AMF Finds Mobile Investing Apps Cut the Process to Under 10 Clicks

The French financial regulator Autorité des Marchés Financiers (AMF) conducted a mystery-shopping exercise of 14 mobile investment providers between November 2024 and January 2025, finding that at most firms users could subscribe to financial instruments in fewer than ten clicks.

The AMF noted that while smooth, rapid mobile journeys enhance user experience, they may also "reduce the thinking time before investing." The regulator reviewed customer journeys from an investor perspective, focusing on pre-investment information and marketing tactics used to encourage trading.

Commercial practices varied, with some firms taking an understated approach and others actively soliciting clients through notifications, promotions, game-like mechanisms, or community functions that the AMF said can influence investment decisions. The report does not name the 14 firms involved.

The AMF also identified weaknesses in the information layer: some firms provided mandatory regulatory documentation in a foreign language, and details on total costs or instrument nature were insufficient or ambiguous at certain institutions. Educational support was uneven, with some apps offering tutorials and webinars while others gave fragmented information that limited investors' understanding of risk.

The findings align with broader scrutiny of engagement-driven app design. In the US, Massachusetts regulators have compared certain trading app features—such as confetti animations and reward notifications—to gambling products. The AMF's report highlights that while retail investment apps have made onboarding and execution highly efficient, disclosure and education practices have not kept pace.

Retail investor protection remains the AMF's top priority, particularly for younger investors who are increasingly active in markets. A June 2025 analysis cited by the regulator shows active retail investors are getting younger and fractional-share trading is on the rise. The AMF has not indicated whether any of the 14 providers will face follow-up action.