P10 Bank, one of the digital banking setup has launched two new features aimed at young investors – liquid mutual fund investment and goal-based investment with an instant redemption facility. The goal-based investment facility shows personalized roadmaps, which helps the users to achieve their financial goals and invest in mutual funds as well. The feature comes with relevant, pre-configured, and common goals such as starting an emergency fund, buying a phone, saving funds for a holiday, and helps users invest towards the goals at their own pace. Users can customize their own goals as well. With an ML-driven and AI rule engine, the P10 Bank app instantly guides and motivates the customers to start investing in their financial goals.
Yogesh Keswani (Co-founder, P10 Bank) explained that P10 would help young professionals who are relatively new to investing. Usually, the biggest problems of young investors are not knowing where to start and choosing the right investment amount. He further added that they help people navigate the plethora of options which can otherwise become overwhelming and stressful. P10 Bank makes it easy, efficient, and transparent for first-time investors who are just getting started on their investment journeys.
New and young investors find it difficult and challenging to figure out two aspects of investing- how much to invest and where to invest. P10 Bank helps the customers through these decisions with goal-based investments. Customers can break down long-term and short-term financial goals into easy, periodic investment targets. The platform recommends mutual funds based on the goal of the customer and the risk profile. This enables new investors to allocate their savings to the right financial instruments.
Investors also have the freedom to make their own decisions and invest in any mutual fund while also keeping goal-based investments as an option. The P10 app comfortably lets users choose and filter the right mutual fund depending on risk, returns, and fund size.
It’s a common way for young professionals to leave excess funds to invest in fixed deposits or savings accounts. Still, these are not the most efficient means of growing wealth and their returns fall much below the prevailing inflation rate. P10 Bank also helps the customers to invest in liquid mutual funds for higher returns compared to savings accounts.
