2016-12-19 00:00:00QuickBooks Business of the WeekEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Upwardly-Team-June-2016_500x700.pnghttps://quickbooks.intuit.com/in/resources/quickbooks-business-of-the-week/onward-upwards-financial-literacy-upwardly/Onward and Upwards to Financial Literacy with Upwardly

Onward and Upwards to Financial Literacy with Upwardly

2 min read

“Financial awareness and literacy are low in the country. Even well-established professionals seem to have parked most of their money in fixed deposits, insurance-linked products or worse, in savings accounts. Some of them understand that, by not investing regularly in Debt, Equity or Liquid funds, they are losing the purchasing power of their savings.

Yet, they do not act because of the complexity of financial products or the inability to trust their banker/ CA/ Advisor.” says Prateek Mehta, Founder, and CEO, Upwardly.

Upwardly began when the founders themselves, Prateek Mehta, Vivek Agarwal, Prithvi Raj Tejavath and Shashank Agrawal realized that “All of us were equities/ capital markets investors for a long time and at various stages of our lives, we got so busy that we were unable to actively research and invest regularly. As this happened, we realized that there are hardly any bankers, relationship managers/ advisors who understood the complex financial products they were selling.

As a result, most interactions felt like a sales push and not an experience that would inspire confidence. The existing portals of information were fairly complex and information-heavy for a layman to easily assimilate information, make a decision and then get someone to channel investment.

We sent out surveys to more than 50,000 individuals to understand consumer behavior and realized that people struggle with concepts of compounding, percentages and almost all financial jargon. Hence, we decided to set-up a platform that simplifies financial products and makes it simple for people to invest. Today we rank and test more than 11,000 financial products and deliver our recommendations to our consumers.”

The success of Upwardly can be attributed to three main factors- “First, developing a deep understanding of consumer pain points through consumer interactions. Both data-based and in-person interactions are important. It is important to use the two in conjunction. The second – creating user experience for the consumer of today. Most internet users in the country are below the age of 30, however, the experience on most financial platforms/ banks is still stuck in the early 2000s.

The right user experience has been a big contributor to our success. And finally, we have followed the mantra of ‘Experiment, Iterate and Improve’ from day zero of our existence. We try multiple experiments every month and make improvements/changes on the offering depending on user feedback and usage patterns.”

Through extensive A/B testing for any new product, Upwardly has been able to become the fastest, lightest and best performing financial platforms optimized for Indian bandwidth and networks.

Follow Upwardly on Facebook as they travel further upward on their journey.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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