Growth mantra - go deep, stay agile, be delightful
Axis Securities has registered a strong growth in Q1 FY 2018-19. It has a strong base of over 1.9 million customers. Its flagship brand AxisDirect is one of the fastest growing players in the industry and is among the top 3 in terms of total customer base. According to Arun Thukral, MD & CEO, Axis Securities, the company has registered a 366% growth in average daily turnover as compared to a year ago period. Its SIP executions in Q1 FY 2018-19 too have witnessed a 113% yoy rise.
The company’s monthly SIP numbers are standing around `73 billion in July 2018 compared to `35 billion in July 2017 and just `15 billion in late 2014. It expects the growth momentum to continue. Says Thukral: “The mutual fund industry’s asset base is expected to touch Rs100 trillion by 2025. In the current financial year, SIPs would continue to be a strong contributor.”
GREAT USER EXPERIENCE
For any organization to adopt personalization, it needs to know what customers like to do when they login to their accounts. This can be achieved by analyzing historical data, demographic data, app/ web analytics, real-time information and customer interactions (through call center, branch or chatbot NLP). Such data when fed to the recommender engine can provide more relevant information to the users through dashboards, notifications, emails that are real-time and extremely personal to the user. Thukral says AxisDirect is now in the process of creating hyper-personalized user experience through customer analytics. “We plan to stay agile and lead technology innovation by taking big strides in mobile space by leveraging next-gen technologies primed with artificial intelligence and machine learning. We also aim to provide simple yet powerful and highly personalized user interface to our customers. We want to create customer delight through great omnichannel user experience,” says he.
In the last 8 years, AxisDirect has grown and plans to keep pace with this growth through a 3-pronged strategy - (i) Go deep, (ii) Stay agile and (iii) Be delightful. Explans Thukral: “We believe that India is deeply underpenetrated with 3-4% population participating in the equity markets and the potential for expansion is enormous. Therefore, we want to take the Blue Ocean strategy and reach out to new customers by creating more awareness about the benefits of equity as an asset class.”
BSE CEO AWARD
AxisDirect has been winning important awards on a regular basis. It won ‘BSE Commodity Equity Outlook Award in the category of ‘Top Equity Broker’ at the CEO Weekend 2018 event, organized by Tefla, supported by Bombay Stock Exchange (BSE), Association of National Exchange Members of India (ANMI) and Commodity Participants Association of India (CPAI). The BSE CEO awards of the Year 2018 have also been won by other leading companies, like Angel Broking (Best Trading Platform), Kotak Commodity Services (Commodity Research), SIDBI (Contribution for the Growth of SME Sector), MCX (Commodity Exchange (Metals & Energy)), BSE (Best Exchange (Currency Derivatives Segment), ANGEL BEE- Angel Broking (Best Mobile App for Mutual Fund Investments) and Narnolia Financial Advisors (Most Consistent Portfolio Manager).
Thukral says the award is recognition of the company’s efforts to create value for its clients, for its customer-focused approach that enabled it to garner the very large investor base within the short span of 7 years. “Last year we acquired more than 450,000 clients and in terms of Unique Traded Clients (UTCs) we are now among the top 5 equity broking houses. In client activations, we achieved a significant milestone during the last financial year. All these achievements make us a clear winner,” says he.
AxisDirect’s guiding philosophy is to keep investing simple in order to ensure customer delight through all its initiatives. Its web-portal is one of the most simplified web portals across the industry and it has won the DMA India Awards as well as IndiPool Best Design Studio Awards in the best website category in 2017. “Our innovative real-time emails which provide the live market data on email have won DMA India, DMA Asia as well as DMA International awards,” says Thukral, adding the company’s mobile app also has one of the best customer adoptions with more than 60% of our volumes happening through the app. AxisDirect is also the first brokerage house to launch an AI-powered chatbot on WhatsApp, which empowers customers to get their portfolio, research and market updates on the go without any subscription charges.
Arun Thukral outlines AxisDirect’s intent to create hyper-personalized user experience through customer analytics