Bengaluru: Digital banking startup P10 Bank has launched two new features aimed at young investors – goal-based investment and liquid mutual fund investment with instant redemption facility. The goal-based investment feature recommends personalized roadmaps, which enable users to invest in mutual funds and achieve their financial goals. The feature comes with pre-configured, relevant, and common goals such as buying a phone, starting an emergency fund, saving for a holiday, and helps users invest in the goals at their own pace. Additionally, users can customize their own goals too. With an AI and ML-driven rule engine, the P10 Bank app intuitively guides users to start investing in their financial goals.
“We built P10 Bank to help young professionals who are new to investing. Usually, their biggest pain points are not knowing where to start and choosing the right investment amount. We help people navigate the plethora of options which can otherwise become overwhelming and stressful. We make it easy, efficient, and transparent for first-time investors who are just getting started on their investment journeys,” explains Yogesh Keswani, Co-founder, P10 Bank.
Novice investors find it challenging to figure out two aspects of investing – where to invest and how much to invest. P10 Bank helps users through these decisions with goal-based investments. Users can break down short-term and long-term financial goals into easy, periodic investment targets. The platform recommends mutual funds based on the risk profile and target goal of the customer. This helps young investors allocate their savings to the right financial instruments*.
While goal-based investments is an option, investors also have the freedom to make their own decisions and invest in any mutual fund. The P10 app conveniently lets users filter and choose the right mutual fund depending on returns, risk and fund size.
Instant withdrawal of investments
It’s common practice for young professionals to leave excess funds in savings accounts or invest in fixed deposits. However, their returns fall much below the prevailing inflation rate and are not the most efficient means of growing wealth. Another feature in P10 Bank’s portfolio offers users a simple way to earn better interest rates. P10 Bank enables users to invest in liquid mutual funds for higher returns compared to savings accounts*. What’s more, these investments can be redeemed instantly and the withdrawals hit the bank account in minutes.
P10 Bank’s easy-to-use app also has other features, such as free credit score checks. Later this year, the company will add savings accounts, personal loans, credit cards, and insurance products to the platform in partnership with leading banks and financial service providers.
P10 Bank has been built keeping young professionals in mind, and to give users a digital-first experience with service, competence, and quality at its core. *Disclaimer: Mutual Funds are subject to market risks. Please read all scheme related documents carefully before investing.
