HDFC Bank has launched a new app called 'SmartWealth' to work as a digital investment platform and make digital investing easy and accessible for every citizen. The bank claims that the app has innovative features to empower investors to make decisions from informed decision-making and planning of financial futures. Other than targeting existing and new investors, user-friendly interfaces and intelligence guiding mechanisms have been embedded within the app for users to seamlessly and effortlessly go through the process of investment, the bank said.
One of the features of SmartWealth is the 'SmartJars' function. It allows users to make personal portfolio plans for particular goals and dreams. The user can stop or modify the plan anytime things change, making it easy and convenient. It also gives model portfolios that are essentially curated investment baskets for do-it-yourself investing, using HDFC Bank's financial expertise.
One feature is CAS—one Consolidated Account Statement—through which the app lets users with diversified investments get their entire portfolio in just three clicks.
The app helps in rebalancing investor portfolios, alerting them to adjust their investment mix during times of market turmoil to ensure that their portfolio remains aligned with their financial plan. Further risk management is enhanced through a feature within the app called Portfolio Analytics, which looks at the distribution of assets and then warns against overexposure in specific funds.
Currently, SmartWealth supports investments in mutual funds, fixed deposits, and recurring deposits; at the same time, insurance, sovereign gold bonds, and PPF are all lined up in the near future to make it a comprehensive wealth management solution. The HDFC Bank SmartWealth app can be downloaded free from the Google Play Store and Apple App Store, hence reaching a big chunk of its user base across the country
