Redseer conducted a competitive product-experience diagnostic for a leading Indian Broking Platform

Executive Summary

A leading Indian broking platform asked us how its app compared with its closest competitors in the eyes of real users. We ran a primary research study with retail investors across the major asset classes, scoring each platform on overall recommendation, on the app features that shape day-to-day use, and on what users said in their own words.

The work surfaced a clear pattern of strengths, gaps and risks, and pointed to a roadmap for where the client should defend, close gaps and grow. The platform sat level with the category leader on recommendation and led the field on customer support and order tracking. Charts, fund movement and perceived brokerage value emerged as the gaps to close. And a high rate of multi-homing, concentrated among the client’s most valuable power users, surfaced a retention question it needed to act on.

About the Client 

Our client is one of the largest retail broking franchises in India by active clients, an established, player serving millions of digital-first retail investors. Its product suite spans equity, F&O, mutual funds, IPOs and allied investment products on a single unified app, built on a digital-first acquisition model with strong reach well beyond the metros.

The Problem Statement 

The client needed a granular, user-lens read on how its app actually performed against its closest competitors, and where it should defend, fix or invest next. We organised the study around four lines of enquiry. 

1. Recommendation benchmarking – Where the client stood against its closest competitors on overall recommendation likelihood. 

2. Feature-level diagnosis – How the app scored across the features most relevant to investor experience, from order placement and charts to funds movement and support 

3. Selection drivers – What actually made investors pick a platform and stay on it, and whether that hierarchy held across asset classes. 

4. Behavioural overlap – Why users were multi-homing across apps, and what would consolidate them onto one. 

The Approach 

We ran a primary research study with several hundred retail investors across major Indian cities, covering metros and Tier 1 and Tier 2 markets across North, South, East and West. The sample was controlled across the competitor set, asset class (equity, F&O, mutual funds and IPOs) and user type, giving statistically meaningful coverage of every platform and instrument in scope. 

The analysis ran through a consistent lens: feature-level scoring of the app experience, an overall NPS for each platform, the drivers behind platform selection, and the extent of multi-platform behaviour across the base. 

The Outcomes 

The diagnostic produced a clear pattern: strengths to defend, gaps to close, a retention risk to manage, and a roadmap to act on. 

Defendable strengths – The client posted a leading NPS, comfortably ahead of the rest of the peer set, with category-leading customer support and order tracking. 

Gaps to close – Charts, on both loading and accuracy, funds movement, and perceived brokerage value were the clear weak points, and together they defined the product roadmap. 

Retention risk – A large share of the client’s users were also active on a competing app, a direct share-of-wallet question. Its F&O power users stood out as the highest-value segment to lock in, making this the cohort the retention effort most needed to win. 

Roadmap priorities – The work pointed to three moves: product fixes on charts and core UX, lifecycle interventions to consolidate multi-platform users onto a single app, and a stronger KYC and profile-modification experience.