Small change, big investments
Toranoko asked a question: What if you could take the loose change in your pocket and invest it? A simple concept, but one with a great deal of potential. Toranoko wanted to build an app to make this possible. But their ultimate goal was to create a culture of investment and asset management for those who were intimidated or bemused by the world of finance. That meant creating an easy-to-use and intuitive product that didn’t require expert knowledge. This was quite a big challenge in and of itself. But, with people’s finances involved, there were some serious consideration. The product had to provide a high-quality service but also ensure serious levels of security. The same level of security, no matter how small the investment.
An app built on trust
For those of us inexperienced in the world of finance, investment can seem like a daunting prospect. When Toranoko approached Monstarlab, they were careful to underline the driving principle behind the project. It wasn’t just about getting people investing their spare change, it was about helping them build long-term investment behaviour. To do this, Monstarlab had to consider the most important factor in investment: risk. They analysed different levels of risk management and risk expectations and understood that many users would be reluctant to make bold and uncertain investments. So, they had to create a working model. One where users could actively choose between different levels of risk. The answer was a three-tier system. Users are offered three different investment opportunities with varying degrees of risk and only choose one they feel totally comfortable with. The app was designed to allay anxiety and concerns about investing money, not increase them.
The project was completed two weeks ahead of time. An impressive feat. And efficient, too. Bugs, an inevitability when building new digital solutions, were almost non-existent in that first build. The initial bug occurrence rate was just 0.1%. This was crucial. The app had to inspire trust from the very beginning.
Throughout the whole process, Monstarlab and Toranoko worked together using agile development. A true system of collaboration. That way, any issue was addressed quickly and efficiently. The overall quality of the product did not go unnoticed. In early 2018, Toranoko was awarded a second-place prize at the Tokyo Financial Award. The category was called, “addressing Tokyo residents’ needs”. Proof that the app is successfully resonating with its target audience.