"Have you ever seen a really great user experience on an investing platform?"
We ask this question all the time, to our clients, partners, investors, and friends. Responses vary; we've received blank stares, chuckles, and even a few rants. However, we have never heard a "Yes."
At Atom Finance, that's the problem we're working on.
Atom helps banks, brokerages, and wealth managers build intelligent user experiences. We make it easy to build an exceptional, AI-powered UX in weeks, not years.
We embarked on this path because we realized that user experience in investing is still a largely unmet need. For the past thirty years, banks and brokers have been able to ignore what was happening on their front-end. However, that luxury is now gone. Investors of all demographics, and particularly affluent investors, are beginning to make decisions based on their digital experience.
94% of retail and wealth investors say having access to information and tools to do their own research is essential*
Mobile experience is one of the two most important channels for affluent clients when considering where to move assets.
Users who engage through a mobile experience are 3.5 times more likely to move assets*
Whether they like it or not, every bank, brokerage, and wealth manager will have to drastically improve their digital offering in the next three to five years. The problem, though, is that while having a great digital experience is table stakes at this point, it's deceptively difficult to execute well. You need a huge amount of financial data from multiple sources; you need infrastructure, middleware, and intelligence to turn that data into something usable; and finally, you need to design and build a visualization-heavy frontend experience. It takes multiple niche resources - data visualization or AI engineers - just to get an MVP into the market. Many processes (i.e., training a model or working through data edge cases) take six months or longer, regardless of your resources. And when you finally get to launch day, you'll probably have to iterate based on user feedback. (How many great tech products have been successful from v1?)
From what we've seen, the process, in total, typically takes 12 to 24 months. What that means is that a bank that starts a UX revamp today will, in the best case, likely launch a 2023 platform sometime in 2025. And we wonder why every investing app seems outdated.
Or, you can work with Atom Finance and get a better product than you thought possible in your users' hands this year. We've built a comprehensive UX development toolkit that helps you skip the time-consuming steps, build with proven technology, and infuse AI into your offering. We'll get you to market quickly, make sure you use your developers' time wisely, and once you're on our platform, we'll help you keep your product updated. So instead of going through the same 'digital transformation' process every few years, you can integrate once and know that you'll have a cutting-edge platform for the next decade.
Our mission at Atom has always been to empower investors to make the best possible financial decisions. Now, we're focused on helping banks, brokers, and wealth managers across the world do the same. Check out our website at https://www.atom.finance to learn more.
*Sources:
1.https://content.schwab.com/web/retail/public/about-schwab/charles_schwab_gen_investor_survey_findings_0421-17NM.pdf
2.https://www.mckinsey.com/~/media/mckinsey/business%20functions/mckinsey%20digital/our%20insights/key%20trends%20in%20digital%20wealth%20management%20and%20what%20to%20do%20about%20them/key-trends-in-digital-wealth-management-and-what-to-do-about-them.pdf
