Gone are the days when people living in urban areas only invested in mutual funds, SIPs, and other investments. Now, people living in rural areas are actively investing in these and other investments.
Thanks to fintech apps like Groww, which provide accessibility and flexibility, everything is right there on phones, available at everyone’s fingertips. This positively contributes to India’s GDP and improves the country’s lifestyle.
Groww was founded in 2016, by four former Flipkart employees: Lalit Keshre (CEO), Harsh Jain (COO), Ishan Bansal (CFO), and Neeraj Singh (CTO).
With a 4.7-star rating on Playstore, it now has 6.6 million active users, followed by Zerodha, which has 6.4 million active users. Going past Zerodha, it became India’s biggest stockbroker (in terms of active NSE clients).
With its headquarters in Bangalore, Groww aims to empower people in India by making financial services simple, transparent and delightful. By leveraging technology, they build reliable and accessible financial services.
Neeraj Singh, the CTO of the app, said:
“We noticed that many people were on social media, booking cabs, and ordering food online, but the same people were not investing, despite having the means to do so,”
This observation led to a lightbulb moment for the team. They realized that in order to appeal to the millennial, mobile-savvy generation, they had to create an investment platform that was as easy to use as an e-commerce platform.
It offers a range of investment solutions, including mutual funds, stocks, US Stocks, ETFs, IPOs, and F&Os. Whether long-term or short-term, high-risk or low-risk, you can be the kind of investor you want to be with Groww.
The platform is designed to simplify the investment process, allowing users to invest their money without any complications. Go to the Groww App, apply for a loan, and get it within minutes. Pay all your bills in one place. Pay anyone, anywhere, and anytime.
The Rise of Groww App’s Popularity
- Groww is a beginner-friendly platform best suited for individuals seeking a more straightforward investing experience. It concentrates mostly on direct equities, mutual funds, exchange-traded funds (ETFs), and initial public offerings (IPOs).
- Groww ensures that all transactions are safe, using the BSE Star MF as its transaction platform. Investors can invest through SIP (Systematic Investment Plan) or Lumpsum using Netbanking with all supported banks.
- Groww’s business model is based on transparency, particularly regarding fees associated with investing in a product. The lack of account opening fees for trading accounts offered by Groww makes it simple for traders and investors to get started on the platform.
- The Groww support team experts do a great job and make users feel welcome by answering all queries promptly. Their WhatsApp group team helps a lot in making the right choices.
From Data to Decision #UserFeedbackDecoded
- Users have pointed out that they have been unable to log in to the app for weeks, even after complaining to their team. People must either log in via the website on a PC or use the phone application because they do not work simultaneously.
- Users have complained that when the market crashes, the app also crashes, so they cannot buy on dips. They had saved funds to purchase on dips, but when the right time came, the app couldn’t fetch their balance, and they missed the opportunity.
- Some users complained that the app captures OTP from messages even when SMS permissions have been denied, so they have been worried about their data privacy. Users feel almost all Indian apps rush to collect user data.
- Some investors also mentioned that they invested in a SIP long ago, but the amount has still not been credited to their account and customer service has not helped much with the issue.
Groww UX Review Led by Harshini, A Design Expert at YellowSlice
Reviewed by Sandra PV, Adisha Mandalik, Aashvi Sheth, Steve Nazareth, Srishti Maurya, Ishwari, Harshini, Shital More, Sonal Vishwakarma, Sagar Bhole, Samruddhi Pawar, and Ashesh Gohil.
We gathered the observations mentioned below through user reviews. Let’s find out how much Groww is growing on its users.
1. Inability to personalise watchlists
Users have been complaining about the app’s portfolio section. The portfolio doesn’t give all the information about the investments made by the users at one glance, and there is no option to edit the watchlists or arrange them in a personalised order.
2. No passport, no access for NRIs
Groww doesn’t provide trading services to NRIs, even those living in India currently. This information appears in a small footnote (not even a pop-up) that any new user can easily overlook.
The app collects all the KYC information, such as PAN number, email ID, phone number, and Aadhaar card information, and then the user is stuck at the signature screen. Later, the user can’t cancel their registration, delete their personal data, or return to the main screen.
3. Slow apps ruin the vibe
Persistent speed issues on both the app and web versions mar the overall experience. This slowdown significantly impacts the user experience and can lead to potential losses due to delayed order placement.
One of Groww’s most frustrating aspects is the slow order placement process. Executing orders takes an unacceptably long time, which can be especially problematic in a fast-paced market where timing is critical.
The delays can result in unfavourable price changes, leading to financial losses and additional charges.
Higher Consumer Satisfaction = Higher Conversion Rates 🚀
Here are a few suggestions for the Groww team to actually grow their digital game and satisfy customers.
1. Upgrade with added features
An enhancement to a trading and charting application, like customising and editing the watchlist on the top right side of the chart, could be valuable for users. Their development team should add this feature, which could enhance the overall user experience.
2. Bring NRIs into the fold
Groww should include NRIs in their client base, and if it doesn’t, then there should be a clear representation of this information that the users shouldn’t miss. The app should also allow them to delete the registration so their personal information is not compromised.
In today’s world, users are extra careful with their information, and they are tired of providing their personal information even before getting to the app fully, especially when it comes to finance-related data.
3. Cut the lag, Speed up the app
While it’s commendable that Groww releases regular updates, it’s disappointing that these updates have not addressed the core issue of speed. Users would appreciate more substantial improvements in this area.
Animations between switching tabs that are not required are likely slowing the app’s operation. Users would appreciate the ability to quickly switch between tabs without animation between holdings and watchlist tabs.
Expert Review by Harshini
Fintech apps are not easy to design, and they usually have many discrepancies because they are overloaded with information. They can also be boring to use because of the same reason.
As a Groww user, I had a few complaints and liked a few features I mentioned in the review. Finding the discrepancies in the UI UX of a design product through research that I use was an interesting experience.
Contact Yellow Slice’s design experts to help you craft your next digital project. Reach out to us to identify any gaps. We love analysing different design projects and helping enhance designs. We make sure your customers leave glowing reviews instead of complaints.
FAQs — Decoding the Groww Experience
1. How is the UI/UX of the Groww App?
The Groww app has a simple, clean, and intuitive user interface (UI) designed to be easy to use and adapt to. The interface, which is green and black, is inconsistent in all of their digital products and looks soothing to the eyes.
The app’s user persona was well-defined, so it accurately targeted the audience. However, customer service could be improved, and a few added features could make it more user-friendly.
2. Are the users happy with the Groww App?
With a 4.7-star rating on the Google Play Store and a 4.2-star rating on App Store, users reach out to Groww for everything finance-related.
However, some features are missing, like limited investment products and no option to trade in the commodity and currency segments. Trailing stop loss orders are also not available in the Groww app. Moreover, there’s no branch support, as everything is online.
Yes, the users are happy, but the app still needs some added features preventing them from switching to Groww’s competitors.
