Onboarding project | ET money

What is ET Money?

Anybody you ask who knows about ET money will say it's a wealth management platform that offers various financial products and services like Mutual funds, Stock trading, Insurance, NPS, etc.
That is the current image of this organization.

However there is a history behind this, let's take a walk down memory lane.
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Being annoyed by middlemen of every trade made by mass affluent middle-class employees, 2 friends realized they needed to do something about this. Back in 2009, they introduced Moneysights; it was intended to inform the public about the right time to invest and withdraw. With this vision of helping the public spend less on every trade, while they were looking for funding from Time internet, they got acquired by Times Internet.

This acquisition birthed ET Money in the year 2015. Over the years, the app has evolved into a giant that is giving a tough fight to the big players like Zerodha, Groww, etc.

Their team has been working on one simple motto - Make your money work for you.
ET Money provides a vast number of products to invest in - Stocks, Mutual funds, Insurance, NPS, and FD.
But their key value proposition revolves around the concept of Asset Management or timely rebalancing of the portfolio. With the help of their proprietary algorithm, they have introduced Genius which for a subscription fee provides a comprehensive guide to its users on what kind of changes are happening in the market and how the users can manage their portfolio to have maximum returns.
This feature is now extended towards Stock trading too.

So to list out a few propositions of ET Money:

Commission-free trading
Assisted Mutual fund & Stock trading
One place for all investment needs - FD, Mutual funds, Stocks, NPS

Define the ideal customer profile (ICP)?

To understand the ICP, we spoke to 4-5 people who have been active users or were active users of ET money. We split these people into 2 ICPs - Novice investors and mature investors.

We will take the example of Sunit as a Novice Investor and Pranjit as a Mature Investor.
These splits are not made based on how much they understand the market but rather on their investment appetite.
Novice Investor: Somebody who is aggressive with their investment. Individual's Risk appetite is quite high.
Mature Investor: Somebody who keeps their temperament about their investments. Their strategy evolves based on the market movements.

B2C Table

Criteria	ICP 1	ICP 2
Name	Sunit	Pranjit
Age	24	32
Occupation	APM	Project Manager
Location	Noida	Mumbai
Most used Social media apps	Instagram, Snapchat	Linkedin, instagram
Investment habit	First investment in Mutual funds made by parents at the age of 18. Carried this forward with salary earned from Internships during college. After securing a job became a monthly investor.	Have been investing regularly from past 4-5 years. Have been trading stocks for 3-4 years independently.
Investment apps used	Groww	Zerodha, Smallcase
How did you hear about ET Money?	Friends	Research on the internet since he was looking for better options to do time to time rebalancing of portfolio.
What are your investment instruments?	Mutual Funds	Mutual funds and Stock market.
Why did you choose ET Money?	Better vision on the health of Mutual Funds.	Rebalancing and adjustment of portfolio was presented on regular basis.
How was your investment pattern before ET money?	Influenced by friends & family. Not looking to withdraw the money for a long duration.	Proper research-based investment. But would fail when he had to adjust the investments based on market changes.
Has your investment pattern changed?	Yes. Made investments as per ET money suggestions.	Yes. Regular rebalancing and adjustment of portfolio. Thanks to ET Money
Are you happy about the returns after using ET Money?	My portfolio is green so happy.	Yes, I am getting 35% returns on average. This was not the case earlier.
What feature are you specifically happy about?	Good snippet of how well my portfolio is doing. I didn't find the Genius to be very helpful.	Genius feature was life-changing for me. I was able to understand what needs to be done when and make good returns.
Have you gained more knowledge in investing?	No.	No. I am more dependent on Genius.
How often do you check the app?	At least once every day.	Weekly to check the portfolio and monthly to rebalance it.
How often do you check your portfolio?	Everyday.	Weekly.
After joining ET money, how long after did you make your first investment?	As soon as I got accepted.	Maybe 2 weeks later.
Do you find value in paying a monthly subscription?	Not really. I stopped after using it for 2-3 months. I think this is enough as my portfolio is still doing good. Once it starts going bad, I will subscribe again and change my portfolio.	Yes. I have great consistent returns and I like.
Will you recommend this to friends & family?	Yes.	Yes.

Define user goals and JTBD

Now that we have a clear distinction on different ICPs and how their goals have aligned with ET money, lets list out the User goals and JTBD for both the ICPs.

User	Primary Goal	Secondary Goal
ICP 1	Functional Goal - Keep detailed track of investments.	Financial Goal - Make time to time changes and see my investments grow.
ICP 2	Financial Goal - Want to make sure my portfolio is growing more than the market.	Functional goal - One place for all my investments and easy to keep track of them.

We have identified the ICPs, their user goals, and how they align with the JTBD of ET money. For the next steps, I grabbed hold of 2 of my friends and informed them about the features that ET money was providing and how they could improve their investments or start doing their investments. I think I was able to sell the product very well, they agreed to get onboarded on to ET money and see how it will work for them.
I was so glad that both my friends turned out to be so different from each other.
My approach was to do user research with them however, I ended up doing an Onboarding tear-down.
Why you ask?

One of my friends (Let's call this person Gaurav) gave up after a point of time saying; "Arrey yaar ye bohut lamba process hain and mere pass itna time aur patience nahi hain."
The second friend powered through(Let's call this person Sakshi). She went all the way to upload her details and answer the questions required to join Genius and tried to understand what her investment personality was like. Unfortunately, she was not keen on sharing her personality report or what investments she made.
However, she did start a SIP within the first week of joining ET Money.

Kaafi baate hogayi. Lets take a look at the Onboarding tear down.

Onboarding teardown - ET money.pdf

Activation Metric:

We are looking at different metrics that can be used to consider that your user has become an active user. What is the Difference between active users and normal users?
Active users give you money!!!

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(Keep in mind that these are hypotheses.)

METRIC #1

Hypothesis: User imports their current investments onto ET Money on the first day and keeps track of their health.

Reasoning:

Yes, this does not bring us direct money but this becomes the first step towards seeing value of services provided by ET money.
Better chance to show them the glimpse of what Genius can do.
When they see constantly how the portfolio's health changes and how Genius could get them better returns, this would prompt them to look toward the subscription model.

METRIC #2

Hypothesis: The user understands the value of Genius and buys a membership within the first week.

Reasoning:

This would mean money in the pocket within the first week of user registering on our app.
This would mean they are more likely to listen to the advise of Genius to make more investments on Mutual funds or Stocks.
As good investment options will be suggested they can actually look forward to buying them via ET Money.

METRIC #3

Hypothesis: The user takes the personality test within the first week and chooses the portfolio to invest in.

Reasoning:

This would mean that they will have a great exposure to the offerings of Genius.
This would encourage them to know more about their personality and understand the investment opportunities they have.

METRIC #4

Hypothesis: The user changes and rebalances the mutual fund portfolio after 1 month of buying the Genius Subscription.

Reasoning:

Shows that they are invested in the process of managing their money.
They will understand the value of Genius and how their portfolio is growing.
They will explore the possibilities of taking care of stock trading here.

METRIC #5

Hypothesis: The user changes the stock portfolio after 2 weeks of buying the Genius Subscription.

Reasoning:

Shows that they are invested in the process of managing their money.
They will understand the value of Genius and how their portfolio is growing.
They will explore the possibilities of taking care of a mutual fund portfolio here.

All the Metrics to Track:

Drop-off rate during the KYC process: It's too painful for many users as they have no idea how long this is and they get frustrated.
Drop-off rate during the investment account setup: This again can be simplified but it still is time taking.
Drop-off rate after checking the investment personality: This is a place which shows them what and how they can invest depending on their personality. If they don't get convinced with this then there could be major problems as this is a major source to redirect toward Genius.
Drop-off rate after Genius membership is taken: If they drop off it would mean they don't see the value. Why?
Investment rate after synching of the current portfolio - The user would be able to track their investment health and understand how Genius can do a good job for them.
Investment rate after taking the Genius subscription - This would show how much the users value Genius services.
Rate of completion of Investment personality assessment - This test can seem very absurd and intimidating for some of the users because of the nature of questioning. But is a great source for ET money to show the users how they can make better investments.
How long do users use the app features without finishing their investment account: There are a lot of features and tools which can be used by the users to evaluate themselves and make informed choices for making better investments.
How many tools have been used by users: The usage of different types of tools can indicate the intention of users to make new investments. This can be interesting to pitch the services provided by ET Money.
Notification click-to-app ratio: ET money has varied categories of notifications that can lead to different features of the app. It would be interesting to track what the user is interested in.
Time spent on the application (Weekly or Monthly): This would show either the user is researching well before investment or just relying on the recommendations. This would show valuable our services are and if its not we can explore further to improve the services.
Acquisition Sources: Not many people know about ET Money or their services.
CAC: This should be ideally low as these features could sell themselves.