Monetizing idle gold in Indian households
Project Type
Professional project at Rupeek Fintech Pvt Ltd
My Role
UX Researcher
Methods
Concept testing, semi-structured interviews, A/B testing
Deliverables
Research report
Tools
Figma, Google sheets, Google Meet
01
Context
Gold is an asset that can be foreseen as a potential investment. The gold investment scheme allows people (referred to as investor) with idle gold, kept at home/lockers to gain returns out of it. This investment would be in partnership with a gold loan customer (referred to as borrower), who would be benefited with a lower rate of interest on their loan.
02
The Problem
The gold investment scheme was a new concept that involved some risks depending on the fluctuating market value of gold. The objective was to test the user acceptance of this concept with target users.
03
Outcome
The investment scheme, first of it's kind that was directed towards a sales study and a pilot launch post research
04
Objective
To understand whether potential investors are ready to use their stored gold for an investment, while obliging to the risks associated with it
Identify conditions under which risks would be acceptable
Gauge the minimum acceptable interest rate for the investment
05
Hypotheses
Some hypotheses were formulated to test the investment scheme concept:
Value proposition
Potential investors have idle gold with them and are looking for ways to earn returns on it.
Gold is bought and stored thinking it will come handy in hard times.
Trust
Investors will have some issues in trusting a new product, new process and a new company.
They might be ready to invest if borrower is known.
Risk
People have an emotional attatchment with their ornaments and hence, it becomes harder to part with gold for an investment.
06
Method
Concept testing with a dipstick qualitative study
Sample size: 30
Segments covered:
NTGL- Never Taken a Gold Loan
LIGHT- Credit against gold is less than 30% of over all credit taken so far
HEAVY- Credit against gold is more than 30% of over all credit taken so far
07
Structure of research
Demographics
Do users have an understanding of investments associated with risks, intent if any?
Any past investments, what kind?
What kind of risks are acceptable?Are they comfortable in lending? Risk appetite in P2P lending?
Experience with lending money/ gold?
Trust parameters to lendUnderstanding user’s exposure to gold loans and their past experience
How many gold loans taken in the past?
Do they have a fair knowledge of gold loans?Concept feedback
Are risks acceptable?
Is the interest rate an attraction?
What can build trust?
08
Insights
Product features
The interest earned through the investment is benchmarked with fixed deposits.
There is an expectation of higher interest rate.
Users would need a flexibility to take out their gold whenever required without a lock in period.
Assurity of gold is required in cases of uncontrollable disasters.
Risk apprehensions
There is a concern of gold price dropping during a higher tenure of the investment scheme.
Users would prefer a short term tenure as gold price fluctuation is lesser.
Other means of paying up the liability would be preferred like interest being withdrawn, instead auctioning gold.
Borrower details is not a concern.
The company is expected to take responsibility of verifying borrower’s background.
09
Concept testing with larger audience
Method:
Facebook Advertisement A/B testing
Semi structured interviews with leads generated.
I created 2 Facebook posts anchoring:
Potential of gold lying idle at homes.
The interest/ interest amount earned from the investment.
Free locker service
Emphasis on interest rate
Emphasis on interest amount
Findings:
The creative with ‘interest amount’ generated more leads than the one with ‘interest rate’.
Value proposition
‘Idle gold’ resonates well with users.
Family plays a major role in decision making, especially women being asset holders.
There is lack of transparency when the complete product offering is pitched.
Safety
Storage of gold in private vaults is a concern. Bank vaults are preferred.
10
Outcome
The product, anchored on "value on idle gold" and pitched with higher transparency about product offerings and risk was directed towards a pilot launch.
Next Project
Monetizing idle gold in Indian households
Project Type
Professional project at Rupeek Fintech Pvt Ltd
My Role
UX Researcher
Methods
Concept testing, semi-structured interviews, A/B testing
Deliverables
Research report
Tools
Figma, Google sheets, Google Meet
01
Context
Gold is an asset that can be foreseen as a potential investment. The gold investment scheme allows people (referred to as investor) with idle gold, kept at home/lockers to gain returns out of it. This investment would be in partnership with a gold loan customer (referred to as borrower), who would be benefited with a lower rate of interest on their loan.
02
The Problem
The gold investment scheme was a new concept that involved some risks depending on the fluctuating market value of gold. The objective was to test the user acceptance of this concept with target users.
03
Outcome
The investment scheme, first of it's kind that was directed towards a sales study and a pilot launch post research
04
Objective
To understand whether potential investors are ready to use their stored gold for an investment, while obliging to the risks associated with it
Identify conditions under which risks would be acceptable
Gauge the minimum acceptable interest rate for the investment
05
Hypotheses
Some hypotheses were formulated to test the investment scheme concept:
Value proposition
Potential investors have idle gold with them and are looking for ways to earn returns on it.
Gold is bought and stored thinking it will come handy in hard times.
Trust
Investors will have some issues in trusting a new product, new process and a new company.
They might be ready to invest if borrower is known.
Risk
People have an emotional attatchment with their ornaments and hence, it becomes harder to part with gold for an investment.
06
Method
Concept testing with a dipstick qualitative study
Sample size: 30
Segments covered:
NTGL- Never Taken a Gold Loan
LIGHT- Credit against gold is less than 30% of over all credit taken so far
HEAVY- Credit against gold is more than 30% of over all credit taken so far
07
Structure of research
Demographics
Do users have an understanding of investments associated with risks, intent if any?
Any past investments, what kind?
What kind of risks are acceptable?Are they comfortable in lending? Risk appetite in P2P lending?
Experience with lending money/ gold?
Trust parameters to lendUnderstanding user’s exposure to gold loans and their past experience
How many gold loans taken in the past?
Do they have a fair knowledge of gold loans?Concept feedback
Are risks acceptable?
Is the interest rate an attraction?
What can build trust?
08
Insights
Product features
The interest earned through the investment is benchmarked with fixed deposits.
There is an expectation of higher interest rate.
Users would need a flexibility to take out their gold whenever required without a lock in period.
Assurity of gold is required in cases of uncontrollable disasters.
Risk apprehensions
There is a concern of gold price dropping during a higher tenure of the investment scheme.
Users would prefer a short term tenure as gold price fluctuation is lesser.
Other means of paying up the liability would be preferred like interest being withdrawn, instead auctioning gold.
Borrower details is not a concern.
The company is expected to take responsibility of verifying borrower’s background.
09
Concept testing with larger audience
Method:
Facebook Advertisement A/B testing
Semi structured interviews with leads generated.
I created 2 Facebook posts anchoring:
Potential of gold lying idle at homes.
The interest/ interest amount earned from the investment.
Free locker service
Emphasis on interest rate
Emphasis on interest amount
Findings:
The creative with ‘interest amount’ generated more leads than the one with ‘interest rate’.
Value proposition
‘Idle gold’ resonates well with users.
Family plays a major role in decision making, especially women being asset holders.
There is lack of transparency when the complete product offering is pitched.
Safety
Storage of gold in private vaults is a concern. Bank vaults are preferred.
10
Outcome
The product, anchored on "value on idle gold" and pitched with higher transparency about product offerings and risk was directed towards a pilot launch.
Monetizing idle gold in Indian households
Project Type
Professional project at Rupeek Fintech Pvt Ltd
My Role
UX Researcher
Methods
Concept testing, semi-structured interviews, A/B testing
Deliverables
Research report
Tools
Figma, Google sheets, Google Meet
01
Context
Gold is an asset that can be foreseen as a potential investment. The gold investment scheme allows people (referred to as investor) with idle gold, kept at home/lockers to gain returns out of it. This investment would be in partnership with a gold loan customer (referred to as borrower), who would be benefited with a lower rate of interest on their loan.
02
The Problem
The gold investment scheme was a new concept that involved some risks depending on the fluctuating market value of gold. The objective was to test the user acceptance of this concept with target users.
03
Outcome
The investment scheme, first of it's kind that was directed towards a sales study and a pilot launch post research
04
Objective
To understand whether potential investors are ready to use their stored gold for an investment, while obliging to the risks associated with it
Identify conditions under which risks would be acceptable
Gauge the minimum acceptable interest rate for the investment
05
Hypotheses
Some hypotheses were formulated to test the investment scheme concept:
Value proposition
Potential investors have idle gold with them and are looking for ways to earn returns on it.
Gold is bought and stored thinking it will come handy in hard times.
Trust
Investors will have some issues in trusting a new product, new process and a new company.
They might be ready to invest if borrower is known.
Risk
People have an emotional attatchment with their ornaments and hence, it becomes harder to part with gold for an investment.
06
Method
Concept testing with a dipstick qualitative study
Sample size: 30
Segments covered:
NTGL- Never Taken a Gold Loan
LIGHT- Credit against gold is less than 30% of over all credit taken so far
HEAVY- Credit against gold is more than 30% of over all credit taken so far
07
Structure of research
Demographics
Do users have an understanding of investments associated with risks, intent if any?
Any past investments, what kind?
What kind of risks are acceptable?Are they comfortable in lending? Risk appetite in P2P lending?
Experience with lending money/ gold?
Trust parameters to lendUnderstanding user’s exposure to gold loans and their past experience
How many gold loans taken in the past?
Do they have a fair knowledge of gold loans?Concept feedback
Are risks acceptable?
Is the interest rate an attraction?
What can build trust?
08
Insights
Product features
The interest earned through the investment is benchmarked with fixed deposits.
There is an expectation of higher interest rate.
Users would need a flexibility to take out their gold whenever required without a lock in period.
Assurity of gold is required in cases of uncontrollable disasters.
Risk apprehensions
There is a concern of gold price dropping during a higher tenure of the investment scheme.
Users would prefer a short term tenure as gold price fluctuation is lesser.
Other means of paying up the liability would be preferred like interest being withdrawn, instead auctioning gold.
Borrower details is not a concern.
The company is expected to take responsibility of verifying borrower’s background.
09
Concept testing with larger audience
Method:
Facebook Advertisement A/B testing
Semi structured interviews with leads generated.
I created 2 Facebook posts anchoring:
Potential of gold lying idle at homes.
The interest/ interest amount earned from the investment.
Free locker service
Emphasis on interest rate
Emphasis on interest amount
Findings:
The creative with ‘interest amount’ generated more leads than the one with ‘interest rate’.
Value proposition
‘Idle gold’ resonates well with users.
Family plays a major role in decision making, especially women being asset holders.
There is lack of transparency when the complete product offering is pitched.
Safety
Storage of gold in private vaults is a concern. Bank vaults are preferred.
10
Outcome
The product, anchored on "value on idle gold" and pitched with higher transparency about product offerings and risk was directed towards a pilot launch.