PROJECT OVERVIEW
Introduction of reward model along with trophies to motivate users to achieve more. Having grown up in the liberalised economy millennials have strong financial aspirations. Millennials are expected to constitute nearly 75% of the overall population. According to CAMS, 47% of new mutual fund investors in 2018 were millennial. They are characterised by their strong preference for transacting online. Additionally, Middle income households with no prior investment knowledge and restrained spending capacity and people residing in cities that are sparsely penetrated by agents will constitute a large share of next wave of users. A dedicated effort was needed to create an innovative and simple products that fulfil the needs of this segment.
DISCOVER
Having grown up in the liberalised economy, millenials have strong financial aspirations.
Expectations:
• Intuitive Interfaces, fast approvals and answers
• Robo advisors, having lesser fees and lower minimum investments.
• A simplified way of learning to make informed financial decisions
• No surprises when it comes to hidden charges & money, transparency is important
• They are attracted to referrals and rewards to make use of their social captial
Pain points:
• Lengthy processes and cumbersome onboarding to an app they’re not yet sure to use
• No personal guidance to help them answer their needs
• Inhibitons that Mutual Funds are complex and difficult to understand