Understand your product

IND Money is a company in the financial technology sector that strives to make personal finance management easier and more efficient for individuals. They have developed a platform that brings together accounts, such as bank accounts, credit cards, investments and loans. This platform offers users a picture of their financial well-being enabling them to monitor their expenses, analyze their investment portfolios and make the most of their savings/investments.

Since its launch in 2019, the application has quickly grown to 9Mn users backed by innovative features such as US Stocks investing, Neo Banking, Deposits and Financial life tracking & management.

INDmoney is backed by reputed foreign institutional investors comprising Tiger Global, Steadview Capital, Dragoneer, Sixteenth Street Capital who have invested a total of $143Mn in the Super Finance App.

Mission 🎯: Improve your financial future by helping you to save and earn more.

Vision 👁: Be the one stop shop for your finances — Your Family's Super Money App

Brief Overview

​

Value Proposition

The core value proposition of IND Money is to simplify and optimize personal finance

management for individuals. The platform offers a comprehensive solution that integrates

various financial accounts and provides users with a holistic view of their financial health.

Here are some key aspects of IND Money's value proposition:

1.      Financial Aggregation: Consolidate all financial accounts in one place for easy management.

2.      Expense Tracking and Budgeting: Track expenses, set budgets, and gain insights into spending patterns.

3.      Investment Advisory: AI-powered recommendations for personalized investment decisions.

4.      Goal-based Planning: Set financial goals and receive guidance to achieve them.

5.      Demat & Trading account: Open your paperless free Demat account online with Zero AMC and trade stocks on a daily basis for financial gains.

Yeah, fine with the Value props, but how do Customers experience it?

Note: would have loved to attach all the screenshots of the value proposition but the app do not allow to take screenshots stating the image contains personal information. Happy from a user point of view, but sad from the assignment doer point of view :’)

​

1.      Financial Aggregation: While the customers open the app for the first time, the app asks them for their PAN no. and access to their emails. Once provided, boom!!! All your account balances, investments, expenses, net worth in front of you in 2 minutes which means you don’t have to go looking for their portfolios anywhere else……AHA!

2.      Expense Tracking and Budgeting: Users can track their spendings with multiple caveats to it and get insights into their spending patterns. For example, it can show me how much I spend from my bank account on shopping and travel, and it can also tell me how much I spent from my credit card on coffees and food….sad realizations incoming.

3.      Investment Advisory: When you further deep dive into the app and open your portfolios, it gives AI-powered recommendations for personalized investment decisions and let’s you know where you can save more by investing into direct mutual funds,

where does your portfolios overlap and which funds are recommended to diversify properly.

4.      Goal-based Planning: The app also helps the users to set financial goals and receive guidance to achieve them in terms of retirement funds, emergency funds and even health and life insurances.

Other notable mentions in which users experience the value propositions are:

1.       Weekly reports and alerts about the investment’s performances, spends, net worth fluctuations and their respective action items with a CTA attached.

2.       Advisory notification services basis changing market conditions any fund changes its risk adversity or devaluations or high-risk commissions

3.       Save small, save daily plans: Encourage users to start investing with as low as ₹10 in Mutual Funds & Stocks

What is the natural frequency of your product?

​

1.       Casual Users - Engages with the app once every month to check their wealth status and health and using no additional feature.

2.       Core Users - Engages with the app at least 1-2 times a week and apart from wealth status checks, engages with stock and portfolio movements, for SIPs, expense tracking, advisory services.

3.       Power Users - Engages with the app almost daily and use the app for trading stocks and reviews in addition to all the features mentioned above.

​

Do you have other sub products? What is their natural frequency like?

1.       IND Learn: A comprehensive guide built to educate and simplify financial decisions. The aim is to make financial education accessible through bite-sized courses designed by experts. Their natural frequency should be daily since they are bite-sized and provides certifications as well.

​

2.       INDStock Screeners: Helps the users to research, evaluate & filter among 5000+ US Stocks easily for investing or trading. Their natural frequency should be weekly since screeners are most evidently used by traders and investors to analyse their picks.

​

3.       IND Insurance: Personalised Life and Health Insurance plans to Secure your family's needs and protect your hard earned savings with the right insurance policies. Natural frequency should be once a month for premium payments, can increase in case of medical or health emergencies.

4. IND Insta Cash: A flexible credit line exclusively available only for INDmoney members to Withdraw amount as per their emergency need transferred to your bank account instantly repay with interest. It cannot have a set frequency as it is an emergency fund.

What is the best engagement framework for your product?

Primary: Frequency of Engagement

Metrics:

​

● Number of logins or app visits per user per week/month: This metric measures how

frequently users are accessing the platform

● Number of transactions per user per week/month: This metric indicates the frequency of

core actions, such as making investments or conducting financial transactions.

Hypothesis:

This focuses on building habits and increasing the frequency of core actions in the product. For IND

Money, a financial services platform, increasing user engagement and habit formation is crucial. IND

Money can deepen its relationship with users and increase wallet share by encouraging users to

regularly engage with the platform via frequent transactions or interactions

Secondary: Depth of Engagement

Metrics:

●      Average transaction value per user: Measures the average amount of money spent by users on the platform, indicating the level of financial commitment and intensity of engagement.

● Portfolio growth rate: Tracks the percentage increase in the value of users' investment portfolios month-on-month or quarter-on-quarter, reflecting the depth of engagement and the effectiveness of the platform in helping users achieve their financial goals

●      Time spent on advanced features or tools: Measures the amount of time users spend on more advanced features or tools offered by IND Money such as screeners or recommendations, indicating their willingness to explore and utilize the platform's full capabilities.

Hypothesis:

This emphasizes the intensity of user engagement, either in terms of time or money spent. While frequency is important, it's also essential to focus on users who spend more time or money on the platform. IND Money can identify these high-value users and provide them with tailored experiences or exclusive benefits to further deepen their engagement.

Not Applicable: Depth of Engagement

Metrics:

●    Adoption rate of new features: Tracks the percentage of users who actively start using

       newly introduced features or products, indicating the level of interest and engagement

      with new offerings.

●    Cross-feature usage: Measures the extent to which users explore and utilize multiple

      features or products within the platform, indicating the breadth of engagement and the

       effectiveness of cross-promotion efforts.

Hypothesis:

​

While this framework is valuable, I would prioritize it lower for IND Money compared to the other two frameworks. Once users are engaged and habitually using the platform, then IND Money can introduce new features or products to further enhance their experience and increase overall engagement.

Summary: By prioritizing the frameworks in this order, IND Money can focus on building habits, deepening engagement with high-value users, and then expanding the breadth of features and products. This approach ensures a strong foundation of engaged users and allows for strategic growth and innovation.

Action(s) that makes someone an active user for your product:

1.       Users who link their PAN and give access to mails for tracking their financial investments and spending history

2.       Users who visit the app at least once a month to check their monthly investment insights

3.       Users who either have at least one SIP through the app or track their SIPs regularly through the app

User Segmentation

ICP/ Persona Based:

1.    Casual User Janhavi:

Janhavi is a 25-year old Marketing Assistant who recently graduated from college

and started her first job. Since she recently started having an monthly income, she

wants to take control of her finances and develop good money management habits.

However, she finds financial jargon overwhelming and is unsure where to start.

Janhavi downloaded the IND Money app to simplify her financial journey. She uses

IND Money occasionally to check her account balance, track monthly expenses,

and receives notifications for bill payments. Janhavi appreciates the app's simplicity

and user-friendly interface, which helps her stay organized and make informed

financial decisions.

2.   Core User Anurag:

Anurag is 35 years old and is a Software Engineer at JPMC. He is a tech-savvy

individual who has been investing in the stock market for several years. He came on

IND Money because it was an only convenient option to invest in US-based

company stocks. He values the convenience and efficiency of managing his

investments through the IND Money app and actively tracks his investments,

analyzes their performance, and receives personalized investment

recommendations based out of screener usage results. He now have become

habitual with the other features of the app and regularly utilizes the app's financial

planning tools to set long-term goals, such as saving for retirement or buying a

house. He appreciates the app's comprehensive features and data-driven insights,

which help him make informed investment decisions.

3. Power User Pranav:

Pranav is 28 years old Financial Analyst at an major IB firm. Since Pranav is a

seasoned finance professional with a deep understanding of the investment

landscape, he does swing trading based of his knowledge (As explained by him, he

actively invest and divest in stocks biweekly to gain some additional financial gains)

and hence, relies on IND Money to stay updated on market trends and make

data-driven investment decisions. Pranav extensively uses the app's advanced

investment research tools such as screeners to conduct detailed portfolio analysis,

track market movements, and identify potential investment opportunities. Pranav

actively engages with the app's other features as well such as learn and US stocks

investing and use his expertise gathered over years. Pranav appreciates the app's

robust features and the ability to customize his investment strategies based on his

unique insights

​

Casual/Core/Power:

Engagement–Campaigns

Rewards as free stocks (IND is popular on this!!!)

Retention

Bird's-eye view

What is your current retention rate in terms of users?

To get an overall understanding of retention in the app, we have to take an overview of the industry and then try to dig down on the numbers for the players like INDMoney.

​

As per the report by Alchemer by the title “Finance Apps: 2022 Mobile Customer Engagement Benchmarks”, they bifurcate the finance apps typically in three subcategories:

1.       Fintech (credit score, mortgage, stocks and bonds, loan consolidation, etc.)

2.       Banking (banks and credit unions)

3.       Insurance (auto, home, life, renters, pets, etc.)

For the following graphs, we emphasize on the Fintech Metric necessarily as IND Money falls under that bracket.

Interaction and Response:

​

Consumer Sentiment

​

Retention:

​

Now, It’s likely that Finance apps see lower churn than other categories due to the simple fact that it’s harder for people to change banks and shift their financial planning tools than it is to, say, try a new restaurant. Hence, the banking apps in the fintech sees the highest numbers in retention.

At what time period does your retention curve flatten? Draw the retention curve.

​

Microscopic view

Which ICPs drive the best retention?

1.       ICP 1 (Janhavi): She primarily use the app for basic financial management tasks such as checking account balances, setting budgets, and receiving bill payment reminders. While these users are important for the overall user base, their retention may not be as strong as other users.

2.       ICP 2 (Anurag): Anurag has a higher level of commitment to managing their finances as they regularly track their investments, analyze performance, and utilize the app's financial planning tools and are likely to have a stronger retention rate. However, they may not drive the best retention for IND Money.

3. ICP 3 (Pranav) : Power users like Pranav are highly engaged and have a deep understanding

of the investment landscape. They actively utilize advanced features, such as real-time market data, customizable investment strategies, and personalized trading insights. Users like Pranav are likely to have the highest retention rate for IND Money due to their extensive usage, active participation, and commitment to utilizing the app's advanced features.

Best channels to drive retention:

IND Money gets their maximum volume of users through organic searches.

The best channels to drive retention for them will be in-app notifications as well as WhatsApp because the user base is generally driven through the apps and WhatsApp helps in designing a fastest CTA for the system.

​

​

Top Reason for Churned Users

​

What are the Negative actions to track?

1.       Decreased Activity: A significant decrease in user activity, such as reduced logins, fewer interactions with features, or a decline in the frequency of app usage, can be a strong indicator of potential churn.

2.       Non-Usage of Key Features: If users stop using key features that are essential for their financial management, such as investment tracking, budgeting tools, or personalized recommendations, it may suggest a loss of interest or dissatisfaction with the platform.

3.       Negative Feedback or Support Interactions: Users who provide negative feedback, express frustration, or have multiple interactions with customer support regarding unresolved issues or concerns are more likely to churn.

4.       High Bounce Rate or Short Session Duration: Users who quickly leave the app or website without engaging with any content or spending minimal time on the platform may indicate a lack of interest or dissatisfaction.

5.       Negative Sentiment on social media or Review Platforms: Users who express negative sentiment, complaints, or dissatisfaction with the platform on social media, app store reviews, or other review platforms may be at risk of churning.

Retention: Campaigns

​