Why and when did you decide to digitalize your business? What made you choose NSE NMF II as your digital partner?
Digitising the business is the need of the hour. It enables one to service a large client base cost effectively and eliminates operational delays.
We evaluated multiple platforms before finally joining NSE in 2015. We found the NSE NMF team to be the most receptive to our technology and support needs. We had worked closely with them in the past also to customise certain reports for our company. They also were quick to resolve any queries and operational glitches.
What challenges did you face while migrating your business from physical to NSE platform?
The biggest challenge we faced was acceptance. Be it our officials or clients or the management team, we were all comfortable with the status quo. Gradually we could train our sales force and management team on the use of the platform but changing client mind-set was difficult. Typically, clients from tier 2 and tier 3 cities were hesitant to conduct financial transactions online. It was a massive task to make them understand that online transaction is secure.
What support did NSE provide to make the transition smooth?
The NSE team conducted multiple trainings for our employees.
You have recently conducted a SIP drive in which you got 3000 new SIPs in a three days. How did you go about approaching clients and executing the plan? How has NSE NMF II s helped you run this drive?
The idea to run a SIP drive came to our mind around 5 months back. With market returns faltering, many RMs shared that clients were worried about their investments and unsure of staying the course.
Through the SIP drive, we wanted to connect with clients with a positive message. We assured them that this volatility would pass. Furthermore, with valuations turning attractive, it was a time to increase exposure to equities. Moreover, by spreading their investments through SIP, they got the added benefit of more units.
Over five months, our team connected with clients to assuage their market related fears and explain to them the benefits of systematic investment. As majority of the SIPs were online, we did not have much paper work. In the three-day SIP drive, we activated 3,000 SIPs with average SIP amount of Rs. 1,500 to Rs. 1,600.
The NSE back-office team promptly resolved all transactional and operational issues during the SIP drive.
Which features of NSE NMF II did you like the most?
I liked two things the most - the quick and hassle-free on boarding process and comprehensive reports, which show transaction status, sales channelized by each RM.
How has the platform helped in the growth of your business?
Moving from physical to online has eliminated the numerous operational challenges that we used to face during the transaction process. It gives us increased bandwidth and ability to scale our business faster by tapping clients in tier 2 and tier 3 cities easily.
