Banking Frontiers

Loyalty program rewards right investment behavior


Reliance Securities leverages big data and robo-analytics to facilitate effortless trading:

Reliance Securities offers online trading platforms and investment opportunit­ies, providing customers with access to equities, derivative­s, currency, IPOs, mutual funds, bonds and corporate FDs. In the last 6 months, the company has f ocused on i mproving customer experience right from the sign-up stage to transactio­ns as well as after sales service. It has transforme­d its broking platform to a financial wellness platform which provides savings, investment and protection.

According to Rajeev Srivastava, Chief Business Officer, the company has re-engineered its customer on-boarding, making it a completely contactles­s, paperless process enabling customers to be able to trade in as less as 15 minutes. “We have also integrated our equities and commoditie­s trading platforms to give a seamless experience to our customers. We have added insurance as a new product category on our web platforms, which is in addition to all investment products that we offer. This is in line with our objective of making our platform a financial wellness platform,” says he.

The company has launched a customer loyalty program – R Advantage – recently, ¬a first of its kind in the broking industry, which gives reward points if a customer exhibits the right investment behavior.


The company has used multiple technologi­es like .Net, SQL, jQue, etc and has created TICK platform. “This is a comprehens­ive analytical solution that has been built to address the limitation­s of users and brokers for finding relevant insights from the financial markets in real-time,” explains Srivastava, further stating: “This platform consists of a bouquet of products covering news, price and fundamenta­l data for various asset classes and detailed analytics at portfolio, brokerage and user framework level. It has TICK web which is a big data analytics and robo-insights platform and TICK Pro, our intuitive mobile app, which empowers one with incredible analysis and pre-set strategies to get trade ideas effortless­ly.” The company has an in-house IT team of over 40 people.


Srivastava says the team could could re-engineer the customer onboarding experience in less than 3 months while equities commoditie­s integratio­n has taken nearly 6 months. The agility to deliver products is also dependent on the applicable regulatory framework, says he.


Through digital contactles­s and paperless onboarding, the company expects to add millennial customers and customers from non-metro cities. Srivastava says nearly 50% of the new customers acquired through digital routes in last 3 months are aged 30 years or below and the company has seen higher interest from cities such as Bhopal, Visakhapat­nam, Agra and Dehradun. Integratio­n of equities and commoditie­s platforms will be more useful for derivative traders while customer loyalty program will be relevant for all kind of customers, he adds.


Reliance Securities believes that customers still depend a lot on the reference of their peer groups while selecting a financial product. “We have accordingl­y launched a ‘Refer n Earn Program’ for existing customers who act as our brand ambassador­s and introduce us to new clients in their influence circle,” says Srivastava, adding: “Apart from this, we extensivel­y use digital marketing efforts, brand partnershi­ps for acquisitio­n and systematic digital engagement measures through video content and likewise to engage and educate user groups.”


Recent guidelines by SEBI ensure that a customer can open his account in a completely contactles­s and paperless manner. In this regard, Srivastava says the most important change is right at the account opening stage. The original seen and verified requiremen­t would be met through e-sign, while in-person verificati­on (IPV) requiremen­t is taken through Aadhaar authentica­tion and bank details are verified through penny drop mechanism.


With increased adoption of smart phones and ever improving internet quality, customers expect a frictionle­ss digital experience in all product categories and investment products are just a part of that. Srivastava says easier customer sign-up process and more and more digital innovation­s in the investment products and platforms have led to increased participat­ion of retail clients in the capital market. New customer acquisitio­n rates have more than doubled in recent years from 1.8 million demat accounts annually in 2015 to 4.1 million in 2019. This trend has further catalysed in the post-corona period.

“We have also witnessed nearly 50% jump in our digital accounts in pre- and post-corona period,” says he.

 ??  ?? Rajeev Srivastava reveals that Reliance Securities has witnessed nearly 50% jump in digital accounts in pre- and post-corona period
Rajeev Srivastava reveals that Reliance Securities has witnessed nearly 50% jump in digital accounts in pre- and post-corona period

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