In-App Solution Enhancing Advised Customer Experience on Mobile

Vanguard's Advisor Services & Appointment Management for Premium Customers

Target Reading Time: 5-10 Minutes

Vanguard  Digital Advise

Vanguard, a leading financial investment firm, faced a significant challenge: high costs from missed advisor appointments and a mobile app that didn't adequately serve its advised clients. This led to lost revenue and inefficient client engagement. Leveraging a comprehensive Digital Advice Adoption Strategy, Vanguard implemented a user-centric overhaul of its mobile app. By focusing on identifying user barriers, enhancing mobile accessibility, and building robust appointment management features, the initiative aimed to increase digital engagement, reduce missed appointments, and boost client satisfaction. The strategy successfully improved client satisfaction, significantly reduced operational costs, and elevated the overall customer experience, setting a benchmark for future digital adoption.

Project:  Advice Hub
Timeframe:  May 2022 - April 2023

Service: UX Strategy working to align advice services and customer needs to enhance advice services and drive mobile adoption.

Division: CXD Mobile Advice Lab, including Personal Advice, Digital (Robo) Advice, Wealth Management 

Missed Opportunities:
Vanguard's Costly Appointment Dilemma

The core problem

Vanguard experienced a high frequency of missed advisor appointments, directly linked to the limited mobile features available to its Advised customers. The existing mobile app did not cater to their specific needs.

The impact

These missed engagements resulted in lost revenue and significant wasted time for both advisors and clients. This indicated a fundamental struggle with low digital adoption rates and inefficient client engagement through digital channels, hindering the organization's ability to scale advisory services effectively.

The Activating Strategy & Solution Implementation

Proactive Pathways:
Activating Vanguard's Mobile Advisory Hub

The core problem

The Activating Strategy (What will we do?): Vanguard implemented a comprehensive UX strategy focused on improving digital adoption. This involved a multi-faceted approach to integrate robust appointment management features directly into the native mobile app, transforming it into a central "Advise Hub."

Key Solution Components

User Research: Conducted to identify specific barriers preventing digital adoption among Advised customers.

Mobile-First Approach: Ensured accessibility and ease of use for all digital tools.

Feature Development: Built new features allowing clients to:

• Manage appointments (schedule, cancel, reschedule).
• Add notes for advisor meetings.
• Communicate effectively with advisors.
• Receive in-app notifications and appointment reminders.
  
  

Authentication Improvements: Removed critical access barriers to streamline the login and interaction process.

"Advise Hub" Development: Built a dedicated section within the native mobile app, centralizing tools and features specifically for advised clients, with appointment management as its foundational element.

Measurement Framework: Established to rigorously track digital adoption metrics and CSAT scores, enabling data-driven improvements.

Results, Learnings & Future Vision
Vanguard's Measurable Gains & Enduring Insights

Tangible Results

• Significantly improved customer satisfaction.
• Increased the completion rate of appointments by advisors.
• Successfully reduced operational costs by minimizing missed appointments and wasted advisor time.
• Enhanced the overall customer experience by providing convenient, accessible service.
• Enabled data-driven improvements based on actual usage patterns.
• Helped Vanguard stay competitive in an increasingly digital marketplace and enabled scaling of advisory services without proportional increases in staffing.
  

Key Learnings

• Strategic Mobile Enhancement: Addressing specific customer needs through targeted mobile app improvements directly reduces operational costs, increases satisfaction, and improves service completion rates.
• Feasibility is Fundamental: Conducting rigorous feasibility studies at each development stage is crucial for ensuring project viability and adaptability across various platforms.
• Continuous Improvement: Establishing a feedback loop and measurement framework (CSAT, digital engagement metrics) is essential for ongoing optimization.
• Holistic Digital Adoption: Combining UX expertise with business value creation ensures digital adoption initiatives deliver tangible results, benefiting both advisors and clients.

Vuture Vision

The success of this initiative validates the Digital Advice Adoption Strategy, providing a replicable model for future digital transformations across different business units. Vanguard is now better positioned to scale advisory services and maintain its competitive edge in the evolving digital financial landscape.