E-commerce within the investment fund industry - how does it work?
12 Apr 2023 / 2min
When we were designing a transactional service for our partner, NN Investments Partners, the benchmark was e-commerce sites. Transferring the buying experience we are accustomed to such a complex product like funds has proven to be quite a challenge.
A few months after implementing the platform, we have learned that with today’s technological and developmental capabilities, nothing is impossible.
Features of classic e-commerce platform
Although the NN Investment Partners project should be considered an e-commerce project, it also features many aspects specific to the financial industry.
Let's start with the similarities. Firstly, the e-commerce system is used to buy financial products, such as investments in mutual funds and retirement plans. The system presents the user with a complete catalog of products and uses the "Shopping Cart" feature that customers are accustomed to from typical e-commerce platforms.
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The system attractively presents financial products, as is the case with classic online stores.
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Additionally, it has "configurators" that lead to products determined by customer preferences.
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The system allows you to see your purchases, which, in this case, are transactions. The same is true in e-commerce.
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Differences due to security and regulations
For investment products, which are heavily regulated and require the highest security standards, creating a system identical to an e-commerce platform is impossible. The main differences include the following:
Verification rate.
Additional security processes, such as changing bank accounts.
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Regulatory elements, e.g., a contribution limit.
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Platforms that respond to modern user needs, i.e., making a quick purchase, learning about products and services, viewing order history, or contacting a company without leaving home, have many similarities. Whether it's a transactional, e-commerce, self-service, or e-banking platform, they have one goal - to get things done quickly, regardless of the type of product or s ervice. Today, technology allows us to create unique Digital Experience Platforms the deliver clear business benefits.