Binary.com
Legacy Software
Founded in 1999 as Binary.com, our trading app was once a trailblazer in web-based trading software. However, as the years went by, its design failed to keep up with evolving user expectations, leading to stagnant growth and low retention rates.
Adaptation Challenges
By mid-2017, it became apparent that the reliance on affiliate marketing was limiting further expansion. With a conversion rate of just 4.1%, the need for a significant overhaul was undeniable. Moreover, emerging competitors, notably IQ Option, presented a clear threat to Binary.com's market position.
IQ Options
Rebrand to Deriv
Competitive Landscape
In response to the growing competition, the decision was made to rebrand from Binary.com to Deriv.com, signaling a shift in strategy. This strategic move provided our team, consisting of just five members at the time, with a unique opportunity to revamp the app and regain competitive advantage.
Identifying Issues
To understand user pain points and needs, I spearheaded an extensive data-gathering process, conducting user interviews and collaborating with various teams. These efforts revealed key areas for improvement, particularly in usability and functionality.
Emotional Journey Map
First Mockup
Our initial focus was on redesigning the interface to prioritize the chart, a crucial feature for traders. However, challenges arose when dealing with the contract specification panel, which needed to accommodate Deriv's unique trading options.
The first mockup aimed to streamline the interface, but user feedback highlighted issues with the contract specification panel's complexity. This feedback prompted a redesign, resulting in a more compact and user-friendly panel in the second mockup.
Second Mockup
Addressing the feedback, I led the redesign of the contract specification panel. The goal was to integrate the contract type dropdown into the panel without compromising usability. This led to a more intuitive and streamlined interface, reducing clutter and improving user experience.
Final Result
After months of refinement, the revamped app was unveiled at Deriv's 20th-anniversary event. The response was overwhelmingly positive, with notable increases in user engagement and sign-ups.
Impact
The launch of the revamped app in September 2019 marked a turning point for Deriv. Organic sign-ups increased significantly, surpassing expectations. By September 2020, sign-ups had doubled within a year, reflecting the success of the project and the company's renewed growth trajectory.
