Kuvera: Making Personal Finance Simple

It’s been just over a year since we started building Kuvera. Our vision has been to build a personal finance platform that individuals love to use and trust.

We set ourselves a few goals in the beginning.

1. Personal finance is an intimate need of each individual and trust is of paramount importance.
2. To make a difference and innovate in each segment that we enter.
3. Differentiate by adding real value to our clients.

While doing our research we delved into each segment with a microscope to identify the key frictions and hypothesized on how to eliminate them. Most importantly, we went out and spoke to a lot of individuals who are consumers of financial products. Below is a summary of the response that we received from our focus group discussions, personal interviews etc. A sort of a collective voice of the customer.

This forms the core of our brief for us, our tech team, our sales people, our customer services team and even our vendor partners.

What they said?

I have simple financial needs. Investing regularly, insurance covers for life, health etc for me and my family and an occasional loan such as a home loan or a car loan. My husband and I both earn well and want to put away something regularly for the future.

I always intend to but do not have the time to research options, monitor my investments and build a proper financial plan. I did try looking for a one stop solution both offline and online but came away disgusted with the hard selling of products that I didn’t need or want.  Plus the poor quality of advice and general feeling of mistrust of these relationship managers, financial advisors and brokers. Their focus was on selling products not solutions and using all manner of financial jargon that served more to intimidate me. It seemed like they disguised the simplicity of the product behind the complexities of execution. As if to force my hand and to get me to say “I can’t do this without you”.

And as a result, all my savings either rot in my savings account or in a fixed deposit where they can’t even match inflation. I don’t have any insurance cover because I was always sold insurance as an investment option. Having heard all the horror stories of mis-selling, I just avoided making any decision altogether.

In conclusion

I try to change this status quo but give up because I need to get on with life. I’d rather do things that I love like being there for my family and doing a great job at work. I’m not happy with this situation and I know I need to do something before it’s too late.

Any solution that I use for meeting my personal finance needs should be easy to understand and simple to use. It should be trustworthy and unbiased, customized for me, affordable and accessible to me all the time. It shouldn’t be biased or exorbitantly priced. And there should not be hidden costs and artificial barriers like minimum investment amounts, relationship size etc.

Our job was cut out, making personal finance simple!

Making Personal Finance Simple : The product and technology design philosophy

We distilled the discussion into the following do’s and don’t’s as we set out to build Kuvera.

Do’s

1. Solve for simple financial needs
2. Provide Proper Financial planning
3. Provide investing and tracking capability
4. Offer multiple products under one roof across segments
5. Offer education and advice that is unbiased
6. Anticipate and inform users about problems
7. Earn, but transparently

Don’ts

1. Don’t waste time. Use technology to make on-boarding faster and transacting easy.
2. Avoid jargon. It intimidates users.
3. Don’t hard sell products. Build a plan and offer a solution.

Personal Finance should be just that, Personal!

That’s the long and short of it.

And of course, we are a “Highly Secure Deep Learning AI+ML Based Direct Plan Only Robo Advisory  Platform” 🙂

Kuvera.in, India’s friendliest investment platform is now open for your business.

We invite you to experience kuvera.in for yourself and take control of your financial well-being.

#MutualFundSahiHai, #KuveraSabseSahiHai!