prospectus.
B2B Platform Usage Patterns:
As a B2B platform for professionals, users treat it as a job and are cautious about inputting accurate information.
Keyboard-Only Input Preference:
Users prefer to input information without using a mouse, indicating a desire for keyboard-centric interaction.
Field and Button Confusion:
The existing design features many confusing fields and buttons with misleading names (e.g., "Next," "Generate Denomination Table").
Instruction Clarity:
Instructions are unclear, leading users to believe they can revert submissions when, in fact, this is only possible through internal team intervention.
These findings highlight areas for improvement in the existing design:
Simplify field and button names
Reduce redundant fields and unnecessary form elements
Clarify instructions to avoid misleading users
Recruiting for the user entering the IPO reference data form is quite difficult as they are all the staff from other companies’ legal advisors. Luckily we can recruit internal staff with the same experience to conduct the interview.
Proposed solutions.
Create UX materials For stakeholders and the team To understand more about the end-users and their needs And improve the user experience and impact of the product
Create an optimised and intuitive UI specialised for the digital flow For end-users To complete all the steps intuitively without calling for assistance And improve the usability and efficiency of the platform
Redesigning the Prototype: A Fresh Approach
Although the prototype has reached an advanced stage (90% complete), there is still time for the design team to re-examine its flow and UI:
Re-evaluating the Design: The internal design team at HKEX, after conducting interviews and gathering feedback, recognizes the importance of revisiting the product with more comprehensive research. This will ensure that their redesign addresses real user needs.
Prioritizing User-Centered Design Principles:
Focusing on the basics: Developing a deeper understanding of the user journey and creating personas is crucial, given the involvement of multiple user types.
Ensuring a more holistic approach to design: This involves examining the overall product flow, UI elements, and interactions to create an intuitive and engaging experience.
By taking this step back to reassess the design, the team can:
Refine the User Experience: Create a more empathetic understanding of user needs and pain points.
Align the Product with Business Goals: Develop a design that supports the business objectives of HKEX while meeting the needs of their users.
This process will ultimately lead to a more effective, user-centered redesign that benefits both the users and the organization.
Design.
Enhancing Intuitive and Optimized UI
Our usability testing efforts have yielded valuable insights, guiding us in refining our design system:
Streamlined Font Sizes and Hierarchy:
We've adjusted font sizes to ensure clear readability.
Implemented a logical font hierarchy for better visual organization.
Improved Color Contrast:
Enhanced color contrast to reduce visual fatigue and improve accessibility.
Consistent UI Copywriting:
Revised numerous UI copies to eliminate inconsistencies.
Ensured that action buttons are now intuitive, reducing user confusion.
Our design adjustments aim to create a seamless and engaging experience for users, aligning with the goals of an optimized UI:
Enhanced User Experience: By addressing usability issues, we're creating a more enjoyable and efficient interaction.
Increased Accessibility: Our refined design system promotes easier navigation and understanding for all users.
Improved Brand Consistency: The revamped design system reinforces our brand identity while conveying a clear message to our audience.
Learnings.
Unlocking Success through UX
This project presents an exceptional opportunity to demonstrate the critical role of User Experience (UX) in driving product success. As a consultant, I initiated crucial interviews and usability tests, yielding promising results that have sparked a renewed focus on revisiting the product's flow before finalizing requirements for the development team.
Empowering a Design Revolution
The internal design team has worked tirelessly for nine months, incorporating expert feedback from various professionals to craft an impressive design system inspired by Google Material Design. Their dedication is testament to their commitment to excellence.
However, our collective efforts reveal that UX is the missing piece in the puzzle. By conducting thorough interviews, refining user journeys, and auditing the original offline flow, we can unlock the true potential of this platform.
Reimagining Digital Transformation
In conversations with leaders about digital strategy, it's striking to see varying perspectives:
Some view digital as an upgraded term for IT functions.
Others focus on digital marketing or sales.
However, a truly holistic understanding of digital is rare.
This project serves as a catalyst for change, highlighting the importance of UX in driving meaningful digital transformation. By prioritizing user-centered design and empowering stakeholders to think critically about digital, we can create innovative solutions that meet users' needs and solve real-world problems.