Tech­nol­ogy pro­vides in­sights, helps tar­get­ing

Wealth Discovery is poised for ma­jor ex­pan­sion:

Banking Frontiers - - Expanding Footprint - Me­hul@bank­ingfron­

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.


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.”


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.


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

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.