Redesigned experience for the newest generation of the Scotia iTRADE app Qorus Banking Innovation Awards 2023

Goal and vision When Scotiabank delivered a new Scotia iTRADE mobile app, the goal was to create a trading experience that was not reserved for experienced and active investors but made investing accessible to anyone – no matter their previous trading experience. The new version of the Scotia iTRADE app is tailored for a broad range of investors, offering a seamless and secure single sign-on experience, top-tier accessibility enhancements, and smooth trade and transfer flows. In response to client feedback, we have connected the new iTRADE app with Scotiabank’s retail banking platform and addressed core gaps in the previous version of the application relating to usability. Observation and improvement phase Scotiabank launched a beta version of its improved iTRADE mobile app in April 2022, to collect client feedback. The team focused on understanding the diverse needs of Canadian self-directed investors, and validating research-driven decisions on navigation and information architecture. In addition, they combined insights from business and technology experts and engineers to create the best user experience. They also consulted the Bank's internal trading club, a group of investors with varying expertise, to gather inclusive insights and test ideas. This group of users was the first to test and provide feedback on the new features. The team also tested with external users of competitive apps throughout the process to determine expectations and areas for improvement. Collaboration and partnership On September 6, 2022, after a two-year collaborative journey involving various teams across the Bank – including Digital Banking, Scotia iTRADE, and Technology – Scotiabank officially unveiled the newest generation of the Scotia iTRADE app. About the user-centric design Focusing on cognitive load – the amount of information a person’s working memory can process at one time – was crucial to creating a simple and elegant user interface for Scotiabank's iTRADE app. Clients need to trade quickly and confidently, so the design was streamlined to essential components and logic. Features like a rapid biometric login, seamless equity and options trading, effortless fund transfers between accounts, and key additions such as notifications through email or push notification, combine to create an intuitive platform that doesn't require any training to use. Uniqueness The Scotia iTRADE mobile app offers unique features and qualities that set it apart from others in the market. It was redesigned around accessibility and usability for all clients, which includes choice chips for options trading and simple actions like slide to trade/transfer. It also offers Push Notifications to keep track of personal Scotia iTRADE activity, changes to personal accounts, and new eDocuments. The app also includes customized news feeds based on personal Watchlists, a view into top-performing holdings, and the ability to seamlessly navigate between the new iTRADE app and the Scotiabank mobile banking app, without having to reauthenticate. Impact and benefits Since the Scotia iTRADE app was launched, ratings have increased from 1.4 stars to 4.1 stars (193% increase) on the Apple App Store and 3.9 stars on Android (180% increase), as of September 6, 2023. The app ratings continue to climb as user feedback is incorporated to improve the different user journeys and flows in the app. Mobile engagement has increased substantially since the launch of the new app. Digitally active users have increased from 54,000 to >100,000 (90-day). The app continues to positively impact investors of all experience levels, including client segments that are less serviced by direct investing applications, like seniors and people with disabilities. Future plans: potential for scalability and replicability The Scotiabank team continues to work on new features and enhancements to ensure the iTRADE app continues to evolve to meet our clients’ changing wants and needs. The app leverages reusable components and features from the retail mobile application and builds on existing user patterns and colour pallets to create a connected banking experience for our clients.