Optimizing financial reporting UX with eye tracking

Financial reporting is a cornerstone of the fintech industry, offering clients transparency and insight into their investment portfolios. However, one common challenge advisors face is maintaining client engagement during these presentations.

Our director of strategy, Keith Bartels, interviewed two professionals in the financial services space, Ted Toso, CEO of Trinlogix, and Michael Young, managing partner at Integrated Advisors Network to explore how they are using eye tracking to present a unique solution to this problem.

Their insights illuminate the ways eye tracking can enhance the client user experience (UX) by making reports more accessible and engaging.

Skip ahead to watch the full video interview.

The challenge of glossy-eye syndrome

A key obstacle in financial reporting is what Ted refers to as the "glossy-eye syndrome." Clients often receive reports filled with complex data and intricate charts that can be overwhelming, leading them to disengage. This disengagement is not just about losing interest; it represents a missed opportunity for advisors to effectively communicate essential information and build trust with their clients.

Ted, with almost 30 years of experience as a financial advisor, highlights the importance of transparency and effective communication in portfolio reporting. That’s why he turned to eye tracking to literally see the reports through their eyes.

“Eye tracking is an anticipatory tool used by professionals to better understand the guided discovery that occurs in client meetings…Being anticipatory puts us in front of the curve and allows that client to have a much more pleasant experience.”

Both Michael and Ted agree that more needs to be done to understand the client experience. Michael Young says in his 30+ years in the industry, he has noticed a critical gap in client engagement strategies:

"There are firms that use net promoter scores, do a lot of surveying of clients... But nobody's really taken the time (that I'm aware of) to sit down with a custodian statement or with a financial plan to really understand where a client is looking."

Enhancing engagement with eye tracking insights

By pinpointing exactly where clients focus their attention on documents and screens, firms can enhance their marketing strategies and refine the presentation of information. With eye tracking data on how clients visually interact with the reports, financial advisors can tailor their presentations to highlight the most critical information effectively. (Read more about the science of how eye tracking works.)

Michael highlights some of the benefits:

“Eye tracking is a really great way for firms to develop where engagement is taking place, where do they need to spend their time, where should their marketing investments be around their logo or their color palette that they've chosen or the type of information that they're putting forward.”

To address the glossy-eye syndrome challenge, Trinlogix has developed Vi4 Wealth – a visual intelligence tool that incorporates 3D moving graphics into financial reports. This allows advisors to create visually engaging reports that not only capture clients' attention but also guide them through the information in a logical and intuitive manner. With eye tracking they can quantify the effectiveness of these tools.

“The really important piece is the metrics that come from the eye tracking. Because we're seeing metrics that in some cases are as high as 200 % more efficient than a static 2D non-moving graphic, which can only be proven via eye tracking."

Practical applications and benefits

1. Customized reports: Eye tracking data can reveal which parts of a report attract the most attention and which areas are overlooked. This information allows advisors to customize reports to emphasize key data points, ensuring that clients focus on the most relevant information.

2. Improved client communication: By understanding clients’ visual behavior, advisors can improve how they communicate complex financial information. This leads to better client understanding and engagement, reducing the likelihood of miscommunication.

3. Efficient presentation design: Eye tracking helps in designing more efficient presentations. Advisors can structure reports and presentations to align with clients' natural reading patterns, making the information flow more logical and easier to follow.

4. Enhanced trust and satisfaction: When clients feel understood and their needs anticipated, it builds trust. Eye tracking enables advisors to create a more personalized and attentive service experience, leading to higher client satisfaction.

Overcoming barriers to adoption

Innovation often meets resistance, particularly in conservative industries like financial services. Ted acknowledges this challenge:

"As a pioneer in innovation, I can tell you the biggest roadblock in some cases is legacy. When dealing with financial services, specifically if you consider a banker, they're generally not a risk taker."

However, eye tracking provides quantifiable metrics that can simplify and demonstrate efficiency gains, making it easier to overcome resistance and prove the value of new approaches.

“Now we can quantify an efficiency. It gets back to the time value of money.”

As early adopters experience significant success, the broader financial community is beginning to recognize the substantial value of leveraging eye tracking to optimize their UX investments.

Building a better future for financial services

Ultimately, the adoption of eye tracking technology represents a significant step forward for the financial services industry. Ted encapsulates the broader vision:

"I just see that there's so much benefit to the end client, to the end user, to the average individual who gets more knowledge, more transparency, with less anxiety and less pain.”

As the financial industry continues to evolve, adopting innovative technologies like eye tracking will be crucial in maintaining a competitive edge and delivering superior client experiences.

“We see this as a permanent bookend in the assessment of our tool. I don't see a scenario where we'll ever not use it. I am passionate about creating transparency in the industry…and my head is abuzz with multiple ways this could be added. I am so excited to work more closely with Tobii and tackle this with our joint resources.”

Check out the full interview with Ted and Michael to hear more about their experience and insights into using eye tracking to enhance UX in the financial reporting space.