Digital transactions ..................................
Take a peep into its digital strategy and future plans:
Aiming to make investments simple and completely hassle-free for its clients, Axis Securities has been expanding its digital footprints and leveraging technology to offer simplistic solutions. It is increasingly focusing on its website and mobile app and making them more intuitive and user-friendly.
Amit Golia, chief business officer at the firm, says today the company has the best in the class website, recognized for its design and rich features on various industry platforms. The mobile app has seen the highest adoption rate in the industry because of its ease of use, he says, adding: “We have made it easier for retail investors to trade all products with the click of a few buttons. In fact, we have become the first bank-led broker to provide a completely digitized trading and demat account opening experience to potential customers. Anyone can now open a trading and demat account digitally with Axis Direct in just 15 minutes. We have covered a lot of ground in terms of our digital strategy this year. In the next phase, we want to focus on introducing technology-driven solutions to offer more relevant market intelligence to our customers through dashboards, notifications and emails that are hyperpersonalized in nature.”
81% DAILY DIGITAL TURNOVER
As the company focused on enriching the online experience of its customers, the customers are appreciative of the ease of transaction offered by its mobile app. Today, it is one of the fastest growing mobile platforms in the industry. Golia offers statistics: “Around 81% of our average daily turnover is being generated through our digital channels. Transactions via digital channels recorded a 232% growth from FY2018 to FY2019. The contribution of mobile transactions in overall transactions too increased from 42% in FY2018 to 64% in FY 2019.”
With global players with their AI and ML-powered platforms facilitating a very personalized experience, customers now expect such functionalities by default once they log into their trading account. “Hence, we focus on offering a hyper-personalized experience to our customers. We use our back-end tools to map a customer’s journey and identify which stage of the purchase cycle they are in. This information enables us to personalize communication and service offerings, thereby ensuring that they only receive information pertinent to them. We believe in staying connected with our customers through regular communication across channels. We have automated most of our client communication to make it more intuitive,” says Golia.
The CRM platform now has live chat and co-browsing functionalities in addition to the current social media support. It is also strengthening its chatbot platform to support customer queries on a 24x7 basis.
Axis Securities has a strong IT team of over 30 members who are constantly engaged in testing and enhancing the efficiency of the digital solutions as also improving the digital presence of the company.
Says Golia: “We realize that in the current digital age, every employee has a basic understanding of this medium. In fact, most employees actively try to learn new digital skills to add depth to their profile. Internally, we also strive to simplify and automate mundane activities to improve employee efficiency. Towards this end, our IT team is working with external service providers for automating our operational, risk, HR and IT processes.”
Axis Securities has a relatively strong presence across social media platforms. It makes use of this potential to have meaningful communication with its existing and would-be clients. To make its platforms more relevant for its target audience, it runs various campaigns and engages in dialogues with customers to offer them solutions for their queries. “Recently,” says Golia, “we ran a campaign called #HoSaktaHai to drive home the point that every financial goal is possible to achieve with the right investment approach. We promoted various products through this campaign which received positive feedback from our social media followers. We organize frequent chats for our followers with our experts to give them clarity and dispel various myths regarding investments.”
The company is constantly upgrading its digital platforms to be of benefit to its customers. Says Golia: “We are planning to revamp our mobile app and web trading platform this year. With this new platform, we should be able to ensure that our customers can trade across all products. It will offer technical enrichments which target to improve execution speed and ease of use with better UI/UX. We are also planning to associate with fintech partners to launch innovative value-added products and services. This year, our internal innovation team seeks to collaborate with leading Fintech players to work on cutting-edge initiatives in customer analytics, predictive analytics, recommender engine and AI/ML space.”
Amit Golia outlines plans to collaborate with fintechs for customer analytics, predictive analytics, AI/ML space