Groww is Changing the Way Millenials Invest, Here’s How
Gone are the days, when investing meant standing in long queues in banks, filling a tonne of paperwork and waiting for days to get started. With technology taking the world by storm, the investing space too has seen a major overhaul. Leveraging the scale technology enables, new-age investment platforms like Groww are growing in popularity and hence finding a high preference from the tech-savvy Millenials audience.
The past few years have also seen a massive shift in the mindset of people towards mutual fund investing. With increased awareness around mutual fund investing, people slowly started realizing the advantages these investment vehicles have over other traditional options when it comes to accelerated wealth creation possibilities. While the awareness was high and the intent was strong, there was a lack of transparency and simplicity around the entire process. Tech leveraged platforms like Groww are now doing their bit to reduce these pain points ad democratize investing in India.
Founded in 2017 by former Flipkart colleagues, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has become one of India’s fastest-growing investment platform attracting a new generation of first-time investors to the market with its simplified investing approach.
A Hassle-free Experience to Manage your Money
Groww leverages the power of technology at each user touchpoint in order to provide a seamless experience.
Groww attempts to make it easier right from the onboarding journey of a customer, KYC; the entire process is automated and paperless, diminishing manual intervention. For instance, it takes several days to open an account with banks and other platforms, Groww’s 100% paperless onboarding process leverages the use of ML and AI-based algorithms to verify personal details within seconds.
How Groww is Helping Millennials to Get Inclined Towards Investing?
As per the present scenario, the average age of investors in the current mutual fund space is 40 years. But with new-age apps like Groww, the average age has noticeably come down to 26 years. There is this realization that they are increasing their worth and broadening their income horizons with every penny they invest.
Earlier, a substantial percentage of the Indian population has been more attracted to the traditional ways of investing like fixed deposits and recurring deposits over investing in mutual funds and the stock markets. In a scenario like this, it is imperative to set the right expectations and Groww sets it right with zero hidden charges and commission. On top of that, the extensive content helps users to make the right investment decisions.
One of the most common notions that had been seen among millennials was investing is a mammoth’s task and is done when one has settled down. But now, it has been observed that they are attracted to investing even in their twenties. Given that the fact that banks won’t give them any profitable returns, they have started preferring mutual funds where they have the flexibility to put in money and withdraw it whenever they want – all at the tap of a button. Not to mention, apps like Groww facilitates them to invest in a seamless way owing to the intelligent and user-friendly navigable UI and UX.
Not only is it important to facilitate the investment process in a seamless manner but also ensure after investment support to users. Groww does this by offering an intelligent dashboard that collates the entire portfolio in one place and makes tracking all investments easy.
Facilitating Investment with Exhaustive Content
Content plays a vital role in reaching potential millennial investors. From taking advice on gadgets to selecting their favorite getaway, millennials prefer to explore their options online. Millennials have a ‘DIY’ approach to investing where they want unbiased information and other resources at their disposal that ultimately aids them in taking their own decisions. Digital platforms that have information online and are accessible through social media are hence, placed in high regard by millennials. Groww has dedicated content for all the millennial investors out there; the content is curated by a committed team that spends time in providing content on their blog and other social media channels. Millennials also place a high value on user-generated content, which can be accessed through online communities. Groww has created many online communities that also have experts on them for a free flow of information between the participants. When it comes to financial literacy, Groww is running financial education campaigns in tier 2 cities to help foster local investor communities and make them aware of the nuances of investing.
Invest without Boundaries – The Inference
Millennials should keep in mind that investing is not an option but is a necessity in the present scenario. Gone are those days when investing was an uphill battle; with Groww at your fingertips, the investing game becomes even more interesting. Indeed all investments carry a risk albeit, letting your savings lay idle in your savings account will take you nowhere. With such an easy to use the app, lots of content to ease you with the idea of investment, the best time to start investing is right now.