I have started making new investment into zerodha since a month. Atleast they are focusing on doing one thing and they don’t want to get our data to lend us. They are also building more useful features related to stock market than any other player out there.
Earlier I used to use Groww. I have not shifted my existing investment out of groww but for new money I am investing through zerodha.
Groww is simple and good but there intentions are not pure and also they seem to be going in wrong direction. They are not serious about being a stock broker it seems as they are not building things useful for investors like zerodha does.
Once they made the upi tab default in the stock broking app for some days.
They have enabled the loan section and also the upi(to get spending habits to lend) in their apps.
I don’t think it is a good idea to have loans and investment in one app.
In fintech, it is assumed that mutual fund investors are good borrowers. As they directly can not compete with the banks due to banks low cost of borrowing. Fintechs are into building their own proprietary tech having less dependence on CIBIL(commoditized tech as customers having high score will most probably take loan through banks) using customer spending habits, his investment habits and lot more.
It might help them to lend to NTC customers and also get good customers having less credit history(customers that have not taken any loans as they make only investments through stocks and mfs).
Any app interested to lend you like groww, will want to get to know you better, like really better. They might analyse and store your sms, emails, etc.
Hence, I think zerodha is currently the safest option if you prefer your privacy.
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