Making Investment Analysis Accessible to All: Monthly Active Users Soar by 28.5%
In its quest to democratize financial education, VI App was initially developed as a supplementary tool for stock research analysis, aligning with the content taught in financial education courses. However, recognizing the potential for broader impact, extensive research was conducted to expand its reach beyond course attendees and cater to the masses.
The primary objective of this research initiative was twofold: to evaluate the extent to which the app met the needs of its existing users and to gauge their perceptions of competitor apps. Additionally, the study sought to gather insights from potential new users to ensure the app’s continuous improvement and relevance in a competitive market landscape.
Research by: Anyi Liang | Aaron Ng | Erina Wong | Tiew See Ben
Research Method used: Survey | Contextual Inquiry | Interviews | Empathy Mapping | Affinity Diagramming | Persona Crafting | Business Model Canvas | Value Proposition Canvas
To gather unbiased opinions, users were recruited through surveys distributed via email to our existing database, as well as various public groups. The recruitment process involved targeting participants based on factors such as age group, income, investment commitment level, investment experiences, risk appetites, hours spent on researching, and the number of annual trades made. From a total of 264 surveys, 47 participants were selected for one-on-one private interviews. These interviews proved valuable in defining and categorizing the user base into 8 distinct personas.
Key Insights Uncovered:
During our research, we gained valuable insights into:
Users’ investment goals and motivations, enabling us to personalize content towards their specific interests.
The platforms they use for trading, helping us identify potential collaboration opportunities and partnerships.
Their preferred modes of investment, shedding light on their understanding of different investment products and their reasons for investing in them.
Device preferences across different user personas, allowing us to tailor our app to their specific needs.
Common challenges faced by users, revealing patterns such as inexperienced individuals seeking knowledge to get started, while more experienced users spend time on detailed analysis tools across multiple platforms due to self-doubt.
Through an in-depth exploration of individual personas, we acquired a comprehensive understanding of user behaviors, encompassing their preferred sources of information and the specific types of content they consume. Additionally, we discerned the app features that hold the greatest significance to them, as well as those found in competitor apps. Furthermore, we uncovered the key factors influencing their decision-making process, enabling us to prioritize and present information within our app that caters to the needs of each targeted persona.
In relation to user experiences and interface design, our investigation revolved around the following objectives:
Identifying features that generated delight or that could be further improved in both our app and competitor apps.
Gathering feedback and opinions from participants regarding their app experiences.
Assessing participants’ willingness to utilize any of the tested apps in the future.
By conducting this analysis, we obtained valuable insights into user preferences, enabling us to enhance our app and align it more effectively with their expectations.
“YOUNG Singaporeans are eager to invest, but a third of them are also anxious about making the right investment decisions. Having a limited budget, fear of incurring losses and a lack of investment knowledge are among the top challenges this generation is confronted with”
Based on the gathered insights from individual personas, the following conclusions were drawn regarding their potentials, challenges they face and their unique needs:
Potential
Each persona exhibits unique potential and understanding these potentials allows us to tailor our offerings to better meet their specific needs.
Challenges & Needs
Different personas encounter specific challenges, such as a lack of knowledge and experience among young and inexperienced participants, and self-doubt leading to extensive research among more knowledgeable users. Understanding these challenges helps us determine the needs of each persona more effectively.
“…saw a knowledge gap in Singapore’s personal finance space. To fill the void, they grew a community around their platform that allowed people to crowdsource knowledge from peers before making financial decisions.”
Based on extensive discussions within our growth team and gaining buy-in from stakeholders, we have made a collective decision to prioritize the youth and young adults as our target audience. This strategic choice is driven by several key factors:
Investing Interest: The youth and young adults are currently engaging in investing activities, despite lacking comprehensive knowledge in this area. By focusing on this demographic, we align with their desire to expand their understanding of investments, which ultimately supports our business goals.
Acquisition Potential: This particular age group presents a higher likelihood of acquisition, as our existing resources are better suited to provide value and cater to their specific needs. By tailoring our offerings to this segment, we can optimize our efforts and resources effectively.
Established User Loyalty: Older age groups tend to have established preferences for existing apps, making them less likely to switch to new alternatives. Focusing on the youth and young adults allows us to target a more receptive and adaptable audience.
Resource Optimization: Given our current technological capabilities and available resources, concentrating on the youth and young adults enables us to iterate quickly and remain competitive in the market.
By concentrating our efforts on the youth and young adults, we can strategically position ourselves to meet their needs, seize growth opportunities, and effectively compete with our industry counterparts.
Considering the market’s abundance of competitors offering similar products, we collectively addressed the following objectives:
How might we…
Establish ourselves as a trusted and reliable provider of investment research?
Assist users in comprehending and effectively utilizing the gathered information?
Aid users in making informed and sound investment decisions?
Additionally, we discovered that many existing users, who initially accessed the app through financial courses partners, fail to fully grasp the app’s value. A significant portion of current users may not have explored the app extensively.
Price Point
We found that a price range of USD 1–10 is universally comfortable across all age groups. Interestingly, participants who have previously experienced the app are more inclined to pay a higher monthly rate. As users age, they begin to recognize the value that an app of this nature offers, thus motivating them to subscribe.
In conclusion, our research has provided valuable insights into various personas, allowing us to tailor our app to meet their specific needs and goals. With a particular focus on the youth and young adults, we aim to capture their interest, provide value, and effectively compete in the market. Our findings have also emphasized the importance of establishing ourselves as a credible investment research provider and assisting users in making informed decisions.
Furthermore, our observations regarding the price range of USD 1–10 being well-received, along with the willingness of experienced users to pay higher rates, have given us confidence in our product’s potential market fit for a wider audience. These findings have guided our development efforts, enabling us to offer a personalized and valuable investment experience to our targeted user segments.
Based on these research findings, we have proposed and implemented a series of changes specifically targeting these user groups. Within one month of the initial phase launch, we have experienced a 28.5% increase in monthly active users. As our product continues to iterate, we believe there is significant potential for further growth and value to be offered in the future.
Discover the Brand Revamp Case Study Here.
