Fintech startup QARAsoft (CEOs Luke Changhwan Byun & Katie Bomi Son) announced on March 21th that its robo-advisory app KOSHO has now been upgraded from beta-service to official version. This is the first major update since its release on May 29th, 2018.
In the beginning, KOSHO was launched simultaneously as beta-service in South Korea and Singapore. But as of March 2019, the app has implemented 5 different languages and currently offers service in 8 countries worldwide, including Japan, Hong Kong, Taiwan, and China (Shanghai). The number of downloads have reached over 100,000.
For 10 months, QARA had conducted 10 user tests both domestically and abroad with the previous beta-service. After gathering substantial data from these tests, KOSHO’s 2.0 version has brought home new design and features to help improve the customers’ overall user experience.
“KOSHO 2.0 was created by reflecting on our customers’ opinions through carefully documented and researched user tests,” said QARA’s representative. “However, the direct investing feature, which received the most requests from our customers, is currently under review by the financial regulation sandbox program. We are putting our best efforts so that this function can be integrated as soon as possible.”
With the new upgrades, customers can now add or edit their preferred stocks, see company details, compare multiple stocks, and view past financial events analysis. In addition, customers can utilize AI Speaker feature in three languages (Korean, English, and Japanese) and access the full function of KOSHO whenever they want. This includes the AI deep learning recommended domestic and global theme stocks.
Regarding the initial screen, customers can now adjust their stocks in the order of Name, 3 Month Return, and 1 Week Expected Return. The ability to edit “interested items,” has also been improved. With it, customers can separate their stocks by sector and group them according to their own interests. This feature is especially helpful for investors who mainly trade in overseas stocks.
To describe in further detail, three new features have been added in KOSHO 2.0 that weren’t available in the original beta-service. First, customers can view long-term financial forecasts in a period of 1 and 3 months, instead of just one week. Second, they can compare their stocks to others and see how they performed against their competitors. And lastly, they can view how their stocks fared during important financial events in history, such as the Financial Crisis of 2008 or MERS.
KOSHO also signed a partnership agreement with a non-profit organization (NGO) and integrated a “donation” feature within the app. Customers can now make meaningful contributions to society while collecting coins, which they obtained through quizzes, friend referrals, and events. Or they could use them to exchange gift cards or to buy stock portfolios.
Unlimited subscriptions, which were only available for 1 month in beta-service, can now have access to 3, 6, and 12 months period. If users apply for the new unlimited subscription model, they can have free access for 3 to 7 days.
KOSHO will hold a Coin Recommendation Event until May 1st to commemorate the release of the official version. If a user enters a friend’s recommendation code, the friend and the user will both earn up to 1,000 coins. With the coins, users can purchase deep learning recommended portfolios or exchange them for gift cards.