⇒Research and understanding customer needs
User research can help to identify customer needs and preferences. It can include understanding what features and information customers want to see, how they want to interact with the app, and their expectations. By understanding their needs, investment apps can tailor the customer experience to meet their requirements and improve satisfaction. The real-life issues investors face while using the applications are
- Difficulty understanding customer investment goals and risk tolerance.
- Limited knowledge about customer investment history and preferences.
- Lack of communication channels to gather feedback from customers.
⇒Simplify complex financial concepts
UX design can simplify concepts by presenting them clearly and understandably. It can include charts and graphs to show how investments perform over time and explain investment terms clearly. By simplifying complex financial concepts, customers can feel more confident in making investment decisions and will be more intended to continue using the application. The real-life issues investors face while using the applications are
- Technical jargon and complex financial terms can be difficult to understand.
- Investors may lack knowledge about different types of investment products and their associated risks.
- Investment concepts like asset allocation, diversification, and risk management may be difficult to grasp for novice investors.
⇒Smooth customer experience
Personalization is critical to delivering a great customer experience. By personalizing the app based on the customer's investment goals, risk tolerance, and portfolio performance, investment apps can create a tailored experience for each customer. It makes the app more intuitive and helps build customer trust and loyalty. The real-life issues investors face while using the applications are
- Lengthy application processes and complex account opening procedures can lead to customer frustration.
- Poor website design or slow loading times can impact the customer experience.
- Difficulty in finding relevant information or navigating through the website.
⇒Streamline onboarding
A streamlined onboarding process is crucial for new users to understand how to use the investment app. The process should be simple, straightforward, and easy to follow. By providing clear instructions, helpful tips, and visual cues, investment apps can create a smooth onboarding that gets users up and running quickly. The real-life issues investors face while using the applications are
- The need to provide extensive documentation and personal information during the account opening process.
- Different onboarding processes for different types of investment accounts.
- Lack of automation in the onboarding process leads to delays and inefficiencies.
⇒Intuitive navigation
Investment apps should be easy to navigate, allowing customers to access the necessary information quickly. Customers can easily find what they want using a simple, intuitive interface and complete tasks without frustration. It maximizes customer satisfaction and the likelihood of customers returning to the app. The real-life issues investors face while using the applications are
- Limited search functionality, making it difficult to find specific information.
- Confusing information about schemes and asset management companies on the website.
- Poor mobile app design or functionality, leading to a negative customer experience.
⇒Seamless integration with other services
Investment apps seamlessly integrating with other financial services can provide customers more complete and convenient experience. For example, customers can easily link their bank accounts to the investment app, transfer funds, or track expenses. By offering these additional features, investment apps become a one-stop shop for customers' financial needs. The real-life issues investors face while using the applications are
- Difficulty integrating with third-party financial services, such as banks or brokerage accounts.
- Limited investment options or services, resulting in investors needing multiple platforms.
- Technical integration issues with other services lead to investment transaction delays or errors.
⇒Security and data privacy
Investment applications should have robust security standards like 2FA, data encryption, and regular security audits to address these concerns. The application should also have clear and transparent policies on collecting, storing, and using customer data. By prioritizing security and data privacy, investment applications can build customer trust and help them feel confident using their platform. The real-life issues investors face while using the applications are
- Risk of data breaches and theft of personal and financial information.
- No transparency around data collection and sharing practices.
- Regulatory compliance requirements for handling sensitive financial information.
