Behind Digital India Campaign: Financial Apps, Challenges, and Opportunities

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Digitalization is making our lives simple. That is one of the key reasons why India is fast-tracking the Digital India campaign. However, technology is easy to use, but difficult to incubate. The same holds good for financial apps too.

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  1. Size: Traditionally stock market laptop and desktop software are highly complex with a large number of data fields and very level of complexity. To put that up in a tiny app is quite a huge challenge. Many Indian apps, in particular, IIFL Markets have done a considerably good job in order to accomplish it.
    Again, in a country like India where an average smartphone user is likely to have a lot less space, designing a heavy app would be of no use to him/her.  That’s where the apps have forked off quite a lot of space and have optimized it for a high level of performance.
  2. Connectivity: In developed countries like the USA, users, by and large, use the 4g technology that enables them to access data quickly, but most of the users in India have 2g connectivity. 3g is available in major cities, but is unreliable and that leaves out a huge rural base. At this, Indian apps really pull things well. Apps like IIFL have optimized the performance of the application in terms of network, battery, and responsiveness. Most of the traders in India, especially the ones who use smartphones are passive traders, and in order to encourage them, it is important to present an app that works for them.
  3. Investing into infrastructure: This is an important aspect when it comes to apps, back-end servers play a vital role in the functioning of an app. And the good thing is, apps like IIFL have put in considerable resources in order to ensure flawless user experience. It strikes the sweet spot between ease of using and at the time is galore of highly rich features.
  4. Trading: Most of the apps don’t perform well here, either they don’t offer the feature at all, or, they are marred with a lot of freeze ups due to bad design. But there are a very few who works perfectly with trading. It is natural to end up using an app with which you had no history of transactions, and if you ever end up using an app like IIFL, expect a one-click sign up to their services.

Apps, over a period of times, have worked out the deficiencies and got onto fixing them with every successive update. That is one of the reasons why apps like IIFL Markets is today topping the charts with 4.2 stars and lakhs of downloads. With potential access to hundreds of millions, it is definitely going to be one of the biggest events in the history of mobile apps.

Almost all the stock market apps are free in India, and you can download most of them on android or apple platform.