Researching a better welcome
Estimated 3 min read
What's the challenge?
The Open an Account (OAA) flow is Questrade's first impression. It's the place where prospective investors decide whether to continue with the process or walk away. Analytics and usability testing revealed significant friction on pages that asked for sensitive information such as Social Insurance Number (SIN), tax residency, or net worth. Instead of creating confidence, these steps often introduced hesitation and led to drop-offs.
Why is this a major issue?
Onboarding is more than paperwork. It is the moment where trust is either built or broken. When the flow feels confusing, overly technical, or intrusive, users are likely to abandon the process before funding an account. Each drop-off represents more than a missed signup; it is a lost chance to begin a lasting customer relationship.
Analytics showed that users were dropping off most at decision-heavy screens. The data told us where they left, but not why. Numbers alone can make certain screens look like the problem while missing the bigger frustration. To really understand, we needed to pair analytics with usability testing.
Quantitative
- Reduce exits on SDI/QWP, Account Type, and Tax Residency by 10-15%
- Shorten time on Net Worth and Account Creation by 10-20%
Qualitative
- Make sensitive steps feel safe and clear
- Make help actually help
Competitive Analysis
To understand how Questrade's onboarding compared to the market, we ran a systematic competitor analysis. This helped identify structural patterns and interaction strategies that could inform improvements to the OAA flow.
Selected Competitors
- Selection Criteria: Selected based on market presence, user experience accolades, and service similarities
- Tools and Methods: Industry reports, user reviews, and direct interactions
| Competitor | Total Q's | Q's/Screen | Calculators | "Why we ask" | Progress Bar | Prep Screen |
|---|---|---|---|---|---|---|
| Questrade | 30 | Few | Yes | Yes | Yes | No |
| National Bank | 47 | Some | Yes | No | No | No |
| TD Direct | 30 | Some | No | Yes | No | Yes |
| BMO Investorline | 26 | Some | Yes | Yes | Yes | Yes |
| RBC Direct | 41 | Many | No | Yes | No | No |
| WealthSimple | 31 | Few | No | No | No | Yes |
| Interactive Brokers | 45 | Some | No | Yes | No | No |
Despite Questrade having a similar total number of questions compared to competitors, the onboarding process feels longer due to the structure of how questions are presented.
Moderated Interview
We ran 8 moderated interviews (ages 18-65+, all non-investors) focused on the same drop-off hotspots flagged by analytics.
Key Findings
Competitors use prep screens to set expectations. Adding one could improve readiness and reduce early drop off.
Frequent screen transitions made the process feel unnecessarily long. Opportunity: Cluster more questions per screen.
Net Worth was rated hardest (5/8). Many weren't sure what it meant or how to calculate it.
Preparation Screen
A "What to Expect" screen that sets expectations upfront — required info, steps, and time commitment — to reduce early drop-offs.
Strategic Question Grouping
Clustering related questions on a single screen to shorten the perceived flow length and reduce transition fatigue.
Simplifying Financial Concepts
Plain-language explanations, "Why we ask" callouts, and calculators to help users through the hardest steps like Net Worth.
While this case study only highlights part of my work, I'm especially proud of the research I conducted and the impact it had in shaping the project direction. My four months at Questrade were incredibly rewarding. I learned from a team of talented designers and researchers, and had the privilege to contribute in meaningful ways.
This experience sharpened my ability to combine analytics with usability testing, translate findings into design opportunities, and collaborate cross-functionally to drive product improvements.
A huge thank you to Agapi Koutsi and Chirag Vesuvala for their support and guidance throughout this journey.