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Wint Wealth - An Overview

Wint Wealth is an online financial services platform focusing on providing fixed-income investment options for retail investors.

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Wint's value proposition, at a very high level, is their ability to curate ideal fixed-income options for users who are looking to access higher returns than traditional savings accounts at a risk lower than the stock market.

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Their primary offerings are -

1. Fixed Deposits - DICGC insured FD's with returns higher than 8% 💼
2. Corporate Bonds - SEBI-regulated Corporate bonds curated by their experts, offering fixed returns between 9-12% 💥
3. Sovereign Gold bonds - Sovereign Gold bonds that help you buy gold at a discount & earn the best possible returns digitally 🥇

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What's special about Wint Wealth?

We are looking at Wint Wealth as a unique player in the fixed income market, because of the history and nature of the business, and how they have currently positioned themselves.

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A bit of history

In 2020, Wint Wealth began as a fintech platform that made it easier for retail investors to bet on debt instruments that offered better yields at lower risks. This

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It was a platform that questioned the status quo - "Who says retail investors cannot understand and invest in these assets that were earmarked for HNI's?"

In the words of one of the founders, roughly 2 years ago -

It’s widely the perception that retail investors cannot understand advanced assets, so it is futile to convince them to invest in new asset classes. We found this approach obnoxious, and decided to democratise assets that were previously only available to the rich class and make it available to the retail investors"

Today, this how the website's landing page looks like -

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Wait. FD's? Where are the advanced assets that needed democratizing?

(Hint: They're in a small space right next to the logo on the left-top.)

2024 - What changed?

So, what happened in these two years? Two big things -

1. Bank FD Interest rates grew. Like really grew. Wint's own website captures it better than I can -

2. The competition exploded. Banks were offering rates upwards of 8-9%, breaking the need for an alternate fixed income product. Players like Stable Money entered & captured both the market & the imagination of the customers.

So, Wint had to pivot a bit. They decided to go all in on FD's.

This fundamentally changed whom the user base for the products were. The ICP's were now no longer the sophisticated retail investor who wanted new instruments.

It was the aam aadmi. The common man. You, me, and our neighbour.

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But are these users coming? Is the platform designed for them? Let's find out.

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Ideal Customer Profile(s)

To identify the current & target customer base of Wint Wealth, user interviews were conducted with a few existing users.

For clearer insights on on-boarding, 2 users were identified and motivated to on-board live on the platform using the app, during which the users' behavior & insights were captured.

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Using the insights gathered, we identified 4 ICP's with varying goals & motivations to use the platform.

ICP 1 - Aman, a salaried male aged 35-40 who wants to save money to pay off an existing loan 👨‍💼

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ICP 2 - Shravya, a salaried female aged 30-35 who wants to start invest money for long-term savings👩‍💼

ICP 3 - Rahul, a self-employed male aged 30-35 who wants to save for a rainy day fund & down-payment for a car. 🧑‍💼

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ICP 4 - Daniel, a salaried male aged 30-35 who wants to invest money in debt as part of his asset allocation strategy. 🤵‍♂️

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We also define a metric - Financial Literacy Rating - which is rated on the below scale -

1 - Very limited/no understanding of financial instruments, no understanding of investment strategy.

2 - Limited understanding of financial instruments, no investment strategy

3 - Basic understanding of financial instruments, does not have an investment strategy

4 - Good understanding of financial instruments, trying to optimize investment/savings strategy

5 - Solid understanding of financial instruments, has a clear investment strategy

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Using the JTBD framework, we also identify the Jobs to Be Done for each of the ICP's -

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Now that we have clarity on our individual ICP's, we need to narrow down to 1 or 2 of them so that we can assess if the on-boarding is ideally designed for them.

Based on what we know of Wint Wealth now, the company wants to onboard new users who are interested in FD's, while educating them on why FD's are a good instrument to choose given the current financial landscape.

We will hence choose ICP 2 as our primary ICP for the teardown. The other ICP's will be considered as part of activation & retention metrics.

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Onboarding Teardown

To analyze the on-boarding, we start with the below relevant assumptions based on the chosen ICP -

1. Primary Goal (financial) - Investing money at a good risk-free interest rate for long-term savings
2. Instrument chosen - Fixed Deposits
3. Financial Literacy Rating - 3
4. Prior experience with investment apps - Limited

Wint Wealth - Onboarding Teardown.pdf

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Activation Metrics

Metric #1

Hypothesis - User invests in at least 1 instrument within the first 5 days

Reasoning -

1. User research reveals that users on-boarding on to the platform generally have the liquidity to invest, and are looking for options. There is no supply issue.
2. Retained users on both Wint & competing platforms typically start investing within minutes to hours, giving a clear indication of what drives customer delight & retention.

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​Impact Matrix -

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Metric #2

Hypothesis - User tracks the interest accumulated at least thrice within first 6 months

Reasoning -

1. Users of Wint & competing products spoke glowingly about the live interest tracking features, and how that helps them build confidence in the product.
2. This increases the time they spend on the app/website, thereby exposing them to more offerings & options.

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​Impact Matrix -

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Metric #3

Hypothesis - User reads at least 75% of messages sent via WhatsApp/email by the platform

Reasoning -

1. Wint actively reaches out and provides key updates to users via WhatsApp & e-mail, which regular users are inclined to read.
2. This generally builds more engagement & trust with the platform, allowing users to stay updated with new offerings.
3. Further, users checking these are on the lookout for new instruments & offerings, which results in higher retention & LTV.

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​Impact Matrix -

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Metrics to track

1. Drop-off rate during first KYC process - This is a clear pain-point in the process, corroborated by interviewed users.
2. Retention rate by acquisition source - Referrals & WOM are popular channels among users. Track retention rates by referral, ads, organic search.
3. Time to first investment - The sticky users are investing within the first few days.
4. Read rate on emails - The most engaged users are reading & engaging with these.
5. Read rate on WhatsApp notifs - The most engaged users are reading & engaging with these.
6. Number of app/website opens by the user - Users who are following up on their investments are the ones likely to engage more with the platform.
7. Time spent on the platform (monthly) - Another variable to complement the above metric.
8. Number of users reviewing the app - This number needs to go up, so the app build higher trust
9. Referral rate among retained customers - Referral/WOM is a strong channel for the platform
10. Uptime & reliability of verification services - Users experienced multiple failures during PAN/Aadhar verification, which needs to be addressed & monitored.

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