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National Pension Scheme Platform Modernisation

Enhancing Engagement & Growth: 45% Increase in Active Users, 900K+ Downloads, and a 30% Rise in NPS Subscriptions

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Overview

The National Pension System (NPS) is a revolutionary platform enabling Indian citizens to build a secure financial future post-retirement. As a comprehensive pension solution, it caters to employees in both the public and private sectors, self-employed professionals, and even individuals in unorganized sectors.

Key offerings of the NPS platform include:​

  • Retirement account management

  • Tax benefits under the Income Tax Act

  • Flexible contribution models

  • A transparent and regulated investment system

With over a million subscribers, the platform plays a pivotal role in improving financial security and ensuring an inclusive pension service ecosystem.

Challenges

While the platform had a strong foundational framework, it faced multiple challenges that hindered its ability to serve its growing audience effectively:

  1. Outdated User Experience (UX): The interface was unintuitive, which created friction for first-time users and discouraged frequent engagement.

  2. Technical Limitations: The backend infrastructure struggled with scalability and was unable to support new-age features demanded by users.

  3. Complex Onboarding: The onboarding process was cumbersome and time-consuming, resulting in high drop-off rates.

  4. Security Concerns: Increasing cyber threats and the need for robust user authentication mechanisms posed additional challenges.

Solution

To overcome these challenges, a transformative approach was adopted, culminating in the delivery of a cutting-edge end-to-end mobile application.

Enhanced UI/UX Design: A sleek, intuitive, and user-friendly interface was developed to ensure a seamless navigation experience.
Technical Upgrades: Scalable architecture and robust frameworks were implemented to handle the increasing user base efficiently.
New Features:

  • Secure Transactions: Multi-layered authentication mechanisms and advanced encryption techniques.

  • Seamless Onboarding: Digital KYC integration and simplified processes for faster account activation.

  • Real-Time Updates: Notifications for contributions, portfolio status, and account changes.

  • Pension Calculator: A dynamic tool for users to estimate future pension benefits.

Impact

The new mobile application had a significant and measurable impact:

  1. Increased User Engagement: Monthly active users increased by 45% within six months of the launch.

  2. Higher App Downloads: Achieved over 500,000 downloads on the Google Play Store and Apple App Store within the first quarter.

  3. Improved Platform Stability: Downtime reduced by 60% due to robust backend architecture.

  4. Enhanced User Experience: The onboarding drop-off rate decreased by 35%, and the average session duration increased by 20%.

  5. Business Goal Alignment: The revamped app contributed to a 30% increase in new NPS subscriptions, directly supporting the mission of expanding financial inclusion.

Core Component

The mobile application delivered the following critical components:

  1. Secure Transactions: Enabled seamless and safe contributions with real-time payment tracking.

  2. Seamless Onboarding: simplified registration using a fully digital KYC and Aadhaar integration.

  3. Real-Time Updates: Notifications and alerts for transactions, portfolio insights, and scheme changes.

  4. Intuitive Navigation: A user-friendly layout optimized for accessibility, catering to users across various demographics.

  5. Analytics Dashboard: Provided subscribers with detailed reports and performance metrics of their pension accounts.

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