HDFC Bank Unveils ‘SmartWealth’ App to Empower Investors
HDFC Bank has introduced a new digital investment platform, ‘SmartWealth’, designed to revolutionize the wealth creation journey through advanced technology. Aiming to democratize wealth services and simplify investments for all Indians, the SmartWealth app is packed with innovative features that enable users to make informed investment decisions and plan their financial future effectively, according to a statement from the bank.
HDFC Bank has launched the ‘SmartWealth’ app, targeting both existing and new investors to democratize wealth creation and empower users to manage their financial journeys. The app, designed with first-time investors in mind, features smart intelligence and pioneering tools to assist users in making informed investment decisions and planning their finances.
With the SmartWealth app, users can create ‘SmartJars’ to achieve their financial goals on schedule. These SmartJars provide personalized portfolio plans that can be modified or paused at any time. Model portfolios on SmartWealth offer curated investment baskets for DIY investing, leveraging over 25 years of HDFC Bank’s financial expertise. For those with diversified portfolios, the app allows for a consolidated account statement (CAS), which can be downloaded in just three clicks.
The SmartWealth app includes a unique portfolio rebalancing feature, prompting users to adjust their investment mix during volatile market conditions to stay aligned with their financial plans. Additionally, the Portfolio Analytics feature analyzes asset distribution and alerts users to overexposure in specific funds, mitigating risk.
Currently, SmartWealth enables users to invest in mutual funds, open fixed deposits, and create recurring deposits. Future updates will include investment options in insurance, sovereign gold bonds, and PPF, making SmartWealth a comprehensive solution for wealth services.
HDFC Bank SmartWealth aims to bring wealth services to every Indian and is available for free download on the Google Play Store and the Apple App Store.
Features:
- Seamless Onboarding: The HDFC bank’s Customers can experience the App features in Pre-login, without registration. Easy digital onboarding enables them to Invest from day one.
- Investment Profiling: The HDFC bank’s Customers can preselect their Investment Profile or answer a simple questionnaire to evaluate their profile. This helps to determine the asset classes (equity, debt, gold etc) and the style of Investment (growth, value etc) that the customer is comfortable with.
- Portfolio Construction and Rebalancing: Customized approach to help Investors achieve their financial objective including measuring the progress, tracking & rebalancing recommendations. It features multi product model portfolios tailor made to Investment profiles. The App has a unique feature of portfolio rebalancing which helps to maintain the original asset allocation strategy aligned to the customer’s Investment profile and goals.
- Investment Journey – Milestone based financial planning & DIY Investments: The App offers an engaging Investment experience to the customer by enabling them to visualize and aspire for the milestones they wish to achieve in life. It understands the customers Investment needs and recommends the products in line with their milestones. It also features a DIY tool where in the customers can Invest in their choice of funds.
- Engaging Dashboard: The App features a smart and comprehensive dashboard which gives a wholistic view of Investments to the customer. It highlights the total market value of the Investments held by the customer, his family wealth, if any goals need attention, the SIP calendar, complete breakdown and analytics of the customer’s Investments across assets, products and instruments.
- Consolidated Account Statements & Reports: The App enables the customer to view all his Investments in one place by uploading his CAS with a single click. The App generates automated statements – Transaction Statement, Holding Statement and Capital Gain/Loss Statement giving a 360 degree portfolio reporting.
- Virtual RM: The App gives an enhanced experience to the customers by offering a virtual rm to assist and address their needs and proactively resolve their queries. Making the Investment experience omnipresent for the customers, the virtual rm will always be relevant, real – time and adding to the personalized experience.
