Published on April 11th, 2016 | by Bilal Sulehri0
[Review] UBL Funds Smart Savings App
I always wanted an app where I can view my investment portfolio and can perform transaction on the go. Finally, UBL Fund Managers has taken the lead by launching UBL Funds Smart Savings App which brings your investments to your smartphone.
Folks at UBL Fund Managers were good enough to give us access to the app with an actual working account and some funds to test and review the app. Here is a short review highlighting the main features and our observations on the app.
The main features of the Smart Savings App can be summarized below:
- Access multiple accounts
- Monitor portfolio movements and analytics
- View and Update your Profile information
- Make Conversion and Redemption Transactions
- Download Transaction Reports
- Locating nearest Investment Centers
- Touch and Connect with UBL Funds on the go
To use the app, you must have an account in UBL Funds. In order to open the account you can visit an Investment Center, download an fill an account opening form and send it to the UBL Funds office in Karachi or simply go online and make an e-account via UBL Net Banking. The three options are listed below with their relevant guides:
- Visiting Investment Center (Find an Investment Center in your city – Click Here)
- Sending filled Account Open form along with cheque to UBL Funds Operation Office, Karachi
- E-Account via UBL Net Banking (demo)
After opening a UBL Funds account, customer will receive User ID and Password on registered email address that can be used in UBL Funds Smart Savings App to access.
The home screen is pretty simple and has 5 rectangular tiles i.e. My Portfolio Value, My Portfolio Allocation, My Consolidated Portfolio, Fund Prices & My Portfolio Analytics. These rectangular tiles are stacked vertically with a plus (+) symbol at extreme right. Upon clicking any tile, the plus symbol turns to a minus as the tile expands downwards and detail is shown on the same screen.
Typing on My Portfolio Value shows a nice pie-chart with the updated value of the overall portfolio investment. The tile/ detail can be tapped for getting an overall summary of the investment in different schemes along with scheme names, units invested and value per unit.
My Portfolio Analytics tab shows the value of portfolio, purchases and redemption undertaken.
Account statement of various funds can be viewed separately as well as the consolidated statement of all the investments. These reports are downloadable as PDF and look slick when printed. Smartphone will need a PDF viewer in order to view reports, which most of the smartphones feature out of the box.
The only downside in the reports is that there is no on-screen back button, which means you will have to use your smartphone’s hardware back button to go back to the screen from where you summoned the report.
I wanted to view the comparative analysis of funds but currently, the app doesn’t show the comparative analysis. However, individual investment fund performance can be found through the app as already discussed. Similarly, you can also view the profitability of your investment portfolio by downloading the Consolidated Portfolio Performance Statement from My Statements section
You can withdraw your investment by going to E-Transaction from menu & selecting Conversion which leads out to a form followed by verification by entering a pin. After the transaction is submitted, you will receive confirmation via email and SMS regarding your withdrawal.
You can even add further funds to bulk-up your portfolio through UBL Net Banking portal by going to My Payments section and then clicking Funds Investment.
You must be aware of front-end and back-end loads while making transactions. The schedule of all the so-called “hidden” charges follows for reference.
UBL Funds Smart Savings App is a step in the right direction as Pakistani citizens are becoming tech-savvy as each day passes by and one can clearly envision the millennials managing all aspects of their life on the go.