Kotak Connect Plus
In the ever-growing fintech landscape, mutual fund investment platforms have gained immense popularity among retail investors. This case study focuses on designing a user-centric fintech product for regular mutual funds. The product aims to simplify the investment process, enhance user engagement, and offer a competitive edge against established platforms like Asset Plus, NJ Wealth, Groww, Zerodha Coin, and Paytm Money.
Details
Role:
UI/UX Designer
Product Designer
Service:
UI/UX Design
Product Presentation
Industry:
Finance
Technology
Date:
Sept 2023 - December 2024
Problem Statement
Retail investors face several challenges when investing in mutual funds, such as:
Complex onboarding processes.
Limited personalized recommendations.
Lack of transparency in fund performance and fee structures.
Difficulty in tracking investments and achieving financial goals.
Subpar user experience on existing platforms.
Research and Insights
User Research Target Audience: Retail investors aged 25-45, including first-time investors and seasoned investors seeking better management tools. Insights Gathered:
First-time investors need guidance and simplified fund selection.
Experienced investors prefer detailed analytics and customization options.
Users value transparency and wish to avoid hidden fees.
Goal-based investment tools are highly desirable.
Key Features
Key Features of the Product
Simplified Onboarding
KYC verification through OCR and integration with government databases.
Easy linking of bank accounts and e-mandates for seamless transactions.
Personalized Fund Recommendations
AI-driven suggestions based on user risk profiles, financial goals, and investment history.
Transparent Fund Information
Detailed fund performance metrics (historical returns, risk measures, etc.).
Breakdown of charges (expense ratios, exit loads).
Goal-Based Investment Tracking
Tools to set and track financial goals (e.g., retirement, education, etc.).
Notifications and progress updates.
User-Friendly Interface
Intuitive navigation with minimal clicks for key actions.
Customizable dashboard for quick access to essential metrics.
Educational Resources
Tutorials, blogs, and webinars to enhance financial literacy.
Glossary for common mutual fund terms.
Design Objectives and Process
Design Process
Wireframes and Prototyping
Created low-fidelity wireframes to map user flows.
Developed interactive prototypes for user testing.
Usability Testing
Conducted tests with diverse user groups to gather feedback.
Iterated on the design to address usability pain points.
Final UI Design
Implemented a clean, modern design with a focus on accessibility.
Used a color scheme that evokes trust and financial growth.
Mission
Objective To design a fintech product that:
Streamlines the mutual fund investment journey.
Provides personalized recommendations based on user profiles.
Ensures transparency in fund information and charges.
Offers tools for goal-based investment tracking.
Competes effectively with platforms like Asset Plus, NJ Wealth, Groww, Zerodha Coin, and Paytm Money.
Impact
30% faster user acquisition due to simplified onboarding and educational resources.
25% higher retention rates through personalized features and goal tracking.
20% increase in user engagement with interactive dashboards and real-time investment insights.
Competitive differentiation via a blend of usability, transparency, and personalization.
Projected AUM (Assets Under Management) growth of 50% within the first 12 months of launch.
