In this Product Case Study, I will be looking at the main components of Basis mobile application - India's top financial services destination for women.
Introduction
Basis is India's financial services destination for women. With Basis, users get access to a rich library of tailor-made content, curated financial advice and recommendations, resources that
help them set and plan for financial goals, and a strong community as well.
Financial concepts explained in a jargon-free manner through in-app Boosters and exclusive webinars. With basis, users can connect with other incredible women, including experts and get personalized money advice for investments, insurance etc. Basis is available as a web application and mobile application for both Android and iOS.
They have an active social media presence with over 15k followers on Instagram. The posts are a mix of facts, memes and informative videos to engage the audiences. The response to these posts are quite well, with many posts receiving more than 300 likes.
They have 100k+ downloads and a rating of 4.7 on the Play Store and 4.8 on the App Store. The Play Store page is optimized using ASO techniques with bright creatives along the product's design scheme.
The website has around 6,000 organic visitors per month and ranks for around 3500 keywords.
Product Offerings
Basis currently has three verticals or components - Basis application (Financial Education and Investment tools), Basis First (Subscription-based personalized financial advice for women) and Basis Health Insurance (curated for women). They also conduct corporate workshops to help working women take charge of their finances and become financially independent.
Basis Web Application- The signup process is simple and hassle free, using Google account.
The application has four sections - Dashboard, Community, Boosters and Advisory. Dashboard summarizes everything for the user, giving her a summary of everything from the communities that she follows, latest lessons from boosters, latest blog posts and more from the followed categories. The Community section displays the upcoming events and a feed for the users, with UGC (User generated content). Users can also select the trending posts. This section also contains "Circles", which are groups of users with common interests and a community on its own. Users are also displayed Relevant Circle suggestions, based on their selected interests during the signup process. Boostersare bite-sized, concise lessons on some of the most important financial concepts. They come with a progress bar for the users. Advisory contains tools that help users calculate various factors - from money needed for a career break to money that needs to be saved for an early retirement.
Basis First - It is a subscription-based service, that provides personalized financial advice for women. The three features of this service are Basis Coach (where users can get expert advice tailored to them), Basis Concierge (where they can access experts anytime, anywhere and get their doubts all cleared) and Basis Masterclass (where each session takes effort and controlled coordination and users get unlimited early access to these sessions).
Basis First Pricing Plans
Basis Health Insurance - Users can answer a few simple questions to get started while Basis suggest the right cover amount and plans best suited for them. Users can also talk to health advisors to get a comprehensive review of the plans. The plans are personalized and curated for the health requirements and health risks of women. Basis offers a comprehensive dashboard to manage all policies and also assists in making claims.
Components
The main components of the Basis android application are attached below. The user flows have also been further attached.
Component Functions
The Splash Screen contains the Basis logo on a white background. Simple and effective way to integrate the brand image upon first time user visit.
The OnboardingScreens contain a short description of product offerings, accompanied by illustrations in the product's design theme. The final screen has a "Get Started CTA".
Possible Suggestion - Use of animation (lottie files) during onboarding.
The Home Screen contains a bottom bar and two side icon sections of "Profile" and "Bookmarks/Notifications", instead of a hamburger menu. A red dot is displayed on the Basis logo, when the user joins for the first time, clicking on which activates Coachmarks (step-by-step guided tour of the entire screen). A central Search Bar is present in all the screens, where user can search for any financial topics across Boosters, Stories and Community posts. Suggested searches are also displayed. The Home Page contains sections for Community Posts, Basis Quiz, Stories and Basis First.
The Profile Section contains Edit Profile (where users can hide their email, change display picture and update location), Rewards and Referrals, Notification Settings and About Section (containing Privacy Policy, Terms & Conditions etc.)
The Rewards and Referrals Section contains the unique referral code and a button to copy the code. The share button redirects to Whatsapp.
Possible Pain Points - Sharing the code through other mediums.
Possible Suggestions - Keeping a dedicated Whatsapp button while the current share button opens a list of other sharing options.
Notification Settings enable users to opt-out of Push and/or email communications.
Possible Suggestions - Asking for a particular time of the day, when notifications should be sent to the user, to avoid spam.
Booster contains bite-sized, quick lessons on financial concepts. The user can select categories and see trending boosters.
Possible Suggestions - Auto-hiding the "What would you like to learn" component upon scrolling.
Advisory Screen contains tools for planning and calculating capital needed for certain objectives.
An example of capital needed to retire early based on the input age gives the following output, which can further be bookmarked and saved. An explanation of how this number is calculated can be accessed by the "i" button, which displays a pop-up like this -
On the other hand, users can also select Tax Saving Instruments like Gold Investment and Mutual Funds based on their input parameters.
Possible Suggestions - Redirecting users to the suggested Mutual Fund.
The Community Screen is similar to its web counterpart and displays the upcoming events, trending posts and circles.
Focused on learning things financial concepts first.
Basis targetsworking women in Tier 1 and Tier 2 cities who are independent in thinking, but lack complete financial independence. These women are either salaried, freelancers, or entrepreneurs.
User Journey
The user journey - from sign-up to all screens is attached below -
In order to educate a younger crowd, we can start communities in Undergraduate and Post-graduate institutes across the country. Collaborating with existing student clubs and societies is another way.
To prioritize the features listed as possible suggestions, the MoSCoW framework is used. MoSCoW stands for four different categories of initiatives: must-haves, should-haves, could-haves, and wish to have. The features are divided accordingly -
Must-Have - UX improvement, other sharing options.
Should- Have - NPS Flow, user redirection.
Could-Have - More video content, Replying frequently to reviews, Gamification.
Wish to Have - Cohort based learning, Onboarding more coaches, communities in colleges.
Metrics to measure
The Pirate Metric framework or “AARRR” (acquisition, activation, retention, referral, and revenue) is used to establish metrics for the Basis application. These should be carefully observed and analyzed to gain actionable insights:
North star metric (measure of growth) - Number of Daily Active Users (DAUs). These should be the most important metrics and all other KPIs should align with this.
Retention - D1, D7, D30 or any ratio among these.
Acquisition- Organic/Paid Installs, Installs through referrals.
Engagement - Monthly Active Users (MAU), stickiness, average session duration, number of sessions per user.
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