Do you enjoy managing your money? Or do you think it’s a chore to get over with? If you find yourself nodding to the second question, then one thing that could help is, choosing a good app. What separates good apps to manage money from an excellent one is that the latter focuses on giving you a fabulous ‘investing experience’ while the former remains limited as a means to an end. Lalit Keshre, co-founder and CEO, Groww, pens down the parameters you should look for while choosing apps that manage money and expenses.
While there is no one-size-fits-all approach, I believe if you are looking for a fintech app to serve your wealth management needs, there are a few parameters on which you can assess the user experience the app provides.
Features to look for when picking an app to manage your money
Most investment apps would require you to do a KYC registration as part of their onboarding journey. The question is how easy to use the interface is. I am sure the last thing you would want to focus on is additional paperwork, multiple uploads, or filling an endless array of rows of personal information to be able to reach the finish line. Opt for platforms that allow you a paperless onboarding experience and can incorporate smarter integrations like DigiLocker and Aadhaar based eSign, to complete the process within minutes (even seconds).
The fintech app that you choose should be transparent in its pricing policy, with no hidden charges. The terms and conditions shouldn’t be in fine print, and instead should be mentioned explicitly and in a very clear language so that there is no ambiguity.
A transparent platform does not withhold any information from the user and allows them full control over their investments. Many investment platforms tend to hide negative investment actions like redemption of units or SIP cancellations and limit your options. A good platform allows you to take multiple actions concerning your investments. A transparent platform will also display information on expense ratio, exit loads and tax implication on redemption etc., so that you can make the right decision.
Jargon-free and intuitive UI/UX
Remember how your friends were able to explain challenging concepts to you better than the professors? It’s because they could speak to you in the language you would understand. That’s precisely what a smart investment app must do — support you the way you need to be supported.
A good wealth management app should be like a buddy — the communication should be friendly, jargon-free, and not intimidating. The navigation process should be smooth and seamless, and the design should leverage colour psychology and other tenets of design thinking to make your experience enjoyable and glitch-free.
Users shouldn’t have to wait for hours or days on end to get their basic queries resolved. While product flow should be self-explanatory and straightforward and most of the things can be sorted by design and in-app communication, you may still require support. So, opt for a highly customer-centric platform.
A good fintech app must have excellent in-app and on-call support, with prompt query redressal. There should be educational resources in the form of blogs, tutorial videos, guides etc that users can quickly refer to if they are stuck. To get an idea of the support capabilities while assessing apps, you can also go to the Play Store / App Store and read the user reviews. This should give you a fair idea.
Easy discovery of information
A good platform should cater to new and experienced investors alike. And therefore, the information presented should be comprehensive yet consumable. It should be visually appealing and clutter-free. Vital information such as order status, payment options, dashboards and other calls to actions should be easily discoverable as well.
Has all necessary features
Many apps boast of a plethora of features that users can access. However, you may find many of the features irrelevant to you. Such a loaded app often obstructs the user flow and may lead to confusion as well. Instead, you opt for an app which has lesser but highly relevant features, and allows you to take the necessary investment decisions. Also, select an app that gives you the flexibility to choose easier payment modes like UPI, net banking, and NEFT.
Apart from these, the app speed and security checks like two-factor authentications play a significant role in enhancing the user experience. Finding the right fintech app that fits you like a glove might take a few trials and errors. However, you must consider this patiently as the right fintech app will greatly support your investment journey.
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