SS&C ADVENT
ORDER MANAGEMENT REDESIGN
A SAAS PLATFORM FOR TRADE ORDER EXECUTION, CONFIRMATION, ALLOCATION AND SETTLEMENT
Background
The Moxy trading environment aims to improve operational efficiency through a seamless workflow, covering portfolio modeling, trade creation, execution, confirmation, allocation, and settlement. However, the product's age has resulted in challenges with the current user experience (UX) flow, hindering its ability to meet the needs and expectations of users. Additionally, in 2022, I took on a leadership role in a project focused on redesigning the order management system, as Advent sought to integrate popular products into its online platform.
Lagacy OMS
Mod OMS
Problem Statement
The current product structure resembles an outdated Microsoft application interface, and its complexity often fails to meet contemporary user expectations, leading to difficulties in performing tasks. To address this issue, Advent provides product trainers to guide users in utilizing the product effectively. However, the continuous addition of new features and task flow enhancements without proper organization has resulted in the presence of unused interfaces and features, confusing initial operations.
Project Scope
The goal is to redesign the Order Management System (OMS) to empower users with the following capabilities:
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Efficiently manage trade orders
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Monitor the execution of trade orders
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Conduct post-trade order allocation
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Facilitate post-trade order settlement
End Users
Stock traders, admin, operator, portfolio manager
Project Process
SS&C stakeholders are highly knowledgeable about the design thinking process. So, I led the team to conduct a thorough design process to understand the customer segments, the problem, the value proposition, key resources, and UI requirements.
Step 1: System Understanding
Step 2: Evaluating the Current Product
Step 3: Conducting User Research and Competitor Analysis
Step 4: Creating Information Architecture
Step 5: Developing Wireframes and Prototypes
Step 6: Design ideation
Step 7. Testing
Major Contributions
Challenges
Major Achievement
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Successfully led the team in conducting workshops during user research and competitive analysis.
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Performed a thorough heuristic evaluation of the current product to establish the design direction.
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Transformed the outdated app into a modern industry-trend design encompassing both UX and UI enhancements.
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Co-led the design of a SaaS platform, integrating individual apps into a unified online platform for improved user experience.
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Industry knowledge (investment strategy, trade execution, allocation, settlement, accounting workflow, etc.)
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Complex ecosystem applications have large data execution between front, middle, and back office applications.
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A complex execution process involving many roles, functions, compliance requirements, etc.
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All UX designers are newly hired
Collaboration
UX design team, Product trainer, Product direction,
PMs, and Engineer team
My Role
I took the lead in a UX/UI redesign project and collaborated with two senior UX designers
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To create a better performance application, I need to understand how all applications (the front, middle, and back end office apps) work because the trader needs to communicate with the portfolio manager if the order can’t be completed and adjust trade allocations if it was rejected by the accounting system. Knowing the whole ecosystem will help to understand what traders need and why they have such pain points during execution.
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A comprehensive and intensive study of the ecosystem. I took training courses, tested, wrote over 300 pages of notes, and consulted with the SME and product director to understand how the current system works and the interaction areas that need to be improved.
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Led the design team to do thorough research and design ideation
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Collaborated with diverse stakeholders to ensure a user-centered design approach and technical constraints
Major Design Process Walkthrough
Understanding the ecosystem
Each day market price and corporate action send information to the accounting system (APX). APX then sends security, portfolios, and tax lots to the front office via OMS. After the portfolio manager creates a trade order, the requested data is sent back to OMS. OMS will perform trade execution. After the trade is completed, OMS handles trade allocation, settlement, and historical reporting. At the end of the day, after the trade is completed, OMS sends allocations back to the accounting system.
The reason I need to understand how all applications work is that the trader needs to communicate with the portfolio manager if the order can’t be completed and adjust trade allocations if it was rejected by the accounting system. Knowing the whole system will help to understand what traders need, why they have such pain points during execution, and how to make improvements.
Ecosystem
Illustration
Project Scope
Product Heuristic Evaluation and Competitive Analysis
Because this application has been developed for over 20 years, developers kept adding features to the system without clearing up legacy functions. Some functions are no longer in use, and others have been repurposed for different tasks. As a result, the user flow and interface interaction are not intuitive. Therefore, SS&C has product trainers to teach clients how to use the application.
While I conducted the heuristic evaluation, I paid more attention to review on these areas:
I also provided ideas of how might we improve it as an initial talking point before the team discussion.
After completing the application training, I led the design team in conducting a heuristic evaluation and facilitating "how might we" discussions. We also conducted a comprehensive competitive analysis.
Task flow/mixed features
Navigation
Behavior/interaction
Design consistency
Accessibility
Colors/branding
Legacy features
Visual Hierarchy
Heuristic Evalution
Competitive Analysis 'Wrokshop
Design Workshop
How to Conquer Challenges?
I created a template and pre-filled the information I collected before the workshop. Stakeholders can review and revise it if it’s needed. Then we can work on the information that is missing in each section.
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The design team facilitated multiple workshop meetings with stakeholders to understand the business objectives, problem statements, current issues, users, and users' pain points.
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The design team reviewed all previous documentation and conducted interviews with the service and sales team admins to gather user feedback.
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I underwent a series of application training sessions, tested task flows, and evaluated the legacy system.
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The design team collaborated to refine user personas, the user journey map, and the task flow.
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Throughout the design phase, the design team organized multiple design ideation meetings and presented our design to stakeholders to collect feedback.
Workshop
New Design Solution and Direction
Mind Journey Map -
why made this design decision
The biggest problem with the legacy system is that all tasks were performed together, meaning many different labels, properties, and functions were mixed. This made it very difficult to manage the different stages of tasks. I worked with SMEs and decided to separate tasks into different stages with distinct interfaces to create a clear user task flow. The stages include: order review, order editing, order execution, allocation, and order closing. Then, I created a mind map to visually understand the entire flow along with the features at each step.
Mind Journey Map & Features
Main features to each stage and defined global features as well as third-layer features.
OMS Structure, Wireframes and Design Iteration
After conducting a thorough study, and market and user research, the design team started to create the system structure, and wireframes and then iterated through feedback.
System Structure
System layer design Ideation
Trade Plotter Design Wirefame
Dashboard Design
* Due to the complexity of the product design, I only provided an overview of the design process in this case study. I can provide more specific details during the portfolio panel review.
