We outline the story of IIFL Markets, as you have rated it 4.4 now - up from 4.1 when we started – making it the highest rated app in the stock market business. More than 150,000 clients and 800,000 guest users have used the app till date and executed orders worth Rs 620 Billion+ (Rs 62,000 Crore+) in the last quarter! Here we go…
IIFL Holdings Ltd, from the early days of online stock trading, aims to provide cutting edge trading platform –web/desktop. This time IIFL wanted to develop most advanced Smartphone application for trading through mobile.
- Provide live quotes as well as give trading functionality to users in fewer screens
- Should have full functionality of a financial website, trading engine and TV
- To optimize app flow reduce steps, data and battery usage for slower networks
- To provide all data in minimum screens as traders seek a lot of data before trading
- Optimal use of mobile space, design flows enabling access to functions on single tap
- Optimize performance of the application in terms of network, battery and responsiveness
- Tradeoff between size of the app and the planned features
- How to keep app quick and agile with the amount of data running every second
The Approach / Strategy / Execution
Designing all the features along with screens flow was a mammoth task. A dedicated team of designers, developers, testers and data analysts was set up under direct supervision of CMD and CDO.
We improvised our app using constructive feedback and kept revising features with time. We provided the app to IIFL clients and employees initially. Relevant Feedback was developed into the app as an enhancement. Additionally, Advanced Analytical techniques enabled us to optimize app by considering variables such as device types, screen sizes, location, usage, time spent, popular features and more.
Simplicity is the most important thing when creating an app. Boil the design down to most important functions in order to satisfy users, make your app easy to use and eliminate excess costs. For any mobile application, speed, data & battery usage is cornerstone for its success and adaptability. This has been achieved in IIFL Markets by developing a complex algorithm that caches data in app and fetches snippets of information through APIs - processed and displayed on app.
IIFL Markets boasts a hamburger styled menu and state of the art dashboard, which provides user with all information required in one screen. IIFL Markets provides exclusive features like Watchlist, Price Alert, Buy/Sell Stocks/Mutual funds, Market Buzz, IIFL View, Videos/Live TV and IIFL Ideas.
The Result – Business Benefits
Building a mobile application is now the hot activity for all brands. But as many have discovered, building a successful app requires a lot of research, effort, time and patience.
Two years and fifty versions later, IIFL Markets app has become most successful trading app in India. With over a million downloads, App has been rated 4.4 by over 20K users. With 3 lakh MAU, app is contributing to significant broking revenue and caters to 40% active clients. Users on app are stickier and address problem of retention in Financial Services industry.
- Zee Business Markets Excellence Award 2016 for Best Technological Innovation in Capital Markets
- BSE Skotch - Order of Merit Awards 2016 for Technology Deployment
- Drivers of Digital Awards 2016 - Special Mention by Jury in Financial Services/ Banking Category
- Silicon Valley Business Awards 2016 for Best Finance & Management App and Best Overall App
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