CDS Clearing and Depository Services
The Situation
CDS Clearing and Depository Services, which supports Canada’s equity, fixed income and money markets, called on Delvinia to help the company redesign the information notices delivered to subscribers of its Bulletins service.
The daily bulletins, distributed to clients in the financial services industry, provide updates on corporate actions, announcements and securities issuances. At the time, there were four methods of receiving these updates, the fragmented systems weren’t working well together and subscribers often had to sift through vast amounts of information to find the details relevant to their business.
CDS Clearing wanted to deliver an improved customer experience to better meet subscribers’ needs. The company also wanted to identify additional revenue opportunities related to the products offered through its Bulletins service.
The Solution
To better understand the needs and attitudes of subscribers, Delvinia began by conducting interviews with close to 50 CDS Clearing customers. Based on the insights gained, we then developed customer profiles, which shaped the strategy for the redesign of the Bulletins site.
Because securities information is highly critical, any miscommunication or a delay in communication can cost a financial services firm upwards of millions of dollars. Therefore, timeliness, consistency and findability were identified as being essential components of the redesign.
Subscribers also indicated a desire to select the types of listings they received to ensure they were being notified of only relevant updates. They also wanted to easily access archived bulletins and wanted to have the ability to forward links to bulletins and attachments by email.
To improve the user experience, Delvinia designed a system that allowed subscribers to find information in variety of ways—by browsing, through faceted searches and by importing data for consumption. The browsing interface was designed to be consistent with cues on the nature of the information.
More importantly, the redesign provided users with the ability to set personal preferences and receive timely notification on relevant notices, including securities held by their financial services organization.
On the revenue side, Delvinia recommended a product framework that divided Bulletin features into bronze, silver and gold packages. Subscribers could choose to continue receiving information in the current manner by selecting the bronze package, which remained at the existing price point. Or they could opt for enhanced features such as customization, exporting and forwarding, which were packaged as add-ons in the silver and gold packages.
The Results
Delvinia engaged CDS Clearing’s subscribers to validate the prototype for the Bulletins service, which has been well received by end users and internal stakeholders.
