The evolution of technology has resulted in the digitizing of many of our traditional activities over the years. The purpose of digitizing these activities was to save time and effort that would otherwise be required to carry out these activities. One such activity that has been revolutionized by the adoption of tech is the investment in mutual funds and stock markets.
Online investment platforms allow users to circumvent the hassles of needing a broker or having to engage with multiple asset management companies for their investments. These platforms perform the simple role of providing a one-stop-shop for all their investment needs.
In this article, we compare two such apps – Groww and Upwardly. Both are Bengaluru-based startups that have gained a tremendous amount of traction across the country. The following will examine the pros and cons of each of these apps to help you decide what best suits your investment requirement.
Groww vs Upwardly – Which is best for MF investment?
Both Groww and Upwardly have an interesting set of features, which makes it tough to distinguish between the two. The following are some key features of Groww that trump those of Upwardly’s:
- Mutual fund collections: A key feature on the Groww app is that it offers users a recommended basket of mutual funds based on a user’s investment appetite and their desired goals. Such a feature is particularly useful for those users who are new to investing and want to get going without having to do too much research.
- Mutual fund comparison: Ever found yourself stuck between two seemingly equal choices? The mutual fund comparison feature solves this issue by providing users a chance to compare returns on investment over a period of time. This feature lets you compare up to three mutual funds of your choice.
- Xperts: The Xperts feature enables users on the Groww app to make informed decisions about their investments based on industry experts’ advice. The viewpoints can be critical to users who, otherwise, feel that they do not have enough inputs to decide for themselves.
While the features above definitely do offer a significant boost to Groww’s appeal, Upwardly has some features unique to the app that pose stiff competition to Groww. These features are:
- Profile creation: Unique to the Upwardly app, at the time of profile setup, the user is required to categorize themselves into one of three personas – new to investing (<35 years), new to investing (>35 years) and a pro at investing. Based on which category the user classifies themselves into, the app provides a more personalized set of opportunities. This feature provides the user with the comfort of having tailor-made opportunities based on how mature they are as investors.
- Goal setting: The goal-setting feature on the Upwardly app is another key differentiator between the two apps. This feature allows users to define goals that they would want to achieve through their investments, such as “buy a new car”, “retire at the age of 60”, etc. It helps users to manipulate their investment strategies to align them with their goals.
While Upwardly offers a more personalized investment experience for the user, the Groww app provides a more useful set of features for the standard investor, which outweighs the benefits of the features on the Upwardly app, giving Groww the edge.
Verdict: Groww wins ( Read our Groww Review to know more about this app)
Ease of use
The Groww app probably has one of the simplest designs and makes it easy to navigate for any first-time user. Each of the features on the app has a short description, and the interface does not feel very cluttered, making the overall user experience very pleasant.
The Upwardly app, on the other hand, can be a bit challenging to navigate through for a first time user. This is especially true if a user is new to mutual funds in general and can feel overburdened with jargon.
Verdict: Groww wins
While the Upwardly app had lost out on features and ease of use, it is superior in terms of solving customer issues. The Upwardly app has an in-app chat feature that customers can use to quickly address any issues they face. Further, it also enables the customer to seek help from an expert over a phone call. Both of these customer support services are missing in Groww.
Verdict: Upwardly wins (Read our Upwardly review article to know more about this app)
The bottom line
So in this Groww vs Upwardly comparison, we conclude that, Groww and Upwardly cater to different target groups, with Groww adding more value to first-time investors while Upwardly is suitable for seasoned investors. However, when compared along the same parameters, Groww has the edge with its broader set of features and easier app navigation, despite room for improvement on how they engage with their customers.