Technology provides insights, helps targeting
Wealth Discovery is poised for major expansion:
Financial year 2017-18 has been a good year for Wealth Discovery, the New Delhi-based stock broking company. It has witnessed robust topline and bottom line growth in its business of offering complete wealth management solutions to diverse customers. According to Rahul Agarwal, director, the company’s topline expanded by a healthy 40% and net profits by 25%. “This year, we have made significant expansion in our geographic reach and our customer base covers the whole of India now. Technology has been the key enabler for the geographical footprint as we operate on a centralized working model with limited branch offices,” says he.
The company has recently introduced an online account opening system through which it can cater to clients across the country without the need for any physical presence of the customers or the company officials. Retail broking has been the key growth driver and the company intends to expand its customer base.
TECH DRIVEN MARKETING
All the marketing and promotional efforts of the company are technology driven and rely heavily on available social media channels. Besides these efforts, its top leadership writes extensively for leading financial dailies and popular media outlets, which also is an important part of its communication strategy. Says Agarwal: “We have a strong presence on Facebook, LinkedIn, Twitter and You Tube. All our digital assets are actively managed, and we focus extensively on disseminating our research and advice through these channels. Our promotional campaigns are run solely on social media platforms and are received well by our existing clients and prospective customers.”
ANALYTICS TO UP BUSINESS
As Wealth Discovery operates on a centralized model with limited physical presence, it is able to offer its clients one of the lowest brokerages and fees in the industry. Technology is the key enabler in bridging the physical distance between clients and the company, says Agarwal maintaining that this helps the company in competing with bigger peers. The clients are able to access services via phone, email or through a dedicated CRM portal, and customer queries and issues are addressed effectively through the portal as it enables keeping track of all issues and a flag is raised every time a deadline is breached.
Wealth Discovery uses analytics to gauge client preferences and customize its products according to their preferences. Some of the key metrics it uses in analyzing client preference are the time they spend on the company’s website, the type of content they are interested in and the promotional efforts that elicit the most amount of responses. “Geographic and demographic data analytics provides us insight on our strategic expansion and the demographic data helps us in focusing on our target audience,” says Agarwal.
SOFTWARE FOR OPERATIONS
Being a technology driven company, Wealth Discovery relies on quite a few industry software. To have redundancy built into its system the company primarily has two vendors for its trading software - 63 Moon Technologies and Thompson Reuters. “The Exchange provided software and platforms act as a failsafe to our system. Shilpi Software provides our backoffice software and we use their CRM software for relationship management. We also use third party software for our SMS and digitial marketing initiatives. We have recently moved some of our noncore software to the Amazon cloud and are currently exploring ways to move some of our core functionalities to the cloud,” says Agarwal.
Wealth Discovery has a team of 15 people dedicated for in-house IT related work. It also has some contractual IT staff that it hires on 0project basis, whenever it has a need for some internal software development.
Its technology plan for 2018-19 is aimed at making its customer base more connected to it. Agarwal mentions that the company is in the late stage development of a trading app that would be connected to the client’s trading account and would be capable of creating trading orders once certain technical criterions are met. “We are also in the process of creating a platform for our clients where they can share their questions and ideas freely among each other. Our early stage tech initiative also includes exploring software ideas for robo advisory and algorithmic trading,” says he.
Rahul Agarwal emphasizes that technology has been the key enabler for the company’s geographical expansion