Trading 212 'Jobs To Be Done' User Survey
Each Quarter Behind Login's ReleaseTrack provides a snapshot survey of competitor app users to our paid subscribers. We're opening up a recent survey to demonstrate the insights we provide - check out the results below.
TL;DR
We did a survey of 50 users of the popular global investing app, Trading 212.
Our survey used the Jobs To Be Done (JTBD) framework and focused on three things:
What jobs (features) exist in the app?
How important are those jobs to users?
How easy are those jobs to do?
Our results show that in Jan 2023, of the 16 most common jobs that exist within investing apps, Trading 212 offers 13 (81%) of them. Below is a visualisation of the results mapping how well the Trading 212 app is meeting user needs and where opportunities for internal innovation or external disruption exist.
This visualisation maps 'How Easy' Jobs are on the Y-axis and 'How Important' they on the X-axis to identify how well the Trading 212 app is aligning to their customer jobs/needs.
The majority of Jobs within the Trading 212 app are equally weighted between 'importance' and 'ease' to users (i.e. served right).
There are 4 Jobs in our analysis that blur the line between 'served right' and 'under-served' and are worth exploring in more detail:
Withdraw Money
Analyse Individual Investments
Manage Dividend & Investment Income
Conduct Portfolio Analysis
If you want to find out more information about our user surveys or explore how our research can help you, book a call to chat with our team here.
The Full Article
A bit about Trading 212:
Whilst only launching in 2004 Trading 212 now has over 1.5M customers and is a globally established investing platform. The Trading 212 mobile app has more than 14M downloads suggesting a significant amount of users leverage the non-customer features such as Watchlists, Demo Accounts & News.
The Trading 212 app also has some of the best ratings across the UK investing market:
Apple App Store 4.6 * from 181,235 reviews
Google Play Store Rating: 3.9* from 129,119 reviews
Understanding Trading 212 users and their needs:
As part of Behind Login's ReleaseTrack subscription we conduct quarterly surveys of competitor users to get a snapshot of how well each (and the general market) are servicing customer needs.
Our survey used the Jobs To Be Done (JTBD) framework and focused on three things:
What jobs (features) exist within the app?
How important is each job to users?
How easy is each job to complete?
From the survey responses we conduct data analysis of the results to show which jobs / features exist and how each app is meeting them, allowing us to understand where gaps are for users and where innovation opportunities and disruption risks exist in the market.
Our methodology:
To determine the key tasks and features that existed within the Trading 212 app, we listed out the 16 most common features that exist across the broader investing app market.
We surveyed a UK representative mix of 50 Trading 212 app users from our SuperUser network. Whilst 50 users may not be very statistically significant, it offers a cost effective way to assess the market without investing significantly and still provides valuable insights.
When asking users whether a feature exists, we allow a margin of error of 30% (so if 70%+ of all users said they could complete a job then we marked it as 'Job exists').
When asking how important and how easy different jobs are, users ranked each job from 1-5 (1 being ‘not at all easy/important’ and 5 being ‘very easy/important’).
So, what did we find out about Trading 212 from their users?
Our results show that of the 16 most common jobs that exist within investing apps, Trading 212 offers 13 (81%) of them.
The below table shows the average score across all users. To reduce survey time/fatigue, if a job did not exist, we did not ask the user about the importance or ease.
Data Visualisation
The chart below helps to visualise how well Trading 212 are servicing customer needs. The Jobs To Be Done model segments data into three key areas:
Over served - These jobs are not very important to users and currently very easy to complete. For Trading212, users are happy with the current level of functionality available to complete this job, and they should be monitored over time but not prioritised. For competitors, these jobs might be considered hygiene factors and key things to meet the baseline requirements for the market, but not opporuntities for differentiation.
Served right - These jobs are important to users and are currently easy enough to complete. For Trading 212, these jobs should be continually reviewed and improved to meet evolving consumer needs. For competitors these jobs are also considered hygiene factors and key things to meet the baseline. There may be innovation opportunities to differentiate but overall are not the highest value areas to focus.
Under served - These are the innovation opportunities; jobs that are important to users and not easy to complete. For Trading 212, these jobs should be explored in more detail and if appropriate, prioritised on the product roadmap. For competitors, these jobs represent an opportunity to differentiate and beat Trading 212. Building them into the product and using the features as content in marketing communications could see acquisition of Trading 212 customers.
Results:
The green lines on the chart split the jobs into the three categories outlined above. You can see which jobs apply to each category with the key at the bottom of the chart. The majority of jobs within the app are 'served' (both important to users and easy to use).
These jobs can be used to help shape product roadmaps to ensure that your product meets the benchmark of the market leader. Further exploration with Behind Login could provide design inspirations through identifying how the UX & UI of the solutions have been designed to meet user needs.
There are 4 Jobs in our analysis that blur the line between 'served right' and 'under-served' and are worth exploring in more detail:
Withdraw Money
Analyse Individual Investments
Manage Dividend & Investment Income
Conduct Portfolio Analysis
These are the nuggets of untapped innovation that can be evolved within Trading 212's product, or exploited by competitors to beat Trading 212 in the market!
What happens now?
Behind Login snapshot surveys help to determine how consumers are engaging with their various providers. From this research we have identified two innovation opportunities which could be explored by Trading 212 or their competitors to win in the market.
These insights are a light touch way to assess user preferences and behaviours without investing too much time to obtain watertight statistical significance. We would recommend further validation of these insights before progressing with solution design, perhaps with the following steps:
Build a business case: Explore how well these underserved jobs fit within the business strategy and the technical feasibility of creating a solution for each job. Work with the business to answer these questions before further investing in research or product delivery.
Further validate the opportunity:
Break down the job into more granular steps to understand how users currently complete this job and what the underlying needs are surrounding the job. Explore this through qualitative user research sessions and then validate it further with quantitative surveys.
Explore solutions:
Analyse how other competitors’ and market players are solving this problem through competitor UX analysis or by surveying competitors users on alternative platforms to find ones that have this job ‘served right’.
If you want some help with this, reach out to the Behind Login team @ hello@behinlogin.com