Kernel Wealth
Kernel was born out of frustration with the inefficiencies, lack of innovation and low level of financial literacy holding back the New Zealand financial industry, and ultimately Kiwi’s financial futures.
Up until this point, Kernel had only offered index fund investments. However, their long term goal was to become an all-in-one financial platform. By the end of the 2021 financial year, they wanted to offer KiwiSaver and saving options.
I joined Kernel as their first Product Designer, continuing the work initiated by the design agency, ‘Edition.’ I collaborated closely with the newly formed Product team to deliver an all-in-one finance solution. This project involved research into users, competitors and the international industry, as well as system, user experience and interface design.
As at 3 Sept, 2023
2,499
KiwiSaver sign ups
1,289
Savings accounts
$35.8K
Average KiwiSaver balance
$12.2K
Average balance
Good Design Awards - Gold, Apps & Software
Indigo Design Awards - Gold , Tools and Utilities
Indigo Design Awards - Gold, Interface & Navigation
Design challenge
“How might we enable users to manage their finances in one place?”
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When I joined Kernel, one of my first priorities was to familiarise myself with our existing user base. Our Head of Product had already initiated the research. Given our company's size and the project's tight timeline, I did not conduct an exhaustive synthesis of these interviews. Instead, we adopted a 'lightning synthesis' approach, swiftly collecting key findings after each call and discussing their potential impact on the project.
After speaking with users, I discovered that Kernel's existing customers primarily consisted of index fund enthusiasts. Kernel's index funds were created in partnership with S&P, renowned for crafting trusted indexes like the S&P 500. However, we needed to expand our appeal beyond this niche market. The primary goal shared by our users was achieving a "better financial future.” This was the universal message our new platform needed to communicate.
Companies in the US and Canada had a significant influence on our company's direction. Entities such as Wealthfront, Wealthsimple, Ellevest, Acorns, and Betterment offer a wide range of user-friendly financial solutions. Kernel wanted to seize the opportunity to evolve beyond being solely a ‘Shares’ or ‘KiwiSaver’ platform. I dedicated weeks to studying these platforms in-depth, whether it meant sifting through YouTube video reviews or using fictitious details to navigate through onboarding flows. This competitor research broadened my perspective on what a financial platform could become.
Amidst the post-COVID financial boom, the finance industry became exceptionally competitive. Newcomers like Sharesies were gaining ground, and there was increased demand for volatile investments, NFTs, and Bitcoin. Established competitors such as Milford, Simplicity, and Fisher had trust and experience in their favour. Our goal was to establish a new niche in the market as ‘Wealth managers’ – an all-in-one finance solution promoting good financial habits and effective financial products.
About
Sharesies is an NZ trading platform. They use technology to offer accessible investment opportunities.
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Simplicity is nonprofit fund manager. They offer simple to use, low fee fund options for varied investment needs.
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Milford is a trusted active fund manager. They are an award-winning team of investment experts.
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At this stage, the Kernel product was relatively simple. It featured a single-step registration process, followed by a 5-10 minute Anti Money Laundering (AML) verification process. Users had access to a wallet that could be funded through bank transfers, along with a streamlined marketplace flow to purchase funds.
While KiwiSaver and Save require fewer security checks than investing, our tech capacity could not separate onboarding flows based on product choice. So, I made AML verification mandatory before accessing any product, simplifying tech interactions and encouraging users to complete verification before use. There was no benefit to entering before AML had been completed since everything in the product was hidden or disabled before you completed it.
While KiwiSaver and Save required fewer security checks than investing, our technical capacity could not separate onboarding flows based on product choice. Therefore, I made AML verification mandatory before granting access to any product. This structure streamlined tech interactions and encouraged users to complete verification before use. Entering before completing AML offered no benefits, as all product features remained hidden or disabled until verification was completed.
Since the navigation was initially designed for investing purposes only, it had reached its maximum capacity on desktop and required an overhaul. We lacked the technical capacity to totally redesign the navigation component, so I had to make the existing component work with our new offerings. The mobile menu did not require a redesign due to the larger space available in the hamburger menu.
KiwiSaver required both a transferring flow and a dashboard for users to access their KiwiSaver plan and balance. As users provided most of their details during AML verification, the transfer process was short. Users only needed to specify how they wanted their plan to be set up, with the choice of a custom plan or using our pre-made diversified funds. The dashboard also needed to show their historical returns, plan details, and facilitate niche actions like withdrawals.
Save was a straightforward process involving bank accounts held with Heartland Bank. Since it's a bank account, users can set it up for free, without the need for any onboarding or user details. To reduce unnecessary friction, I configured the bank account and dashboard setup as defaults, making it readily available for users. While the account isn't technically set up, we would establish it behind the scenes when a user makes a deposit into the account. This would ensure a seamless user experience.
To ensure this joint offering felt like an all-in-one finance platform, I envisioned a central hub to track your total wealth accumulation. The goal of this page was to highlight all potential offerings on Kernel and provide a summary of your total wealth.
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I made some experience and visual improvements to the existing onboarding flow. I added a success screen upon completing AML, and extended the onboarding process to allow users to select which financial product they wanted to set up first. This adjustment aimed to streamline the process and reduce drop-offs after AML
I kept the KiwiSaver onboarding minimalist to reduce any unnecessary distractions. I limited the choices on each step to reduce cognitive load. For the dashboard, I repurposed the list and graph components from the Invest dashboard. I placed niche KiwiSaver actions in a dropdown menu. Actions such as withdrawing from your KiwiSaver, are infrequent and don't need to be visible at all times.
We initially only had one savings account with no additional features, making the page quite bare to begin with. I introduced an alert to notify users about the delay in their first transaction, without delving into exhaustive details. My primary focus was to maintain consistency with the rest of our design system, while bearing in mind that the page would eventually include more features in the future.
I designed a page that showcases all the financial products on Kernel and provides an overview of your total wealth. I used 'Financial Freedom' in the title to position Kernel as a 'Wealth Manager.' I included a featured educational article to help users learn more about finance and stay updated on upcoming news. Additionally, I added a list component for both available and active products, enabling users to quickly identify the products they're using and what's available.
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As at Sept 3, 2023
2,499
KiwiSaver sign ups
$35.8K
Average KiwiSaver balance
1,289
Savings accounts
$12.2K
Average balance
As at Sept 3, 2023
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Time was of the essence in this project. The company aimed to outpace its competitors. Managing the scope was a continual balancing act, which was a great challenge for me as a Designer. It required me to assess developer capacity against user experience considerations at every stage. As a team, we successfully delivered an MVP experience that we were proud to launch. It didn't take long for users to embrace the new product offerings, and we have attracted new audiences through KiwiSaver and Save.
In retrospect, I realise I overly emphasised promoting our products to existing users out of fear that they might not be aware of them. Constantly promoting KiwiSaver and Save on the Overview page did not significantly enhance their experience. I also wonder if we could have spent more time rethinking the product structure. While it seemed technologically challenging at the time, consolidating some dashboards and experiences, instead of having three distinct ones for each product, could have set us up better for future releases and momentum building.
After the financial crash, volatile investing became less prevalent compared to the previous year. To adapt to the changing market, companies like Sharesies have significantly shifted their brand towards an all-in-one fintech approach. I'm proud of the foresight our team had in advancing a stable wealth generation product before it became 'popular,' so to speak.
