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Introduction

Although research has been conducted on the adoption of mobile investing applications, the design patterns of these applications, the inconsistencies across platforms, investing behaviors and biases of users, and criticisms of mobile investing applications, we lack an in-depth understanding of users experiences with mobile investing applications and how well existing platforms are addressing users’ needs and pain points

Research on Investing Habits

GRADUATE SCHOOL PROJECT
Qualitative Research
2023

A qualitative research study to assess users' experiences with mobile investment platforms in order to identify potential areas for improvement and gain an understanding of the existing features that work well.

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Central Research Question

How useful are mobile investing applications and how well are these applications effectively addressing the needs and concerns of users?

Research study purpose

1.

Assess users' experiences with mobile investment applications

2.

Gain an understanding of the existing features that work well

3.

Identify potential areas for improvement

By better understanding user pain points and exploring opportunities to improve the mobile investing experience, we aim to identify a set of standards for mobile investment platforms to better meet the needs of users.

Background and Motivation

In recent years, mobile investment platforms have grown in popularity, with millions of users now investing in stocks, bonds, and other securities via their mobile devices. These platforms give users easy access to financial markets, allowing them to invest even if they have limited time, knowledge, or resources. While mobile investment platforms provide numerous advantages, there are concerns about their impact on users' financial well-being and investment decision-making abilities. As a result, it is critical to look into users' experiences with these platforms in order to identify potential areas for improvement and gain a better understanding of the existing features that work well.

This research study's motivation is to improve users' experiences with mobile investment platforms and promote their financial well-being. We can identify potential areas for improvement and develop solutions to any challenges or issues that users may face by understanding their experiences. Furthermore, this research will provide valuable insights into the features that work well and can be improved to better meet the needs of users. Furthermore, by examining the impact of these platforms on users' financial decision-making abilities, this research study will contribute to the literature on mobile investment platforms and financial literacy. Overall, the findings of this study will shed light on how mobile investment platforms can be used to improve financial literacy and promote financial well-being among users.

Research Methods

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Surveys

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Interviews

50 participants

Online survey

Mostly multiple choice questions

3 minutes

5 participants

Informational Interview

Structured, open ended questions

45 minutes

Surveys (Method 1)

Survey Recruitment Strategies

  • Mass email to all students of Ivy College of Business students, as we feel these students are most likely to be familiar with and have experience using mobile investing applications, while also being some of the most accessible participants.

  • Share the survey with several Ivy College of Business student organizations, including the Investment Group, Wall Street Club, Alpha Kappa Psi, Collegiate Women in Business, Finance Club, and Beta Alpha Psi

  • Posted the survey on LinkedIn as we have many connections working professionally in business and finance who may have experience using mobile investing applications.

Analytics

How frequently do you use mobile investment applications?

a. Daily

b. Weekly

c. Monthly

d. Other____________

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Frequency of use in %

In the last 3 years, which of the following investment services have you used on a mobile device? Mark all that apply.

a. Robinhood
b. anguard
c. Fidelity Investments
d. Schwab Mobile
e. E*TRADE
f. TD Ameritrade
g. Stash
h. Other - please list any other investment apps you have used
i. I only use investment services on a computer (desktop/laptop)

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App used in the past year (% of usage)

Interviews (Method 2)

Interview Recruitment Strategies
  • Identified participants via survey responses and connected with them with their contacts

  • Utilized snowball sampling to identify additional participants

User Personas

Participant Criteria: individuals with experience using mobile investing applications, such as Robinhood, Vanguard, Fidelity Spire, Schwab Mobile, etc.

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