Product Teardown: INDmoney📈 App
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🚨Important Message: This project was completed almost 6-8 months back. And it didn’t reflect the new changes made within the INDmoney app.
So, without further ado, let’s dive in!
ℹ️ About INDmoney
Value proposition: Users can track & organise their financial life across different investments, expenses, loans, and taxes in one place.
Target Audience
High net worth & affluent individuals
Age: 25-34
Metro, Tier-1,2 cities
Product Benefits
0 commission investing in mutual funds & US stocks
US stocks & crypto for good financial actions
100% safe, secure & private
Financial planning & goal-setting
Distribution Channels
Facebook & Instagram ads
Macro influencers & You tubers
🤔 Problem Statement
(As given during Product Folks Teardown Event)
1.1: Repeat users (Users who are repeat funding their 2-in-1 account) on an MoM basis are diluting. Hence we need to grow the monthly funded amount for US Stocks Investing transactions by 10X in the next three months.
Possible Reasons found during research:
Safety and trust issues ( is it safe to keep money with them?)
Charges/fees involved during Funding/withdraw
Confused about which stock to pick for better returns
1.2: Increase % of users opening the account as a % of overall registered users on INDmoney
Possible Reasons found during research:
Lack of awareness regarding the US stock market & expected returns.
Hesitation to fund Rs 5000 at the beginning.
Not comfortable opening a new bank account/ Tie up with selected banks for buying stocks.
👥 User Personas (Post Research)
🎢 User Journey (for both the personas)
Awareness
Watched Ankur Warikoo "Should you buy US Stocks?" Youtube video & got inspired to invest in US stocks.
Comparison
Did simple research (Quora,youtube)
Compared with other available options in the market such as Groww.
Acquisition
Took him 3-5 minutes to open an account.
Hesitation to fund Rs. 5000 straight.
Doubt regarding the safety of his money, hidden charges, how much return to expect.
Activation
Decided to fund his 2-in-1 account.
Waited 1 week before his money got funded.
Invested in popular tech stock (apple, google)
Retention
Visit once a week to track returns of his US investments.
Confused: which US stock he should invest in?
💡 UX Enhancements & Feature Suggestions
Introduce a "Recommendation" section. This would provide users suggestions based on their financial/life goals, age, risk profile & investments made till now.
The problem it solves: "Don't know which US stock to invest in."Persona: Ankit & Raghav
Adding a "stock watchlist" at the top. This would help users to track their fav. stocks.
The problem it solves: “No option to monitor for potential trading or investing opportunities.”
Persona: Ankit & Raghav
Adding "Analyst forecast" would help the user decide easily that this stock is suitable to buy/sell/hold. + Introduce "Weekly Stock Party". Users Participate to get a piece of stock. The amount of stock depends on the number of people that attend the Stock Party. Users need to have a 2-in-1 account.
The problem it solves: “Not comfortable opening a new bank account for US stock"Persona: Ankit & Raghav
Add Trust icons or Social proof on the Funding screen. These would indicate platform credibility and trustworthiness to first-time Investors.
The Problem it solves: "Doubtful whether the platform is trustworthy for US stocks or not? Is my money safe?”Persona: Ankit & Raghav
Offering daily "News & Events" regarding companies would help users to keep up with trends & analyze the stock market movement.
The problem it solves: “Don't know what's happening in the US stock market"
Persona: Raghav only
🔢 Feature Prioritization (using ICE method)
That’s all from this post folks!
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