6 Reasons Why Ignoring the User Experience (UX) is a Huge Mistake

The investment management software space is extremely competitive, and innovative features and powerful analytics alone do not guarantee success.

A positive user experience (UX) can help a platform stand out from the rest, but conversely, neglecting UX can be a costly mistake.

And it’s a mistake one too many software providers have made, considering only 55% of companies are conducting user experience testing and 90% of users have stopped using an application because of poor performance.

Consider the costs below.

6 Ways a Poor User Experience Hurts Investment Software Companies

1. Low Adoption Rates and Wasted Investment

A complex, unintuitive interface deters users from fully embracing your software's capabilities. This not only wastes the investment you've made in development but also limits the value your clients receive, leading to dissatisfaction and potential churn.  

2. Increased Training Costs & Support Burden

If your software is difficult to use, you'll spend more time and resources on user training and support. This can strain your team and divert resources from innovation.

3. Lost Productivity & Missed Opportunities

Clunky workflows and information overload slow down investment professionals. Valuable time is lost navigating complex menus and deciphering data, instead of focusing on critical analysis and decision-making.

4. Damaged Reputation & Negative Word-of-Mouth

Frustrated users are likely to share their negative experiences with colleagues and peers. This can damage your brand reputation and make it harder to attract new clients.

5. Compliance Risks & Regulatory Issues

Poorly designed software can lead to errors in data entry, reporting, or compliance checks. This exposes your firm and your clients to potential regulatory fines and reputational damage.

6. Competitive Disadvantage

In a market saturated with sophisticated tools, a superior user experience can be a key differentiator. If your software is difficult to use, clients will quickly switch to competitors offering more intuitive solutions.

Designing for Success: Key UX Considerations

1. Know Your Users

Conduct thorough research to understand the specific needs, workflows, and pain points of different user personas within investment firms (e.g., portfolio managers, analysts, compliance officers).

2. Simplify and Streamline

Prioritize clarity and ease of use. Simplify navigation, minimize clicks, and provide clear guidance.

3. Visualize Data

Translate complex data into intuitive visualizations, charts, and dashboards that facilitate quick insights and decision-making.

4. Personalization

Allow users to customize their dashboards and views to suit their individual preferences and roles.

5. Continuous Feedback Loop

Gather regular user feedback through surveys, interviews, and usage analytics. Use this data to continuously improve your UX.

Empaxis: Your Partner in User-Centric Investment Software Development

At Empaxis, we understand the critical role UX plays in the success of investment management software.

Similarly, we understand that UX is not an afterthought – it's integral to the success of any platform.

Partnering with software and fintech providers, Empaxis provides support in many areas, and our team of experts knows UX design principles that create intuitive, efficient, and user-friendly solutions.

Our approach combines:

  • Domain Knowledge: Our team deeply understands investment workflows, the nuances of data analysis, and the decision-making processes of different users within investment firms.
  • User-Centered Design: We involve real-world analysts and advisors throughout the design process. Prototyping, usability testing, and iterative improvement are essential.
  • Visualizing Complexity: Empaxis translate raw data into compelling visualizations, enabling users to quickly grasp key trends, potential risks, and actionable opportunities.
  • Adaptable Interfaces: Our team provides customization options, allowing users to personalize dashboards andworkflows based on their roles and preferences.

In short, don't underestimate the impact of user experience on your investment software's success.

Make UX the priority it needs to be, so that you can drive adoption, maximize ROI, and ensure your software remains a valuable tool for investment professionals.

Contact Empaxis to discuss how we can elevate your software's UX and unlock its full potential.

Chat with an Expert

Get the latest in financial technology support, AI and digital transformation and investment operations outsourcing

Our monthly newsletter features helpful resources, articles, and best practices to implement within technology providers and investment firms