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IIFL Securities undertakes 25 projects to enhance CX

Mumbai | June 11 2019 17 : 54 IST | Banking Frontiers

Invests Rs1 billion for digital transformation.

Adoption of high-end technology and digitization have been a core strategy of IIFL Securities for business. At the beginning of the last financial year, it decided to digitize all aspects of customer engagement within the organization. Says Arindam Chanda, CEO, IIFL Securities: “We have successfully completed over 25 projects to enhance customer experience across all the segments we served during the last financial year. Some of the projects include the industry first tablet-based financial advisor model AAA, self-help chatbot Ask IIFL, and WhatsApp engagements. We also entered into partnerships with top American research firm MarketSmith, stock screening and analysis platform Trendlyne, and stock market learning platform Elearn Markets.” 
 
IIFL Securities also launched the popular Portfolio360, which gives a 360-degree view of the customer of all investments and loans. Multiple digital engagements through webinars and YouTube engagements have been initiated, which have helped customers to get a better understanding of their portfolio and also aided the company’s advisors to give better insights. Chanda says these efforts helped in increased customer acquisition, customer activation, improvement in net promoter score and ultimate customer satisfaction. “The work done in the last 3 years has created a very strong platform of products and services with digital being the foundation for each one of them,” says he. 
 
STOCK TRADING APP
 
The company is a key player in both retail and institutional segments with a 3.5% share of daily cash turnover. The total average daily turnover (including F&O) was Rs171.34 billion in FY2019. It has over 0.8 million retail customers as of December 2018. “In the last financial year ended March 2019, over two-thirds of our brokerage was generated by users trading on their own and over half of that came from our mobile trading platform ‘IIFL Markets’, says Chanda pointing out that IIFL Markets is the most downloaded (2.7 million downloads) and highest rated (4.3* rating) stock trading app in India and among the top in the world. The app provides 1000+ market and stock related news notifications and research on over 500 stocks, which is the highest in India.
 
ADVISOR ANYTIME ANYWHERE
 
The company has also brought advisers, agents and merchants into the fold of its digital strategy through its industry first innovation - AAA, or Advisor Anytime Anywhere. A deposit of Rs25,000, fully refundable within 3 months, is all that is required to be an Independent Financial Advisor (IFA), with all hardware and software one needs to onboard, transact and service clients for all financial products and operate from anywhere in India. The company has invested nearly Rs1 billion in the last couple of years in the R&D and developing the product, which was recently launched by Nirmal Jain, chairman, IIFL Holdings. Chanda explains that AAA is a proprietary hardware device, a tablet, with pre-loaded software and data card, giving real-time access to stock markets, mutual funds, news, views and expert recommendations. The software provides a 360-degree view of any client’s portfolio and
advisor’s overall commission, performance, etc. The tablet also has a learning module for budding advisors to learn the concepts and practice for NISM exams. It is connected to IIFL’s research team, 24x7 service cell and product experts on chat, with the facility to call up and speak.
 
“We aim to add one million jobs through AAA in a 3-year period. We are creating a gateway of opportunity to empower aspirants, specifically in tier-2 & 3 centres and helping them realise their entrepreneurial dreams,” says Chanda. 
 
IMPROVING SALES FORCE
 
IIFL Securities has an extensive network of branches and sub-brokers, which is its core strength. The company uses technology to make this engagement seamless. Through a combination of proprietary products and best-in-class tools, it has ensured that its advisors have all the relevant information. Says Chanda: “We analytics extensively for personalization of recommendations, assistance to our sales and service teams for enhanced productivity and optimizing technology and other expenditures for better business performance. Propensity-based outbound calling for investment advice runs a model to identify customers who are likely to be interested in a product. This has two impacts - it helps to improve sales force productivity and reduces unwanted calls to clients for products they don’t want. We use this for our customer reactivation as well as cross-selling of advisory products. We are currently testing tools which will help our on-field sales team to engage better with their clients. We have also used analytics to help improve our current digital platforms by rigorous tracking of how customers are engaging with us.”
 
IN-HOUSE TECH TEAM
 
The company continues to invest in technology and digital tools with the aim of improving customer experience, sales force productivity and improving scalability of operations. The in-house technology team consists of 100 members who focus on various aspects of infrastructure, platforms, marketing, etc. The technology and innovation team takes up new ideas and developments on its own as well as with vendors.
 
The company, says Chanda, uses Zoho for customer relationship management, Google Suite for internal productivity and Microsoft Azure for cloud solutions. “We have
a strong team that drives technology initiatives for us,” he adds. 
 
PLANS TO BUILD EDGE
 
IIFL Group has been a pioneer in introducing and innovating technology in capital markets and finance space. It had introduced technology-based equity trading platforms nearly
2 decades ago. Technology and digitization are driven by the top management led by founder Nirmal Jain. Says Chanda: “Our highly successful ‘Trader Terminal’ platform, IIFL Markets Mobile application and now AAA have all been industry-first innovations and are seen as legendary technologies in the industry. We continue to invest in technology and talent to build our edge.”

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