The features look to improve customers’ understanding of their portfolios and to provide them with timely information for making decisions regarding their investments.
When leveraging Watchlists, Plum customers are enabled to monitor financial instruments that are of interest to them ahead of deciding whether to purchase them. The solution helps them track stocks in a single place, allowing them to better their understanding of their portfolio and the wider investment space alike.
Furthermore, the introduction of Price Alerts is set to allow customers to set target prices on stocks, with the app sending automatic notifications whenever the share price rises or falls to the level they set. Customers can have as many of these smart notifications set up as they see fit and have the ability to manage them at any time on the app. The customised features enable investors to monitor all the stocks on their radar for purchasing in an easy manner, with Plum updating them automatically on price movements that are of relevance to them. Currently, the Price Alerts solution is available on Plum Premium only.
In May 2022, Plum launched stock investing and it now provides up to 3,000 single US stocks for customers to invest in, with the announcement detailing that 1/5 of its investors are choosing the said method to increase their money over the long term.
Commenting on the news, Elise Nunn, Plum’s wealth product manager advised that partially due to increased awareness of and access to the stock markets over the recent years, the company has noticed a multitude of customers looking to try stocks investing, but they are believed to need a balance between automation and control to ensure they can invest wisely. Per their statement, as both features have automation at their core, they are thought to help ‘break down barriers’ that might have made investing inaccessible, helping position customers to make informed investment decisions.
The announcement further details that research from Plum into people aged 18-44 showcased growth in knowledge and interest towards investing, with 67% having the belief that new technologies simplify understanding saving and investing, whereas 23% consider investing in stocks.
Despite this, the cost-of-living crisis has impacted the ‘risk appetite’, as 72% of respondents were in agreement that the economic state has made them less likely to take risks with their money, and as the stock market has increased in volatility throughout 2022, making savvy investment strategies is believed to be increasingly critical.
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