UX Project: HSA Investments
Company: WEX, Inc.
Location: Portland, ME
Duration: October 2020 - Present
Overview
Project Summary & Role
Project Summary
The HSA Investment Solution aims to amplify the value of HSAs by providing a modernized white-labeled investment experience that appeals to all demographics and segments of HSA consumers. The solution offers a simple, engaging trading experience consistent with leading consumer financial apps, providing access to individual stocks, ETFs, and mutual funds. It addresses the need for a competitive, consumer-friendly investment platform to drive long-term savings.
My Role
I led the design strategy for the project, setting the visual design and strategic direction for three account types for HSAs. I directly managed a UX designer on the project and collaborated closely with product managers and tech teams to ensure alignment and execution.
Problem & Objectives
Challenge
The HSA investment feature is vastly underutilized, with only 7% of account holders currently investing despite the overwhelming tax and savings advantages. Existing HSA investment solutions are outdated and fail to appeal to modern consumers. This project addresses the need for a user-friendly, innovative solution to increase adoption and engagement.
Objectives
- Provide a delightful experience for consumers.
- Encourage new investors to open accounts and existing investors to deepen their engagement with HSA investments.
- Offer competitive investment options for consumers of all demographics and experience levels.
- Drive healthy financial outcomes through education and engagement.
- Differentiate the HSA solution in a competitive market.
- Deliver full control of the HSA investment experience through a white-labeled solution.
- Incorporate investment data into analytics and enhance employer reporting with key investment metrics.
Target Audience
The target audience includes individuals enrolled in commercially available medical benefit plans with access to a qualified HSA medical plan. Despite the growing opportunity, only a small percentage of eligible users engage with HSA investment features due to lack of awareness and outdated solutions. This project aims to break those barriers and unlock the full potential of HSA investment accounts.
Process & Execution
Solution Details
The new investment solution will be delivered via the Benefits Consumer Portal and Mobile App using a third-party embedded investment recordkeeping API solution. This allows for full ownership of the design and ensures consistency with the overall user experience. Leveraging modern technology, the solution will feature a fluid responsive design that meets users wherever they are, on any device.