Ever since demonetization, the mutual fund industry has grown leaps and bounds with rising participation from retail investors particularly.
With opportunities getting created in the industry, several companies are coming up with app-based solutions that provide investors an easy platform to invest their money in .
With a plethora of options available for investors to select from, it makes sense to provide our readers with an unbiased opinion with respect to features offered by different platforms.
In this post, we will compare Groww with MF Utility.
In this article
1.Things you can do
Groww is a new age investment platform that provides its users with an end-to-end solution for investing in mutual funds.
Groww offers investment in direct mutual funds that are zero commission funds and offer higher returns compared to regular funds.
The end-to-end solution of growing covers everything right from complying with Know Your Customer (KYC norm) to selecting funds, investing, monitoring, rebalancing, and redemption.
In addition to this, an investor can track his/her portfolio on a regular basis and can also seek expert advice when in need. Groww also offers you an option to create your own portfolio.
All of Groww’s services are free of charge.
It is an innovative “Shared Service” initiative by the fund industry under the aegis of Association of Mutual Funds in India (AMFI).
It acts as a “Transaction Aggregation” portal through which an investor is enabled to transact in multiple schemes across fund houses using a single payment/form.
The investment process includes the end-to-end process of investment (such as getting KYC compliant, sign-up process, etc.)
Groww provides a complete digitized process of investing, whereby an investor is not required to run around with a multitude of physical forms.
It has a streamlined digital process and the company ensures that everything is done within a click of a button and can be easily executed with the new Google one sign-in process.
You can get started with the investing activity after opening a personalized account within few minutes.
MF Utility (MFU) provides a Common Account Number (CAN) facility.
It facilitates KYC registration through KYC Registration Agencies (KRAs) for CAN creation.
3.Availability of funds
Groww provides an investor with a gamut of mutual funds that are offered by a multitude of asset management companies.
Given the fact that every investor is different with different risk appetite and investment horizon, the availability of multiple funds help an investor to choose the best fund that suits his/her requirement.
MF Utility offers funds from different fund houses in the same platform thereby enabling an investor to select the ones that suit their requirement.
4.Fund profile and analysis
Groww profiles every fund in a crisp and concise manner with an aim to provide investors with a comprehensive picture of the fund.
Its has a pros and cons feature, through which an investor can understand the unique proposition of any fund.
In addition, Groww provides fund analysis with returns across a multi-trailing time period, the ranking of the fund and other credentials while comparing with other funds within the category.
This enables an investor filter better performing funds.
Also, an investor does not need to login to his/her account to exploring the funds.
MF Utility is not known to profile funds.
Let us see the profiling of Aditya Birla Sun Life Tax Relief 96 Fund as detailed shown in Groww
Note: This is just an exhibit and does not constitute any recommendation
5.The process of investing in SIP/Lumpsum
Groww also provides paperless SIP that is done through biller addition, E-mandate (Aadhar based), and OTM (one-time mandate). For Lump sum investment, Groww offers net banking mode of investment.
MF Utility also offer paperless investment for both SIP and Lump sum.
The available options of payment are Net Banking, PayEezz, NEFT, and RTGS.
Groww is comparatively new in the fast-growing industry and has already made its mark on it.
The website (http://www.groww.in) is ranked 4,418 in India with an engagement time of 4 mins 32 secs.
On Android, the application is rated 4.5 stars with over 1,00,000+ downloads. In AppStore, the application is rated 4.9 stars.
MF Utility is a much newer entrant in the market.
The website (https://www.mfuindia.com/) is ranked 13,126 with an average engagement time of 5 min 38 secs.
In Android, the application is rated 3.2 stars with more than 50,000+ downloads. In AppStore, the application is rated 3.7 stars.
While both platforms have similar service offerings, Groww continues to have an edge due to its data-driven analytical framework.
Groww offers a comprehensive fund analysis that helps an investor compare two funds.
In addition, the application is much simpler, faster and offers to create a customized portfolio that comprises of funds that are handpicked by Groww, to depict any theme or risk profile.
Disclaimer: The views expressed in this post are that of the author and not those of Groww