In this study, Corporate Insight's User Research team examined some of the brokerage industry’s most popular mobile apps. CI conducted small-scale usability tests on iPhone apps offered by Charles Schwab, E*TRADE, Fidelity, and Merrill Lynch focusing on design and core features like trade order entry and stock quotes. This slide deck shares the key findings from our mobile usability testing results and also offers advice for financial services firms looking to optimize the mobile user experience on their apps.

1. User Insights: Brokerage iPhone Apps
A DEMONSTRATION OF THE BENEFITS OF MOBILE USER TESTING

2. INTRODUCTION
For over 20 years, Corporate Insight has helped financial services firms improve their customer experience by offering
ongoing, objective feedback from the perspective of actual account holders. In that period, the customer website has
emerged as arguably the single most important point of contact between financial institutions and their clients. We
are now in the midst of a paradigm shift, however, as smartphones and tablets become increasingly popular entry
points to the Web. More and more, customers expect to be able to manage their financial accounts via a mobile
device, just as they do via the customer website. Financial services firms must meet that expectation if they want to
remain competitive in today’s marketplace.
As companies develop and refine their mobile-optimized websites and apps, they face a significant challenge –
designing a user-friendly experience for a variety of smaller screens and different operating systems. Unlike traditional
websites, where general guidelines for effective design have emerged over the past two decades, mobile platform
design does not yet have a similar set of standards. As a result, it’s essential that financial services companies
understand what happens when clients and prospects actually interact with their firm via a mobile device so they can
design a satisfying experience.
With that in mind, Corporate Insight developed a usability study to shed light on the importance of mobile platform-
focused user testing. Our study reviews the iPhone apps offered by four leading brokerage firms – Charles Schwab,
E*TRADE, Fidelity and Merrill Lynch. While our findings highlight issues that users encountered with these particular
apps, our real goal is to demonstrate the type of information that can be gained when you observe real users
interacting with a mobile platform.
For each firm, we met with five participants, all with varying levels of experience with the iPhone and brokerage
products. These individuals worked to complete 10 different tasks that are common to the mobile brokerage
experience. We focused on identifying aspects of each firm’s design that confused, frustrated or inhibited users from
completing the task at hand. Some of the issues raised in this report are particular to one firm, while others represent
common problems shared by several firms.
This report provides a summary of the key findings from our usability study. For more information regarding our user
testing and user research services, please contact Alan Maginn at 212.832.2002, ext. 116 or
amaginn@corporateinsight.com.
2
Introduction

3. TABLEOFCONTENTS
Table of Contents
 Why Is User Testing Important?
 When Should You Test Your Mobile App?
 Test Design
• Our Objective
• Tasks
• Device
• Study Participants
• Methodology
 Detailed Findings
• Stock Search Functionality
• Stock Quote: Related Actions
• E*TRADE’s Stock Alert Interface
• Trading Interface: Selecting an Order Type
• Trading Interface: Number Entry
• Fidelity’s Trading Interface in iOS 6
• Customer Service Phone Number
 Takeaways from This Study
 Corporate Insight Is Here to Help
 About the Author
3

4. Why Is User Testing Important?
4
In an industry as competitive as financial services, user
experience plays an important role in the client’s overall
satisfaction with their firm. Financial institutions may use
products and pricing to gain new customers, but a user-
friendly online experience has become critical to both
retention and engagement. And with the rise of the
smartphone and the tablet, the mobile experience is fast
emerging as another key competitive battleground.
With so much riding on the quality of your mobile
website or apps, it’s imperative that you understand what
happens when real world clients and prospects interact
with your designs. By performing user tests throughout
the design lifecycle, you can answer the following
questions:
 Is it easy for your audience to learn to use your
interface?
 How quickly do users complete common tasks?
 Do users make any errors as they work to complete
common tasks?
 How satisfied are users with your design?
The value of user testing doesn’t stop at improving
client satisfaction. The following examples from the
Nielsen Norman Group report Usability Return on
Investment1 demonstrate the impact an improved
user experience can have on your company’s
success:
 In the early 2000s, MasterCard hoped to
redesign its business site to increase its
usability and encourage more small business
owners to get business cards. The design team
brought more content to the homepage,
presented direct links to common tasks, and
provided targeted content to various groups of
users. During user testing, customers were
300% more likely to be able to find the
products they were looking for.
 Insurance provider New York Life changed the
location of product links and brought more
content up front on their homepage. Total sale
leads per day increased by 213%.
 In the 1990s, over 2 million pages of IBM’s
website were separately owned, leading to
huge design and navigational inconsistencies.
When the design and architecture of the site
was unified in 1994, online sales increased by
400%.
1 Jakob Nielson, J.M. Berger, Shuli Gilutz, and Kathryn Whitenton. Usability Return on Investment (ROI). 4th Ed. (Freemont, CA: Nielsen Norman Group).
WHYISUSERTESTINGIMPORTANT?

5. When Should You Test Your Mobile App?
5
There isn’t any one particular time when it makes the
most sense to test your mobile app. On the contrary, to
ensure that your interface is easy to use, you should
perform user tests throughout the design process, from
conceptual prototypes through the implementation of
final designs.
And the testing shouldn’t stop just because you’ve
released your app to the public. As new mobile devices
come to market and mobile operating systems evolve,
it’s important to understand how these changes impact
the user experience. Testing your current app is also a
great first step when you plan to update your interface
or develop a new app for another platform, while testing
competitor apps may reveal alternative approaches to
some of the design challenges you face.
But won’t all of this testing slow down your design
process, while pushing your project over budget? Not
necessarily. According to leading Web usability expert
Jakob Nielsen, the vast majority of usability issues can
be discovered in as few as five tests,2 and as we
demonstrate in this report, the tests themselves can be
conducted over the course of just a few days.
2 “Why You Only Need to Test with 5 Users,” accessed October 15, 2012. http://www.useit.com/alertbox/20000319.html
WHENSHOULDYOUTESTYOURMOBILEAPP?
Concept
Design &
Development
Deployment
Validation &
Assessment
User Testing

6. Test Design: Our Objective
6
The purpose of this study was to demonstrate the value of user testing mobile platforms. We tested
some of the investment industry’s most popular apps, focusing on core features like order entry and
quote retrieval. While our findings highlight design issues in the apps offered by Charles Schwab,
E*TRADE, Fidelity, and Merrill Lynch, our goal was not to critique these particular apps per se. Rather,
we wanted to illustrate the kind of insights that can be gleaned from even a small-scale usability test.
We hope that the usability problems uncovered in this report inspire you to test your own platforms
to understand what happens when real users interact with them.
TESTDESIGN

7. Test Design: Tasks
7
Our tests centered on 10 tasks. By design, nearly all tasks were possible on all four apps, though
there were a few exceptions due to the limitations associated with our accounts or because the firm
did not offer that particular capability through their iPhone app. These exceptions are noted in
parentheses in the list below:
1. Login to an account
2. Retrieve a stock chart for a security without knowing its symbol
3. View the most recent news article for a security
4. Set up a price alert for a security (Charles Schwab and Fidelity)
5. Add a security to a watchlist
6. Set up a limit order for the security
7. View current market value for the account
8. Transfer money from an outside bank account to the brokerage account (Merrill Lynch)
9. Review all transactions within the account for the past 90 days or 3 months
10. Access the firm’s customer service phone number
TESTDESIGN

8. Test Design: Device
8
All of our tests were conducted on an iPhone 4
running iOS 6, which was released shortly before
we began our study. Our decision to perform our
tests on this particular device was based on a
number of factors:
 The general trend within the financial
services industry has been for firms to
launch apps for iOS-based devices before
focusing on other devices.
 Among the firms we track for our Mobile
Monitor service, iPhone apps (30) are more
widely available than apps for Android (25)
or RIM (12).
 Although Android phones account for 68%
of the smartphone market as of September,
2012,3 the uniformity of the iPhone’s
design makes it a better target for a general
user test.
3 “Worldwide market share for smartphones,” Associated Press, accessed October 15, 2012. http://finance.yahoo.com/news/worldwide-market-share-smartphones-220747882--finance.html
TESTDESIGN

9. Test Design: Study Participants
9
In keeping with the concept that most usability issues can
be discovered through five tests, we tested five individuals
per app for a total of 20 participants. To understand the
impact that prior investing experience had on a
participant’s ability to complete the assigned tasks, we
selected individuals with brokerage accounts as well as
those with limited-to-no investing experience.
We were also curious to see how a participant’s familiarity
with the iPhone affected their performance. As a result,
we met with individuals in the following categories:
 Frequent iPhone Users – Individuals who currently
own an iPhone, regardless of the model, and have
been using the phone for at least six months.
 Occasional iPhone Users – Individuals who have
some experience with an iOS device, typically gained
through the use of a friend or family member’s
device. Although they are familiar with iOS, they do
not own an iPhone.
 Novice iPhone Users – Individuals who have had no
exposure to, or nominal experience with, iOS
devices.
When designing a usability test, Corporate Insight
can work with your firm to recruit study participants
based on your target audience or such other factors
as:
 Age
 Experience with financial products
 Trading style or frequency
 Net worth
 Vision issues
TESTDESIGN

10. Test Design: Methodology
10
Participant meetings were conducted in Corporate
Insight’s usability lab, located at our offices in Midtown
Manhattan. All sessions were recorded using
Techsmith’s Morae usability software. Users interacted
with the brokerage apps through an iPhone 4 attached
to a specialized user testing “sled.” This sled (pictured
at right) features a webcam mounted at the top of the
device to capture participant’s activity within the apps;
a second webcam is used to capture the participant’s
facial expression.
Test sessions were moderated by a trained usability
professional who guided the participants through the
ten tasks, offered clarification when necessary and
conducted an interview once the test was complete. A
second analyst monitored the session and logged notes
from an observation room, separated from the testing
room by a one-way mirror.
As participants worked to complete the tasks, they
were encouraged to “think aloud” so that we would
gain more insight into their decision making process.
Mobile User Testing Sled
Snapshot from Morae Recording
TESTDESIGN

11. Stock Search Functionality
11
When it comes to stock search tools, all four apps tested in this
study provide dynamic search results. That means the user can
view results as they input a symbol or company name into the
search field. Some apps displayed these results more quickly than
others, but the availability of this functionality is an industry best
practice.
While dynamic search results can make it easier for users to look
up a company name or stock symbol, our testing uncovered a
related usability issue that was present in all four apps. Rather
than select the company name from the list of dynamic results,
many study participants clicked the search button once they
finished typing the company name. When this occurred, the apps
stated that there were no related results, which confused users.
This example drives home an important point. Although your
company may intend to create user-friendly interfaces, you can’t
know what really happens when users interact with these
features unless you test them. By understanding the needs and
expectations of your audience, you can design more effective
interfaces.
E*TRADE Dynamic Search Results
E*TRADE Stock Search Results
DETAILEDFINDINGS

12. Stock Quote: Related Actions
12
Many of the tasks we asked users to perform were related to a
particular stock – Celgene Corporation (CELG). After asking
individuals to find information on the company, we had them
perform a number of actions, including set up a limit order, add
Celgene to a watchlist and set a price alert for the stock. Although
some users relied on the main menu to perform these actions, study
participants overwhelmingly expected to find links to related
actions from the stock quote page, regardless of their prior
experience with brokerage products.
In terms of trading, our users were correct; all four firms provide a
link to their trading interface from the stock quote page. On the
other hand, links to alerts and watchlists (when available through
the app) were not always present, which meant users were forced to
navigate through the main menu in order to locate these features.
But it’s not enough just to make these links available. Our test
demonstrates that the location and appearance of those links is also
very important.
Both Schwab and E*TRADE use green buttons to highlight their
trading functionality. The color is especially effective on Schwab’s
interface because most other content on the page is blue or black.
On the other hand, E*TRADE’s Set Alert button features a gray design
that was overlooked by some users. In both instances, the buttons
appear within the body of the page, which means the buttons are no
longer visible if the user scrolls down the page.
Charles Schwab Trade Button
E*TRADE Trade and Alert Buttons
DETAILEDFINDINGS

13. Stock Quote: Related Actions
13
Merrill Lynch provides three related action buttons
– Trade, Alert and Add to Watchlist – from the stock
quote page. Unlike Schwab and E*TRADE, though,
these buttons are positioned in a static frame at
the bottom of the page. With Merrill’s design, the
buttons are always visible, regardless of where the
user navigates within the page. Although the firm
doesn’t use color to draw attention to the buttons,
users had the most success with this design.
Fidelity offers a unique solution to the related
action issue – Apple’s native “related actions”
button. The button, which looks like an email
“forward” icon, is featured in other native iPhone
apps like Photos. As a result, study participants
with significant iOS device experience found the
button and its underlying actions very intuitive. On
the other hand, iOS novices were either confused
by the button or overlooked it entirely.
Merrill Lynch Action Buttons
Fidelity’s Use of Native iPhone Related Action Button
DETAILEDFINDINGS

14. E*TRADE’s Stock Alert Interface
14
Setting a stock alert on E*TRADE’s iPhone app proved
problematic for many participants. Although the
feature is accessible from the stock quote page, two of
the five participants failed to complete the task
because they could not find the set alerts page. These
individuals were confused by the Alerts tab in the main
menu, which allows users to view alerts but provides
no option to modify or set alerts.
The remaining participants successfully located the
set alert interface but found the inputs very
cumbersome. At first, users tried to set the alert price
by using the main slider. Unfortunately, the
functionality of this feature was limited; users could
move the price a few points but then it would lock in
place.
After becoming frustrated with the slider, participants
tried to adjust the price with the +/- buttons, only to
find that this was either very time consuming or, in the
case of those users who held the button down for an
extended period, that the interface kept moving well
after they’d taken their finger off the phone. In the
end, most participants questioned why they couldn’t
input a number manually.
DETAILEDFINDINGS
E*TRADE’s Set Alerts Interface

15. Trading Interface: Selecting an Order Type
15
To test the usability of each app’s stock/ETF trading interface, we asked participants to set up a limit
order to buy one share of Celgene stock, good for one day. While all users were eventually successful,
some interfaces caused problems due to issues related to design consistency and link affordance, or
the visual cue that something can be clicked or interacted with.
Entering the order type proved problematic for several firms. Although it’s the first input in all four apps,
participants overlooked the order type buttons on the Schwab, Fidelity and Merrill Lynch apps. When
we probed to understand why, users explained that they thought the buttons were labels due to their
gray-on-gray color. Schwab’s design proved least problematic of the three, due to the fact that the input
fields feature a bold heading and are offset from the other inputs on the page.
E*TRADE, on the other hand, utilizes dropdown menus for its order inputs, which is consistent with the
other selection inputs on the page. Users experienced no problems with this interface.
DETAILEDFINDINGS

16. Trading Interface: Number Entry
16
Another aspect of the trading interface that affected usability
were the number input fields. Again, none of the designs kept
users from completing the order entry process but it was clear that
participants found certain interfaces easier to use than others.
The biggest factor that affected usability was the entry keypad.
E*TRADE and Fidelity utilize a 12-button number keypad while
Merrill Lynch and Schwab utilize the full 31-button number and
symbol keypad. Beyond the irrelevance of symbols in a number
entry field, the 12-button keypad is preferable because its
numbers are larger targets for the user’s fingers.
Another feature that affected usability was the input fields
themselves. E*TRADE and Schwab utilize pop-up windows that
focus the user’s attention on the task at hand. Fidelity and Merrill
Lynch, on the other hand, have the user input numbers directly on
the trading screen. As a result, other input fields remain visible,
which can lead to some confusion.
E*TRADE Input Field & Keypad
Merrill Lynch Input Field & Keypad
DETAILEDFINDINGS

17. Fidelity’s Trading Interface in iOS 6
17
In addition to the basic issues regarding keypads and input fields, we also encountered what appears
to be a glitch in Fidelity’s app and we believe it is related to Apple’s recent iOS 6 software update.
During testing, users complained that the field for inputting the Limit Price was hidden by the
keypad. We tried to replicate the issue on an iPhone 4S running iOS 5 but were unsuccessful.
Although it is not a critical issue, this glitch highlights the need for companies to continually test their
apps, especially when new hardware comes to market or operating system software is updated.
Fidelity app viewed on iPhone
4S, iOS 5
Fidelity app viewed on iPhone 4,
iOS 6
Input for Limit Price
shifts to top of page,
enabling user to view
field as they type.
Input for Limit
Price is hidden
below keypad.
DETAILEDFINDINGS

18. Customer Service Phone Number
18
For their final task, participants were asked to locate a
customer service phone number. In this instance,
usability was related to the intuitiveness of the app’s
information architecture, not any functionality. As a
result, we didn’t expect there would be much
difference between the apps, but our test results
suggest otherwise.
Across the board, participants looked to the main
menu for a customer service number. Those
individuals working with the Schwab app located the
number the fastest, as the firm’s menu features an
option labeled “Call Schwab.” Merrill Lynch also
provides access to a “Contact Merrill Lynch” feature
via a fixed frame at the bottom of its main menu but
due to the color and position on the page, several
participants overlooked the feature at first.
E*TRADE houses its customer service information
within a Help tab. Although not as readily accessible as
Schwab or Merrill, the location was intuitive to users.
DETAILEDFINDINGS

19. Customer Service Phone Number
19
Fidelity’s app, on the other hand, houses its customer
service number under a tab labeled “Settings.”
Although most users eventually located the number, it
was often after an exhaustive search through various
areas of the app. Participants commented that it was
“the last place” they expected to find the
information. To make matters worse, the number is
positioned below the fold on the Settings page.
So how can you avoid a situation where your users are
unable to find important information or features?
Aside from testing your interface with users
throughout the design process, you can ensure your
information architecture is intuitive by involving
users in the design process through card sorting
exercises. In these exercises, users organize the
content of your website either under predetermined
headings (closed card sort) or under headings they
make themselves (open card sorting).
SCREEN
FOLD
Fidelity’s Settings Page
DETAILEDFINDINGS

20. Takeaways from This Study
20
We hope that this usability study sheds some light on the value of user testing, particularly the
importance of testing your mobile platform – and competitor platforms – given this rapidly evolving
space. Although our study focused specifically on brokerage mobile apps, there are a number of
takeaways that apply to the broader financial services industry:
 Dynamic search is a helpful feature but it can confuse users if they do not have access to
traditional search results
 Action buttons should have the affordance, or look and feel, of a button
 Numeric keypads should be used for numeric input fields
 Contact information should be easy to find
 Apps should be tested to ensure that operating system upgrades do not negatively affect
functionality
TAKEAWAYSFROMTHISSTUDY

21. Corporate Insight Is Here to Help
21
User testing is a powerful research tool that should be incorporated into your broader design process.
It can help you:
 Understand the needs of your clients
 Prioritize improvements to your interface
 Discover design flaws
 Improve customer satisfaction
Corporate Insight is here to help with all of your user testing needs. We can:
 Collaborate with you to design a study that tests the key features of your mobile app or website, or the
platforms offered by competitors
 Recruit participants that represent your target audience
 Provide you with a detailed analysis of test sessions
 Assist you with your existing usability efforts, moderating tests that you have designed or hosting tests at
our facility, conveniently located above Grand Central Station in Midtown Manhattan
In addition to our user testing services, we also offer Expert Reviews, assessing your interface based
on established design principles and industry best practices. We also perform in-depth Website
Audits, benchmarking your customer website against peer sites in terms of design, functionality,
navigation and usability and offering precise, actionable recommendations to improve it.
CORPORATEINSIGHTISHERETOHELP

22. Upcoming Usability Research from Corporate Insight
22
UPCOMINGRESEARCH
In the coming months, Corporate Insight will be conducting a series of usability studies focusing on
various segments of the financial services industry. Our next study, due to be published in June 2013,
will address the usability of banking websites and iPad apps, with a strong focus on transaction
interfaces. If you would like to be notified when this new study becomes available or if you are
interested to learn more about Corporate Insight’s User Research Services, contact Alan Maginn,
Director, User Research at 212.832.2002, ext. 116 or amaginn@corporateinsight.com.

23. About the Author
23
Alan Maginn is the Director, User Research on Corporate
Insight’s Consulting Services team and has been with the
firm since 2004. He received his Certified Usability
Analyst accreditation from Human Factors International
in 2011 and has since led the development of Corporate
Insight’s new User Research services. In addition to his
work regarding usability, Alan has also led CI’s social
media research since 2008. Prior to that, he was Senior
Analyst for Corporate Insight’s Mutual Fund Monitor-
Advisor service.
Alan Maginn, CUA
Senior Analyst, Consulting Services
212.832.2002, ext. 116
amaginn@corporateinsight.com
@alanmaginn
ABOUTTHEAUTHOR