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



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What are the digital transformation initiatives of IIFL Securities that have been critical to achieving customer service excellence?

The main digital transformation initiatives include:

• Converting a cumbersome physical tax return into a hassle-free tax return with just one click using Quicko.

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

• ETFy providing organized baskets of ETFs based on solid fundamentals.

• StarFolio “Pre-defined folio baskets of stocks, gold and ETFs / mutual funds”. Based on thematic investing, HNI portfolio and underlying replication mutual funds, personalized baskets based on risk, growth and value provided by clients.

• GoldenPi facilitates bond investment.

• Self-help for users by creating a help page, which has a strong community and a bot to answer your questions.

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

Our primary goal at IIFL is to provide the best possible value to our customers. From initiatives such as simple login using your mobile number to real-time account activation to recommendations organized according to customer needs, easy fund transfer to easy analysis and many more we have helped reach new heights. These digital transformation initiatives have allowed us to climb to 9th position from 12th, in just seven to eight months. The active clientele went from 3.5 lakhs to 6.5 lakhs.

We provide better charting software, multiple ways to invest and diversify client portfolios, and more. As our clients benefit from these initiatives, they help us grow.

A technological implementation / project that was a first-rate solution, of which you are particularly proud?

Industry’s First Login, Best-In-Class Account Opening, Referral Platform, One Up Primary Market Platform.

• Improved ease of opening an account by IIFL Securities.

• Demat account in 5 minutes.

• Transparent connection flow which is the best in the industry.

• IIFL Bytes as a recommendation platform.

• Coming up with the One up platform which is a platform for primary markets where you can subscribe to bonds, NFOs, IPOs.

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

We have a robust in-house Vulnerability Assessment and Penetration Testing (VAPT), CSec. Technology is a double-edged sword. It is convenient but also exposes us to various risks. Common cybersecurity challenges are data theft and manipulation, malware attacks, the data supply chain, and emerging technologies. Data theft and manipulation can lead to high returns for cybercriminals and it can threaten businesses like ours by altering or destroying our data. This is just one example of the challenges we face. To mitigate these risks, we use VAPT and cybersecurity solutions. These solutions control everything before our launches and guarantee the security of our systems.

How do you perceive the role of emerging technologies and how will they redefine the customer experience in your industry, in the times to come?

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

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

• The average age of Demat account holders has dropped to almost 35 years.

• Ten years ago, customers were from Tier 1 cities and now new customers are from Tier 2 and Tier 3 cities, with the average age of these people ranging from 26 to 35 years old.

• Comparison of the UPI transaction value of October 2016 and October 2021 which amounted to 48.57 cr and 771 444.98 cr.

• The ETF market grew from 15.13 thousand crore in September 2015 to 218.82 thousand crore in September 2020, or 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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