Instead of a sale pitch, i would rather give you a 10-point framework for judging what a good mutual fund app ought to be:
- Convenient – easy login, easy import of portfolio.
- Secure – encryption, two factor authentication.
- Safe – not hold your money at any point (i.e. no pooling).
- Wide Choice – Partnership with a large number of AMCs.
- Strong Advisory – Mere transactions are not just enough. An app is as good as the advisory experience it brings. So the people behind the app and company are crucial. Someone with a solid industry background and who know both the Fin and Tech part really well.
- Strong Analytics: Sound and scientific selection methodology for the funds. Ability to personalise funds to your profile.
- Versatile: Ability to do not just investment and redemption but also SIPs, STPs, SWPs etc.
- Manage entire portfolio: Track funds that are not only invested through the app, but else where too. One Portfolio view is quite helpful.
- Reasonable pricing – Never believe in “FREE” gimmicks as you would end up paying more in the long run. Apps that don’t offer “Direct Plans” are actually taking away 40% of your long term portfolio. Apps that don’t have a pricing plan might be misusing your information in some other way.
- Product Stamina – App that has a clear product roadmap and has a team that is built to last.
