Investments: Online business growing 2.9x
Srinivas Jain, ED & CMO (Strategy and International Business) at SBI Mutual Fund, and Nandkishore Purohit, Head of Online Business & Digital Strategy at HDFC Securities, discuss the various aspects of the digital journey:
which is why we are continuously scaling up to work as a technology and innovation company that delivers investment solutions to customers. We are exploring various avenues to leverage technology to stay relevant in the market. We are focusing on the API economy to offer innovative digital offerings to customers with a faster time to market. While the common belief is - digital is all about adapting to the change - we feel it is about adapting the change ‘quickly’. If we fail to do so, we won’t be relevant to our customers - and with a buffet of offerings available in the market for the customers, we need to be at the top of our game all the time.
How much business have you garnered online and off-line in 2017-18?
Srinivas Jain: In the last one year, we have significantly increased our share of online business. On an average, the share of online business has seen a 2.9x growth. A lot of this has been achieved post deployment of analytics and automation. We believe that in this era a gradual shift is happening towards identifying micro segments. Moreover, in many cases we have seen segments of “One” emerging strongly. Our analytics team works constantly to identify and predict growth areas and suitably market our offerings. This has led to consistent increase in business. The total expenses incurred on digital initiatives in the last one year are around Rs28 crores.
Nandkishore Purohit: As much as 72% of our customers transact through our online channels generating around 50% of business, remaining is through assisted and offline channels. When the customer is transacting online - analytics become the key enabler. It helps us track and understand customer behavior, user journeys, how he acts when the market is on a bull run, how he reacts when the market is bearish - basis which we create users’
Srinivas Jain claims technological development can lead to a paradigm shift in how investments are made