Therefore, we focused on building an app that addressed these areas.
Firstly, we made it easy for people set up an account – we’re proud to say that most users can now open a Stocks & Shares ISA from their mobile phone in just a few minutes.
Secondly, we tested a wide variety of different ways to introduce the concept of investing. We found that it was important not to overwhelm people with too many options, so we worked with experts to put together just three. These starting options are represented by animals – a fox, an owl and a squirrel. We wanted to build an app that didn’t look like a traditional finance app; our designers don’t have a finance background, as we want to create something with broad appeal. We want the app experience to be rewarding and to have some lighter elements.
Finally, we have built the app so that people can open an account with just £1. It took over a year to build out the Moneybox ‘platform’ and it’s now possible for people to invest £1 into diversified index funds and, through those funds, into thousands of companies around the world.