Develop an interactive and user-friendly interface for the SIP calculator with customization options. Overall, our goal will be to create an interface that not only meets the functional needs of Kotak mutual fund customers, but also provides an enjoyable and educational experience that encourages them to explore and invest in these funds over the long term.
There are many SIP calculators available online to help plan investments. However, there are currently no SIP calculators that are based on the user's investment goals.
The available SIP calculators are only calculation filters and do not provide any suggestions on how to invest.
In our Primary research phase where we understood the context of the problem, conducted initial stakeholders interviews, and audited existing solutions. We have found that many SIP calculators provide information on investment amounts and returns, but they are all for general purposes. This information is not tailored to specific investment goals based on user risk profiles.
We identified our stakeholders, conducted formative interviews, mapped out the service repair cycle, and took a look at some of the important tech-based solutions currently present in their workflow.
A survey conducted by the Economic Times in 2019 found that 63% of respondents believed that SIP calculators are useful tools for calculating potential returns on investments.
Another survey conducted by Moneycontrol in 2020 found that 73% of respondents believed that SIP calculators are important tools for making informed investment decisions.
A survey conducted by Mint in 2021 found that 58% of respondents use SIP calculators to determine their investment goals and plan their investments accordingly.
We decided to divide our research into two phases – a primary research phase where we understood the context of the problem, conducted initial stakeholders interviews, the service repair lifecycle, and audited existing solutions.
This was followed by a secondary research phase where we conducted 3 in-depth contextual inquiries, 6 user interviews, and then synthesized all of this data into an affinity map that helped us build personas, empathy maps, journey maps, and design ideas.
We identified our stakeholders, conducted formative interviews, mapped out the service repair cycle, and took a look at some of the important tech-based solutions currently present in their workflow.
