Grow Onboarding

Grow Onboarding Teardown

Project:

About Groww

Groww is an online investment platform. It can be accessed through a website or an app. Users can use it to invest in various financial products such as mutual funds and stocks. It provides a user-friendly interface and offers a wide range of investment options. Groww also provides educational resources to help users make informed investment decisions.

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ICP

Based on 7 calls, ICPs are categorized. Though the sample size is small and is mainly from metro and tier 1 cities, it may not represent a true Groww ICP.

Category	ICP1	ICP2
Age	18-25	25-35
Gender	Male	Male
Married?	Single to Mingle	Single/Married
Lives with?	Parents/Friends	self/parents
Education	Graduate	Graduate/Masters
Work profile	Entry level	Mid to senior level, founder
Industry	Social media, Tech, Fintech	Edtech, fintech, tech, Robotics, ecommerce
Salary Bracket	less than 10lpa	10-50 LPA
Location	Metros and Tier 1	Metros and Tier 1
Tech Proficiency	high	high
Decision Making	self	self
Online apps (other than financial apps)	social media - entertainment - all work related slack notion, google, sheet, zomato, fitness and creativity - healthyfy, video editor, spotify, yt netflix amost daily, twitch, youtube, swiggy slack, swiggy, amazon	zapto, loose weight for men(everyday), fill forrm, school of life, google fit, amazon, YT, Linkedin twitter, whatsapp, food swiggy for grocery, zomato, Big basket,
Financial Apps	google pay, groww, hdfc kotak, groww, zerodha, banks app, splitwise	kite, Groww, Kotak Mahindra, Cred, zomato pay - phonepay, amazon pay
Interests	health related content, comedy, infotainment, lifeststyle on instagram, youtube, redit, IG, - history, education, motivation content, fitness, badminton watch netflix YT, walking, baking, cakes brown, workout, online gaming, business research	Watching stand up comedies from west, TV shows, FX, muvi India - For Hindi movies, aneme, gaming, gym, just chill family and friends, linkedin start up side family and friends, linkedin start up side, insta - automobiles, information education
Pain points	do not have a lot financial knowledge, confusing, lot of misleading information, UI seems to be complicated, impatient	don’t have enough time for research, enticing articles from zerodha, and Groww, try not influneced by them, industry report, (don’t have time), Finding trustworthy information is difficult, impulsive buyer, Investment knowledge
Time V/s Money	catch 22 question. Depends	Mostly time
User Goals/JTBD
Financial	Grow money for future requirement, long term investment for life events, building safety net	Receive higher returns with moderate risk than FD so as to beat inflation, retirement planning, life events, kids, travel, buying house and car
Functional	Simplified investment solution mobile app for hassle free investment Security and reliability	Research Stocks, track investment, buy and sell stocks as they change UI/UX Experience

Onboarding Tear Down

Hardik Dave_Groww Onboarding.pdf

Activation Metrics to Track

Activation Hypothesis 1 - Completes account opening, including KYC and linking bank account within 1 week of downloading app
Reasoning: The key part to open Groww account is to complete KYC as a regulatory mandate that requires time, commitment, efforts, personal information (Aadhar and PAN). This usually happens when someone is willing to go for investment. Furthermore, adding a bank account during the transaction can increase the probability of investment commitment.

Activation Hypothesis 2- Adding Funds to Wallet within 1 week of account opening

Reasoning: As Groww is a cash platform where money is needed in customer’s Groww account before making any investment/pay purchase. By adding money, the customer shows his investment mindset and preparedness for investment.

Activation Hypothesis 3 - Successfully Completing First investment (Stocks/Mutual funds) of a certain amount in a week

Reasoning: If the user buys any stock/mutual fund from the Groww platform within a few days of account opening (>Rs.1000 within 1 week or so), there will be a high probability of retaining the user metric.

Activation Hypothesis 4- Transferring portfolio of stocks/mutual funds to Groww in 3 months

Reasoning: Once someone trusts the platform, then only he can spend time and energy to transfer his portfolio of stocks and/or mutual funds. This potentially indicates that use is potentially considering Groww as its primary investment platform for the long run.

Activation Hypothesis 5 - Mutual Fund systematic Investment plan (SIP) set-up in first 1 month.

Reasoning: Mutual fund SIPs are usually designed for a long term investment. This requires time, effort, and mutual fund selection based on timeline, objective, and risk. Furthermore, setting up SIP requires a bank auto payment mandate. By taking this action, the user indicates his sincerity after homework for a potential long term investment.

Activation Hypothesis 6 - Apply for IPO on a bank’s website/app in 30 days
Reasoning: . Applying for an Initial Public Offering (IPO) for a stock is considered very attractive for both short term and long term. While applying for an IPO on the bank’s website/app requires Groww’s account information. That requires an effort. Only sincere applicants can opt for. Furthermore, successful IPO applicants receive stocks in their Groww account. If a user is a long term investor, he would be like retain IPO stock in Groww account for a longer duration.

Activation Hypothesis 7 - Opting for loan/pay within 15 days
Reasoning: Loan is usually for medium to long term. When users trust the investment product, they are likely to go for more trustworthy products such as loan and installment payments. Furthermore, when a customer is paying the bills, in addition to stocks and mutual fund transactions he may be considering Groww as a primary payment platform.

Activation Hypothesis 8 - Use additional 1 feature in 90 days Reasoning: When a customer is using an additional feature, it shows trust and consolidation of a customer on the Groww Platform. This shows customer is potentially going to use frequently and stay longer.

Others metrics to track

Quantitative

Mobile app vs desktop users distribution - The device preference for investment
App Downloads on the Play Store and App Store
Number of App Uninstalls
DAU, MAU, M3, M9 Retention
Analyzing user cohorts for D1, D7, D15, D30, D45 and D60
DAU/MAU
DAU/Total Active Users
MAU/Total Monthly Users
Time taken from downloading the app to finishing KYC
Time taken from finishing KYC to making an investment
Wallet top-up while onboarding
of categories invested in (Stocks, mutual funds, US stocks, Gold)
% of users who have imported their portfolio - This may indicate that user is giving preference to Groww as its investment platform
% of users who have bought only Stock
% of users who have bought only Mutual Funds
% of users who are actively participating in stocks and mutual funds
% Users active in overseas stocks
% of mutual fund users with active SIP
% of users have used pay feature
Frequency of usage - pay feature