Revolutionizing Investment Gifting with a Seamless Experience
The solution focussed on the concept of securing a brighter future for your loved ones by gifting them a mutual fund, fostering financial stability and growth
INTRODUCTION
An Asset Management Company aspired to introduce a pioneering initiative in India, allowing parents or guardians to gift mutual funds to minors. It was one of the pioneering ventures in the country's fintech sector, introducing investment gifting through a well crafted user journey.
MY ROLE
As the Lead Designer on the project, I contributed across all design phases - including scoping, research, ideation, user flows, wireframing and prototyping.
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Moreover, I facilitated multiple workshops with internal stakeholders to gather insights and assist in synthesizing research findings.
PROJECT SCOPE
Team of 3 designers (1 lead and 2 product designers) and one product manager. Timeline of 8 weeks.
TOOLS
Figma, Figjam
CONSTRAINTS
Regulatory Compliance​
We had to adhere to legal regulations and guidelines set by the Securities and Exchange Board of India (SEBI) for investing on behalf of minor dependents. This entailed conducting research on folio creation processes, document uploading rules, and tax implications related to redeeming mutual fund units.
Tedious Onboarding
The current process of setting up a folio and making individual investments was cumbersome and resulted in high drop-off rates. While designing the new journey for investing on behalf of minors, we needed to streamline the process, ensuring a seamless experience without compromising on collecting essential information.
PROBLEM STATEMENT
The client recognized the need to simplify the complex and overwhelming process involved in starting an investment. They acknowledged that the existing journey wasn’t user-friendly, especially for parents or guardians aiming to gift mutual funds. The user journeys for investment setup, virtual gifting experience, and post-gift tracking for recipients needed to be mapped out.
THE PROCESS
SECONDARY RESEARCH
We started by examining how other Asset Management Companies(AMCs) are addressing the problem. Some of the key insights from the research were:
ABSENCE OF A DEDICATED GIFTING JOURNEY
Our competitive analysis revealed that none of the competitors had a separate, dedicated journey tailored explicitly for gifting mutual funds to minors. Instead, they utilised the standard investment creation process, lacking customization for the minor on whose behalf the gift was intended.
LACK OF MINOR'S INVOLVEMENT
Competitors did not incorporate any inputs regarding the minor for whom the investment gift was being made. The process primarily revolved around the parent or guardian initiating the investment.
COMPLEX FOLIO CREATION
The number of steps required to create the investment folio was lengthy and complex, resulting in a taxing and cumbersome experience for the users. The long process hindered the ease and simplicity expected in gifting investments, contributing to user frustration.
NO PERSONALISATION AND TANGIBLE GIFT
There was no tangible gift showcased at the end of the investment. Due to this, there was no scope for personalisation as well. The investment made for the minor lacked any distinctive features, rather it functioned similarly to any other regular investment.
LIMITED POST-INVESTMENT VISIBILITY FOR MINORS
Once the investment was made, it was only visible on the dashboard of the parent or guardian who invested. The minor had no way to track or have visibility into the investment made in their name, thus having no involvement in the journey.
USER PERSONAS
Based on the brief and the research conducted, we were able to identify the following user personas to solve for.
IDEATION
As a team, we started the ideation process and were able to successfully generate innovative solutions to address the problem. Our objective was not only to ensure a seamless flow but also to think out of the box, making it engaging and sparking delight.
USER FLOWS
With limited time and scope, we focused on a select few ideas. Following this, we proceeded to create user flows for both user personas.
SOLUTION
After crafting the user flows, we developed high-fidelity wireframes. These clickable prototypes were then presented to the client.
REDEEM GIFT
ONBOARDING
GIFT CARD
HOMEPAGE
Some of the noteworthy features included:
CONCLUSION
In conclusion, we effectively tackled the challenge of simplifying the investment process for gifting. By implementing a conversational interface, reducing data inputs, and providing educational resources, the product significantly improved the user experience for parents investing in their children's future.
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Looking forward, the next steps involve conducting usability tests with real users, incorporating user feedback, and refining the designs before handing them over to the development team for product launch. Thank you for reading my case study!