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Our digital transformation initiatives have led to significant increase in active client base: NK Purohit, CDO, IIFL Securities

Digital transformation initiatives have enabled IIFL Securities to climb to the 9th position from the 12th, in just seven-eight months. The active client base has increased from 3.5 lakhs to 6.5 lakhs. The company is providing better charting software, multiple ways to invest and diversify customers’ portfolios, and many more. NK Purohit, Chief Digital Officer, IIFL Securities Ltd, says that as customers are getting benefits from these initiatives, they are helping the company to grow

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Which are the digital transformation initiatives at IIFL Securities that have been key to achieving excellence in customer service?

The key digital transformation initiatives include:

• Transformation of cumbersome physical tax filing to single click hassle-free tax filing using Quicko.

• GoCharting and TradingView integration for better customer trading experience on charts with one click.

• ETFy providing curated ETF baskets based on strong fundamentals.

• StarFolio “Prebuilt folio baskets of equities, gold, and ETFs/mutual funds”. Based on thematic investing, HNI portfolio and underlyings of Mutual Funds replication, customised baskets as per Risk, Growth, and Value provided by customers.

• GoldenPi making bond investment easy.

• Self Help for users by creating a Help Page, which has a strong community and a bot to answer your queries.

How have these digital transformation initiatives been strategic to the growth of IIFL Securities?

Our main focus at IIFL is to provide the best possible value to our customers. Initiatives like simple login using your mobile number to real time account activation to curated recommendations as per client needs to easy fund transfer to easy analysis and many more has helped us achieve new heights. These digital transformation initiatives have enabled us to climb to the 9th position from the 12th, in just seven-eight months. The active client base has increased from 3.5 lakhs to 6.5 lakhs.

We are providing better charting software, multiple ways to invest and diversify customers’ portfolios, and many more. As our customers are getting benefits from these initiatives, they are helping us to grow.

Any tech implementation/project that has been a best-in-class solution, you are particularly proud about?

Industry-first login, account opening best in class, recommendation platform, primary market platform One up.

• Best in class account opening facility by IIFL Securities.

• Demat account in 5 minutes.

• Seamless log-in flow which is best in the industry.

• IIFL Bytes as a recommendation platform.

• Coming up with One up platform which is a platform for primary markets wherein you can subscribe to bonds, NFO, IPO.

What are the common cybersecurity challenges of financial services companies like yours and how do you mitigate these risks?

We have robust inhouse Vulnerability Assessment and Penetration Testing (VAPT) , CSec. Technology is a double-edged sword. It provides convenience but also exposes us to various risks. Common cybersecurity challenges are data theft and data manipulation, malware attacks, supply chain of data, emerging technologies. Data theft and data manipulation can result in high returns for cybercriminals and they can threaten companies like us by changing or destroying our data. This is just an example of the challenges faced by us. To mitigate these risks, we are using VAPT and cybersecurity solutions. These solutions keep everything in check before our launches and ensure that our systems are secured.

What is your perception regarding the role of emerging technologies and how will it redefine customer experience in your industry, in times to come?

• Emerging technology has a very significant role in the present and the future.

• The number of Demat account opening in the last one year, from April 2020 to January 2021 is 10.7 million.

• The average age of Demat account holders has come down to nearly 35.

• 10 years ago customers were from tier 1 cities and currently new customers are from tier 2 & 3 cities with the average age of these people between 26-35.

• Comparing UPI transaction value of Oct 2016 and Oct 2021 which stood at 48.57 cr and a whooping 771444.98 cr.

• ETF market grew from 15.13 thousand crore in sept 2015 to 218.82 thousand crore in Sept 2020 which is 14.45x.

• The use of AI, ML, blockchain technology will redefine the customer experience.

• The future of technology will be similar to NETFLIX, Amazon, Google.

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