The advent of affordable smartphones, easy access, and high penetration has significantly changed our lives. One such change is reflected in the way people choose to invest their money.
Earlier, if an individual wanted to invest in mutual funds or equity stocks, he or she would either need to do it via a broker or would need to go to an asset management company’s website to invest.
The hassle for users was that they never had the option of being able to invest across different mutual funds from the comfort of their homes. Nor did they have access to a wide range of information and performance reports to help guide their investments.
Investment platform apps such as Groww and ETMONEY have precisely tried to solve these issues. Both Groww and ETMONEY are well-established applications in this domain, and each one has well over a million downloads on the Google Play Store.
They do, however, provide a different set of advantages for each user, and the following article provides a comparison between the two apps.
The Groww app enables the user to invest in both equity and mutual funds across different tabs. It also provides you a ready-made basket of recommended funds and details on top-performing funds.
On the other hand, the ETMONEY app does provide a broader set of features as described below:
- Insurance: The ETMONEY app also lets the user buy insurance on the app. Users can purchase life, health, car, and bike insurances by choosing the corresponding option on the home page.
- Loans: Another feature that is limited to the ETMONEY app is that users can secure loans through the app. This section of the app also allows a user to check his or her credit score as well, through the user’s mobile number. Through ETMONEY, users can avail personal and business loans. They can also avail the ETMONEY credit card, which provides them with attractive offers.
- Smart deposit: This particular feature allows the users to shift portions of their savings account balance to automate investments with the Smart Deposit. It provides users a way to invest their idle money for short-term yet stable and consistent returns at minimal risk.
- National Pension Scheme (NPS): Through the ETMONEY app, users can also invest through NPS to prepare themselves for a life post-retirement and deductions on their taxes.
- Track bills & expenses: Another interesting feature on the app is the automation of bill reminders. The users receive messages that remind them to make payments before the due date.
While both apps do have a great set of features specific to mutual funds and investments, ETMONEY provides the user with many more additional features, adding more value to the user.
Verdict: ETMONEY wins
Ease of use
Both ETMONEY and Groww have easy-to-use, user-friendly interfaces. The Groww app is, however, more compact (as it provides options via quick action bars, etc.) and offers better guidance to users as it has short descriptions about different features available on the app. This gives Groww the edge in terms of usability, even for first-time investors.
Verdict: Groww wins
Both apps provide the users with a well-defined set of FAQs for users to navigate and resolve any issues they may have. For any complex issues, however, neither app has a customer care number on which users can dial on for issue resolution.
On the Groww app, a user can send an email to the customer care team for the resolution of queries. On ETMONEY, however, users can raise complaints through the inbuilt chat-like feature on the app.
This reduces the hassle of having to mail the support team separately and follow up. It gives ETMONEY a significant advantage as users can manage all their requests through the app.
Verdict: ETMONEY wins
To understand better about both the Groww app and the ETMONEY app, check out the Groww review and ETMONEY Review that cover all their pros and cons. It will help you to make a more informed decision.
The bottom line
Both Groww and ETMONEY are free apps and offer a great way for users to invest their capital and to grow their wealth. While the Groww app may be suited for beginners in this space, the ETMONEY app overall does offer a lot more additional features and adds more value when compared to Groww.
Which app supports NRI investees the best?
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