Paytm Money

Product Overview

Paytm Money is focused on bringing a fully digital investing experience for Mutual Fund investors. It provides maximum benefits to the investors as it offers only direct plans in mutual fund schemes that come with no hidden commissions.

Paytm Money Limited is a SEBI registered Investment Adviser (IA) that offers investment execution & advisory services. Paytm Money simplified user experience allows the user to start their investment journey with zero paperwork, seamless digital KYC, automated payments, updated portfolio, and powerful insights to make well-informed investment decisions.

The Problem

Awareness of Paytm Services

• Users primarily associate Paytm with UPI payments, bill payments, and mobile recharges, but are largely unaware of Paytm Money for Mutual Fund investments.

Knowledge Gaps in Mutual Funds

• Most users are unfamiliar with how to invest in Mutual Funds, yet express a willingness to invest.
  

Challenges with KYC Process

• A significant number of users experience difficulties and frustrations during the mandatory KYC process required for mutual fund investments, which entails extensive personal information.

Complexity of Mutual Fund Information

• Each mutual fund scheme provides extensive data that is overwhelming for users, most of whom lack the time to thoroughly analyze historical insights and jargon, leading to a lack of simplicity in understanding.

Lack of Awareness on Investment Importance

• New users often do not recognise the importance of investments or the substantial benefits that mutual funds can provide.
  

Insufficient Educational Resources

• Current online mutual funds marketplaces do not offer adequate information or educational resources on mutual fund products.
  

Difficulty in Finding Investment Opportunities

• Users knowledgeable about mutual funds struggle to identify suitable investment platforms that align with their financial capabilities.
  

Lack of Clarity on Investment Options

• Even those who are aware of investment opportunities do not know where to look or how to find options that fit their investment capacity.
  

The Goal

Our people are what make us unique. Rather than outsourcing our construction engineers from questionable outsourcing establishments, we provide them with an environment that supports professional growth.

We are strong believers in giving our employees a voice. Our teams are put together with the help of our resident psychologist to ensure maximum productivity and engagement.

Target Customers

Indian Mutual Fund Market for B2C customers

20–55 years Working Professionals

Age Group

Types of Users:

People who are new to investing.
Experienced Investors: people who use GROWW or any other apps to invest in mutual funds

Maximum Users want to invest in Mutual Fund but they don't have the proper knowledge

5 Months

June 2021 to Nov 2021

Project Duration

I USED DESIGN THINKING PROCESS

Empathise

Domian Research

As per WHO, South Asian countries have 76% and 85% of people with mental disorders receive no treatment for their disorder. The primary reason for mental health is the lack of awareness and sensitivity about the issue. In addition to support from health-care services, people with mental illness require social support and care. It affects how we think, feel, and act, and also helps determine how we handle stress, relate to others and make choices.

Positive mental health can allow people to cope with any stress in life, work productively, and make meaningful connections with their family and friends.

User Interviews & Surveys

Once we understood the domain, it was clear that the theme is very personal and people wouldn’t provide enough information through google forms. So we decided to conduct user interviews with people through telephonic calls and zoom discussion.

We conducted a one-to-one survey with over 14 participants from the age group 20 to 50 years. We decided to converse in their respective native languages so as to encourage them to fully open up to me in our discussions. We recorded all the answers during the interviews (with their permission), which helped me analyse the responses in a better manner and take notes afterward.

User Research Summary

What are the users feeling currently?

Users lack time and motivation and are swamped in work.
Due to the work from home scenario it is difficult to maintain work life balance
Maintaining/building habit is difficult as there is no motivation
Social distancing and isolation due to Covid 19 is causing overthinking and raising anxiety levels
Troubled sleep due to high stress and anxiety
Zoom fatigue is resulting in burnouts
Low productivity and lack of life satisfaction is causing high functioning anxiety and depression

What would they need in a wellness app?

They wish to have options to choose from, instead of having only breathing exercises and meditation
A feature enabling increased productivity
Some wish the ability to choose as per the time that they have (no time for long introductions or tons of reading)
Suggestions as per work/sleep mood

Qualitative Research:

Its involved an online survey of 14 questions which was taken by 46 people. The responses I received from my research were quite insightful and a great starting point to better understand the users. My questions revolved around the practice of mindfulness, meditation, and emotional mental health. Here’s a summary of key statistics :

People feel that they don’t always have time to reflect on themselves, but want to deal with negative feelings in a healthy way.

People either find healthy or unhealthy ways to cope with their negative emotions.

People often start meditating or listening music because they are in a bad place and desire to improve their mental health and state of mind.

Next steps include determining how to create a mental health & wellness mobile app that presents information in an engaging way while taking into consideration all pain points, needs and wants of the user in order to help users manage and improve their mental wellness, and monitor their progress over time.

User Research Pain Points

DEFINE

I gathered all the information I needed in order to move into the next process, I started doing
competitor analysis. I looked at some mobile apps at the time Eka, Meditopia, Medito, Headspace, Naomi to find out the pros and cons of the products.

Competitor Analysis

PERSONA

Good UX requires that all information is logical and within reach. The organization and division of content should be such that users can find everything when they need it. An IA of this app has been created to gain more of a technical understanding of how the system worked.

User Journey

I gathered all the information I needed in order to move into the next process, I started doing
competitor analysis. I looked at some mobile apps at the time Eka, Meditopia, Medito, Headspace, Naomi to find out the pros and cons of the products.

Audio

Listening to music can be entertaining, and some research suggests that it might even make you healthier. Music can be a source of pleasure and contentment, but there are many other psychological benefits as well. Music can relax the mind, energize the body, and even help people better manage pain.

Solution

IDEATION

Good UX requires that all information is logical and within reach. The organization and division of content should be such that users can find everything when they need it. An IA of this app has been created to gain more of a technical understanding of how the system worked.

Videos

Related Videos was reported to increase their understanding of other's experiences, access to expert health information, emotional support, have a positive impact on depression, anxiety, and loneliness, and provide them an effective outlet for self-expression, developing self-identity and community building.

Listening to music can be entertaining, and some research suggests that it might even make you healthier. Music can be a source of pleasure and contentment, but there are many other psychological benefits as well. Music can relax the mind, energize the body, and even help people better manage pain.

Articles

Counselling Therapy Sessions

Related Videos was reported to increase their understanding of other's experiences, access to expert health information, emotional support, have a positive impact on depression, anxiety, and loneliness, and provide them an effective outlet for self-expression, developing self-identity and community building.

INFORMATION ARCHITECTURE

With the help of mood tracker users can track their emotions and get results on a mood board and find solutions like audio, videos, and articles, on the other hand with help of common issues they can give questions and answers of their felling and get assessment results for a solution like audio, videos, articles and expert counseling. Even from the home page also users can do expert counseling.

Prototype

With the help of mood tracker users can track their emotions and get results on a mood board and find solutions like audio, videos, and articles, on the other hand with help of common issues they can give questions and answers of their felling and get assessment results for a solution like audio, videos, articles and expert counseling. Even from the home page also users can do expert counseling.

Gallery

Provide a short description of the gallery, highlighting key things.

Usability Testing

• From the usability tests, the general observation which was noticed was that the basic flow and experience of the app for the user was straight forward and made sense.

• However, there were some consistent areas where most of the users would get confused or lost. Some found multiple options to choose from as overwhelming while some users really appreciated that they could choose exercises as per their mood.

• It was interesting to find that most of the users had a different favourite feature from the app. This finding gave me an assurance that every feature which have I included, has a purpose, appealed to different users, and it wasn't a case of a dominant feature over a consistently weaker or confusing one.

Conclusion

When building a product to improve someone’s mental health, there is no clear path from A to B to enhance someone’s mental health, unlike building an app that delivers meals. We need to test our mental health solution over a longer period to discover if it is beneficial to others. Even though extensive testing takes more time and resources, we’re more likely to find the proper solution and assist people in overcoming their difficulties. I think it’s an investment worth making.