Mohit's Onboarding Project | JioFinance

Does your toothpaste have salt in it?

Does your financial app allow you to manage everything from one place?

Well, these are questions people will ask to ridicule you, but please don't be. After all, why do you want to track and manage all your finances from one place? Why would you want to ease your life by being able to invest and manage your expenses from a single app? Why would you want to be able to make payments and automatically track your spends across multiple categories? Lastly, why would you want to live stress free knowing you can be stressed by managing multiple things from multiple apps?

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Well, if you're someone that finds the above verbatim strange, then we maybe heading somewhere. You see, while India is not a super-app preferring country, it is one where people feel jittered when it comes to managing their finances, and with new changes and apps coming out to ease your access to investments and expenses, they're most likely making it cumbersome with the requirement to manage multiple apps for multiple things. It's like roaming around with a wallet in the 21st century, consisting of 5 cards, 4 ID proofs, some coins, and that (weirdly constant) passport size picture you took in 2010.

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This is where JioFinance is trying to place itself, right in the centre of the problem. Just before memes start pouring in on how Jio can disrupt everything, finance is a rather challenging one. With people settled in on payment apps like PayTM, PhonePe, and Google Pay, broking apps like Groww & Zerodha, it is difficult to move people from doing so, but I'm sure onboarding will make up for the effort.

About JioFinance

Jio Financial Services is a company focused on a host of financial services under the Reliance (Jio) umbrella, and is currently testing out their all-in-one financial app called JioFinance. It is aimed at being a financial super-app providing everything from Payment Aggregation facilities to Loans. Currently in their Beta testing stage, they've launched a pilot app on Play Store and App Store, whose onboarding teardown we will do further. The app manage your finance while you run on auto-pilot.

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While Jio Financial Services is a rebranded version of Reliance Strategic Investments Ltd., the JioFinance app is a totally new offering they're bringing. Looking at their aim to launch a host of services together, JioFinance is looking to solve for a multitude of things aiming to bring UPI and Payments, Banking, Investments, Loans, Insurance, Broking and Personal Finance, and more under their umbrella.

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Even though we see tonnes of apps already solving for the functionalities needed today (including super-apps like PayTM), here's how the industry is looking to fare out and why it makes sense for Jio to go bonkers:

• As of 2021, India was the 3rd largest FinTech ecosystem valued at about $50 Billion, poised to grow to ~$150 Billion by 2025.
• Valued at $270 billion in 2022, digital lending is set to rise to $350 billion by 2023. This surge highlights the transformative power of FinTech in democratizing access to credit.
• India stands as the second-largest InsurTech market in the Asia-Pacific region, poised to grow approximately 15 times and reach $88.4 billion by 2030.
• The WealthTech segment is riding the wave of a growing base of retail investors, predicted to reach $237 billion by 2030.
• Indian FinTech has the ability to solve for the underbanked and people requiring collateral-free loans, as the JAM trinity (Jan Dhan Yojana, Aadhaar, Mobile Connectivity) has helped bring new adults under the target net of financial inclusion.

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Lastly, while all these are promising numbers for a specific sector under Finance, i.e., WealthTech, InsurTech, among others, just think about the opportunity when JioFinance tries to cater to all of it, all at once. But first, ICPs.

ICPs

Verbatim

• JioFinance is a pretty simple and well-rounded app, feels like there's finally just one app for everything finance, has made me switch from Paytm.
• I've always been using Zerodha universe along with GoDigit and G-Pay for managing my finances, but it was difficult to get my financial picture clear, and JioFinance looks promising.
• I can trust Jio and JioFinance with my money, whereas there has always been trust deficiency when it comes to new-age platforms, considering the recent Paytm debacle.
• Unlike other FinTech apps, it's simple and makes finance seem so too. But, I'm not sure if I should be changing everything that's preset.
• I don't think I can leave my current set of apps, because I like depth and specific apps can help with that, unlike these super-apps (JioFinance).
• For the past few years, I've struggled to manage finances as I was running between multiple apps and things to understand my issues, and JioFinance looks simple to navigate, but I'm not sure if I'd have as many choices as before.

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The verbatim listed was noted from multiple exhibits (information unlinked for their privacy) who downloaded the app (after me pestering them to), took some time to explore the app and finally gave me their take on it!

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Profiles

Prioritisation

User Goals (JTBD Framework)

Customer Journey Map​

User Goals

The users opting for JioFinance may intend to use it for rewards and cash backs (as they did for other apps initially), however, serious paying users can be found opting it to manage their finances well from a trusted and single-point solution. With this in mind, the user goal this product strongly attributes to is Personal Goal. There's however, a secondary element of Functional Goal, to have finances managed on auto-pilot without having to stress about managing multiple things from multiple apps frequently.

Onboarding Teardown

JioFinance - Onboarding Teardown.pdf

Some cognitive biases which can be evidently seen are Progressive Disclosure and Priming, across the information and login screens.

Overall Metrics to Track & Activation Hypotheses

Basis the teardown, and other functionalities seen on the app, a few activation hypotheses that can be relevant in this case are as follows:

1. 10 Payments in 5 Days - The basis for this hypothesis is that 10 payments on the app in 5 days would mandate the user to create and setup their UPI ID, and when payments are made frequently using the app, the user can switch or alternate across other financial apps, which creates JioFinance as an option.
2. Linking 1 Bank Account in 2 Days - As seen in the My Money tab or by the app's initial promise of being able to manage all your finances and control it all, linking their bank accounts (or creating one on Jio Payments Bank) is the most crucial step, which if done in under 2 days, can activate a user, as they would timely check the app for bill payments or their financial picture.
3. DAU/MAU - 1 app session a day or 25 sessions in a month is an ideal activation metric, considering payments are a daily activity. However,
4. Average TAT - While a very ideal TAT is under 5 minutes, usual customers who might explore the app can take upto 15-20 minutes. Tracking and decreasing this can help lock more users in the ecosystem faster.
5. Feedback Loop / CSAT - A qualitative metric of feedback loop or in-app CSATs is ideal and if a customer actions on this 1-2 times, it can be considered an activated user. The hypothesis stems from the fact that an app in the Beta status receiving feedbacks shall tag the user as "concerned", rather activated. A CSAT similarly can reinforce positive experience from the user.

Final Thoughts

After spending sometime to understand the nuances of people's requirements and how they manage their finances, there seems to be a good momentum ready for JioFinance to tap into, however, there are always serious considerations to be made for JioFinance from the current market solutions.

While their 1-stop finance shop boasts (or is trying) to solve for simplifying and managing finances, it remains a challenge for a super app in India to be established, as Indians prefer specialised apps and services for different needs. For example, there's Zomato for food delivery and BlinkIt for instant gratification needs and it's working wonders for them, unlike Swiggy, where the user's purpose is not clearly defined across Food, Grocery, Genie, Dining, etc., though it works.

Similarly, if JioFinance gets to become a Swiggy or Paytm for Finance, then there might be space for them to sustain well in the market, but the odds of it becoming a Tata Neu are 50:50 too, isn't it?

fin.