Finance and Law

How the Field of Financial Apps is different in India compared to the rest of the world

Financial Apps

India has one of the most challenging and diverse financial markets in the world. It brims with challenges, opportunities and a lot of things that makes it so different and unique from the rest of the world.

Challenge 1 – Content: Indian investors like crisp and informative content. Unless it is something that adds to the value – either in terms of acute knowledge or news – it doesn’t work. Content is absolutely important for a typical Indian investor. To brace up against it, many apps like IIFL markets deploy a contingent of experts who are 24×7 focused on generating research reports.

 Challenge 2 – Features: Adding every single feature can cost some memory to the developer. Larger the memory, lesser would be the inclination towards it. But then the converse is true too. Because if there is a small app with negligible features, then users won’t consider downloading it. Therefore, the important thing here is to strike the balance. Leading stock market app not just allow stock watch, but also has a kind of value addition system by getting features like live tv, videos etc. It is important to note that most of the leading apps intensively study user behavior in order to decide on that.

Challenge 3 – justifying the need of an app: Our browsers typically have everything that we need. And a few taps into Google pretty much does everything we need. So why an app. It might sound a very simple question, but leading global players are losing their sleep over it. In the case of IIFL app, there are three leading things that a typical browser would fail to get.

  • One-tap trading and access to world-class research reports.
  • An environment which is dedicated to trading. For instance, a browser window and the screen resolution on any page would remain constant in browsers. That isn’t the case with apps. It does add to simplicity.
  • Keeping Financial tracking simple for instance, the video repository in the IIFL app entails information about the various market, economic and corporate developments. That’s a wealth of information for the investor. Add client side integration to it, and you have a formidable stock market utility.

Challenge 4 – Resources: Indian users, by and large, trail their global counterparts in terms of resources. The most popular of them are.

  • Data: Compared to 4g, most of the Indian users are likely to have a 2g connection.
  • Memory: Both absolutely storage and RAM is lesser compared to smartphones that people, by and large, use in developed countries.

A smart app is expected to keep these things into account and give a solution that caters to it. IIFL, with dedicated back-end server which is optimized for efficiency and a design that makes judicial use of bandwidth flares as a top hit.

In the face of challenges, the apps have done relatively well to keep up with the investors. You can try it yourself by getting IIFL Markets from Google Play or Apple Store.

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