| | OCTOBER 20238CIOReviewIN MY OPINIONIn an era defined by information abundance, the finance industry has witnessed an influx of investment data inundating social media and financial websites. Concurrently, quantitative and qualitative studies have unveiled a disconcerting trend: a rapid decline in financial literacy across the United States. With each generation, the retirement savings gap has widened, highlighting the urgency for simplified financial education and accessible investing products. As traditional pensions fade and inflation erodes the retirement savings of millions of Americans, the need to demystify financial processes has never been more pressing.As information fatigue leaves many Americans perplexed and hesitant about investment decisions, it's unsurprising that average investors harbor pent-up emotions about investing. Moreover, the societal taboo surrounding wealth discussions inhibits rational dialogue, leaving individuals without a trustworthy plan for investing and wealth management.Recognizing these challenges, a paradigm shift in financial literacy has become increasingly imperative. As a UX Design Leader with a passion for making financial literacy and investing more accessible for individual investors, this highly emotional, high-stakes environment is the "perfect storm" for a design-led transformation of digital investing experiences.My colleagues and I at T. Rowe Price are achieving this as we introduce personalization into our Individual Investor account servicing experiences. Personalization, in essence, is information contextualized. Amid the information deluge and ensuing fatigue, investors yearn for authenticity and context. Numeric data alone lacks meaning for average investors. Hence, the inclusion of context empowers investors with a deeper understanding, boosting confidence and informed decision-making.By Alex Hachey, VP, Sr. User Experience Design Manager, T. Rowe PriceEMPOWERING FINANCIAL LITERACY AND TRUST THROUGH PERSONALIZED UX DESIGNAlex Hachey
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