False Economies in Platform Development: How Neglecting User-Centred Design Cost Morgan Stanley Millions, While UBS Thrived
In the realm of technology and financial services, the success of a platform hinges not only on its functionality but also on its usability—how well it serves the people who rely on it daily. This principle is at the core of user-centred design (UCD), a design philosophy that prioritises the needs, preferences, and behaviours of end users throughout the development process. A poignant case study that illustrates the importance of UCD is the story of two platforms: Morgan Stanley's Matrix and UBS's NEO.
The Matrix: A Cautionary Tale
Morgan Stanley, a leading global investment bank, embarked on an ambitious project to develop a platform called The Matrix. The goal was to create a state-of-the-art system for their bankers and investment professionals. However, the project was driven by a client champion who believed they had an intuitive understanding of what the users needed and how the platform should function. This approach neglected the foundational principles of user-centred design.
Rather than engaging with the actual users—bankers, traders, and analysts—throughout the design process, the project team made critical assumptions about what these professionals would need. They focused on features they believed would be valuable, built complex workflows, and designed interfaces based on their perceptions rather than real user insights.
This misalignment led to the development of a platform that, while technically sophisticated, failed to resonate with its intended users. The platform was cumbersome to use, with workflows that were not intuitive and features that did not align with the day-to-day needs of the bankers. The result? A platform that saw little to no adoption, leading to a substantial financial loss for Morgan Stanley—millions of pounds spent on a system that was ultimately disregarded by the very people it was meant to serve.
The fundamental flaw was that the team did not make the easiest thing the right thing to do. Instead of simplifying and enhancing the user experience, they created obstacles, making the platform impractical for everyday use.
NEO: A Lesson in User-Centred Design
Following the failure of The Matrix, the same team was given a second chance—this time with UBS, another major player in the investment banking sector. The project, known as NEO, took a radically different approach.
The team learned from their past mistakes and embraced user-centred design as the foundation of their development process. They engaged directly with the bankers, traders, and analysts who would use the platform. Through interviews, observation, and iterative testing, they gained a deep understanding of the users' workflows, pain points, and expectations.
This user-driven approach informed every aspect of NEO's design. The platform was built to be intuitive, with a focus on making the most common tasks the easiest to perform. Features were prioritised based on user feedback, and the interface was streamlined to enhance productivity and ease of use.
The result was a platform that was not only well-received but also award-winning. Built in 2010, NEO has stood the test of time, remaining a critical tool for UBS's investment professionals. Its success is a testament to the power of user-centred design: by putting the needs of users at the forefront, the team was able to create a platform that delivered real value, leading to widespread adoption and long-term success.
Conclusion
The contrast between The Matrix and NEO highlights a fundamental truth in technology development: understanding and designing for the end user is not optional—it's essential. User-centred design isn't just about making a product look good or feel good; it's about ensuring that the product meets the real needs of those who use it. When organisations like Morgan Stanley fail to prioritise UCD, the consequences can be costly. Conversely, when UCD is embraced, as UBS did with NEO, the results can be transformative.
