ICICI Securities move towards digital transformation is allowing millions of its customers to work in a self-service mode, getting advice from a robotic agent to expedite query resolution
YAGNESH PARIKH
ICICI SECURITIES
For our daily stock market traders, we started 'trade racer' which keeps them connected to the stock market by the minute. For new entrants to the market, we introduced intensive financial literacy programmes which are available through video conferencing and at the convenience of the customer. For the informed investor, we launched Track-n-Act, a first-of-its-kind RoboAdvisory in India that helps customers on taking informed financial investment decisions from time to time.
In times when only 4 per cent people invest in the stock market, making them understand the importance of financial products may seem to be a Herculean task. That is how the ICICI Securities' journey towards digital transformation began - to create a platform that would make it easy for individuals to participate in the India Growth story and invest their money in the rights products to meet their financial goals.
The 16-year-old financial institution wanted to make it easy for its four million customers to trade in the stock market without being hassled by the endless complexities it entails. “We tailored our offerings across platforms and devices to meet the growing needs of our more than four million customers. For eg, e-contracts which are a norm today were launched for the first time by ICICI direct.
ICICI Securities developed the ICICI direct mobile trading app to help customers stay connected with the market while on the move.“We have digitally empowered our sales teams by creating an app that helps them engage with the customer through a ready reckoner on various products and market information,” says Parikh.
Digital transformation helped the company optimise costs, rearrange its workforce and thereby improve operational productivity on the ground. “Digital transformation has increased our basket of product offerings and thereby directly contributed to our top line,” he puts in.
The task was achieved by focussing on core product development through the company's own internal technology team. “This has reduced the impact on dependency of our implementations on legacy infrastructure and helped us perform migration of infrastructure to more advanced levels at certain key release levels over time,” he explains.
ICICI Securities encourages and engages with various start-ups for some of its product innovations. “There have been instances where we have engaged with start-up vendors and reviewed their suggestions and products for improving our products and processes,” says Parikh. But digital transformation is a journey and not a destination for the company that works in a highly dynamic environment. “Our digital transformation goal is to continuously improve and innovate – continuously access our processes to improve lead time and think innovatively to offer best-in-class products to the customers to help them meet their financial goals,” opines Parikh.
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