Mutual Fund by Bank Neo Commerce

After we did some online interview with some of our customer, we found out that people's pain points in terms of investing in Mutual Funds are

• A lack of financial literacy, especially understanding their own risk profile can be dangerous for users, as they may invest in products that don’t match their risk tolerance

• Fragmented Financial Management which makes users often have to use multiple apps for banking, investing, and tracking performance instead of having everything in one place

• High Minimum Investment Barriers in which some platforms set minimum amounts that feel intimidating for new or young investors

• Limited Education & Advisory Features and let users left alone to figure out which fund suits them best

Research and Insight

The Challanges

This is one of the biggest applications I’ve ever built, and it was quite challenging to balance rules, state regulations, and user experience, since they don’t always align. On top of that, there were many features that needed to be developed to make the app stand out and deliver a smooth experience. With so many individuals contributing to the project, it often felt like having too many chefs in the kitchen, which made coordination even tougher

How do I overcome the challenges

While constant communication is needed. A lot of versioning is also has to be made, in order to document which step we have to achieve.

There is also a lot of features such as trade in your product, risk profiling in order to give you the right product suits your needs, and projection from years before until now.

Wireflow

Purchase Mutual Fund

Registration

Sell Mutual Fund

Switch Mutual Fund

Compare Mutual Fund

Renew Risk Profile

Competitive Analysis

We not only discussed this feature with stakeholders and our customers, but also analyzed our competitors to identify which aspects worked well and which didn’t. We gathered several apps focused on mutual funds and conducted a comprehensive competitive analysis on them. These apps are;

Tanam Duit

Tanam Duit not only offers features similar to ours, but it has also been in the market for quite some time, focusing primarily on mutual fund investments. Its core offerings mutual funds and gold investments closely align with our vision. However, some users have reported difficulties during the registration and identity verification process, which highlights the need for us to simplify this step and make it more user-friendly

DBS Bank

DBS has been in the investment industry for a long time, establishing a strong reputation and offering some of the most comprehensive investment information available. Their platform provides detailed insights while maintaining excellent app performance and stability. Moreover, with the support of their physical branches, customers can conveniently register for investment products directly through the bank and seamlessly synchronize their accounts with the app

However, the user interface appears somewhat outdated. While it is undeniably informative and provides a wealth of useful data, the overall design could benefit from a modern refresh to enhance visual appeal and improve the user experience

Results and Impact

We have attracted a significant number of customers to this product, establishing it as one of the top priorities at Bank Neo Commerce. Its success has also created opportunities to expand into other product categories. Furthermore, we have successfully brought in multiple hedge funds to participate, offering a wide range of mutual fund products. In simple terms, this product has been and continues to be a major success

Takeaways

Many people are still unfamiliar with how to invest their money, which is why we need to put in extra effort to educate them. Our goal is to build trust by showing them that investing is safe and by demonstrating how their money can grow over time

We also need to provide users with a highly intuitive and user-friendly interface, as they expect speed and clarity. However, we often face challenges when balancing these expectations with regulatory requirements. As a result, extensive brainstorming and careful planning are essential to achieve the right balance

"UI/UX is 50% design, 50% psychology, and 100% client revisions"