A user centric online service for purchasing trade data from one of the world’s largest stock exchanges
A Study on Data Consumption by Specific User Profiles Enabled the Conception and Prototyping of a Digital Platform to Accelerate Digital Transformation and Further Expand Data Services at the Client’s Convenience
In fluctuating and unstable scenarios such as the financial market, each second counts and it is mandatory that companies receive strategic information quickly. One of the five largest stock exchanges in the world partnered with MJV to design a digital platform that could better cater to different user profile needs in terms of the end of the day and historical stock data.
Digital Transformation in service to the stock exchange
Over the past few years, technology has transformed the financial market. And the evolution of data services is, increasingly, essential to decision making. The use of artificial intelligence, with robots who scan information, amongst other automated processes, provide data faster and a competitive advantage.
The data collected by the Brazilian Stock Exchange are indispensable to the pricing of assets. However, this information was not made available on the website until the end of the day, fragmented in dozens of files.
The lack of synchronicity between the closing time of different markets also delayed the work of analysts, demanding exhaustive cross-checking of data by IT teams. As a result, long work hours were necessary, at a higher cost and impacting the quality of life of employees.
Seeing a latent need in the market, the Stock Exchange asked MJV to structure a digital solution that increases productivity in data collection, with greater speed, organization and assertiveness. But where to start? And how to compile data from over 15,000 sources in an efficient and relevant manner for the different types of users.
Our proposal was to use the Design Thinking approach. With a focus on the user, it is possible to identify the main issues and, from this analysis, prototype the ideal solution.
Design Thinking: the user at the center of the business
In this challenge, we worked at the Stock Exchange, together with its innovation team. We followed the Design Thinking methodology, starting with the immersion stage, to understand how the information on commodities was handled up until then.
The process raised some main issues, amongst them:
- Lack of data customization;
- Large files with no information hierarchy;
- Delay in the delivery and updating of data files;
- Lack of corporate events warnings.
Customer Experience to design an efficient solution for data
Once the analyses of the user interviews completed, the information was compiled and clustered to identify the larger problems and needs. These inputs gave birth to a co-creation workshop between the MJV team and the Stock Exchange’s innovation team with the aim of coming up with the scope of the solution in the most relevant format for the market.
We then went on to prototyping the project. At this stage, the mission was to construct and validate the purchasing journey for the digital product, mapping from the first contact of potential clients with the tool, until the hiring of the service, and identifying opportunities and issue areas to be resolved before implementation.
- Defining channels and formats for receiving the information
- Dynamic for the validation of the content to be sent
- Structure and times of availability of information Structure and times of information availability.
Time is money: the impact on the stock exchange
The Design Thinking process structured, improved and accelerated the creation of a customer-centric product. The qualitative research from the immersion stage with the user made up the basis for the development of an innovative platform, that delivers crucial and complex information on time—in a segmented, customizable and simple way—straight to the user’s computer.
The project left a strong legacy in the Stock Exchange, inaugurating new guidelines with regards to the company’s digital products, and encouraging new steps towards digital transformation in the company.
The solution was also met with satisfaction by the clients, acting in a significant way to speed up the processes that relate to pricing the assets and commodities. After all, when talking about the financial market—time is money.