Digital wealth management solution for Anand Rathi - A leading financial services provider in India
A digital solution to reduce operational costs for the client and enhance the investing experience for its customers.
Founded in the year 1994, Anand Rathi Group is one of India's leading financial services firms. Its key offerings include private wealth management, corporate finance & advisory, investment banking, brokerage & distribution services in the area of mutual funds, equities, structured products, commodities, corporate deposits, insurance, loans, and bonds. The firm offers its services to high-net-worth and ultra-high net worth individuals and families.
What were the business challenges?
In an industry dominated by a lot of paperwork-based processes, the company aimed to transform its sales operations. The client wanted to enable their sales force and customer to open investment accounts and manage their portfolio in a few clicks through an App.
One of the biggest challenges that customers of Anand Rathi faced was with the account opening process. It required customers to fill a 50 pages booklet form and took almost 4-5 days for relationship managers (RM) to open a client account. Moreover, the customers needed to fill more forms according to the changes in government regulations. Another significant problem that the customers faced was their dependency on RMs. Customers needed to call their RM every time they wanted to:
- Update their wealth strategy or create a new one
- Add or remove a family member to their current strategy
- Create or delete an account
- Check the status of their portfolio
- Withdraw money from one or multiple schemes
- Invest money in new schemes
The client also wanted to optimize and streamline its internal and back-office operations. The current processes included a lot of paperwork and human intervention and lacked automation. There was no proper way for relationship managers to:
- Schedule appointments with clients
- Keep track of various stages of the entire sales funnel, i.e., the number of leads generated, wealth strategies created, app downloads, accounts opened, strategies implemented, and finally, the total amount of investment received.
The client aims to become a leader in the financial advisory sector by providing long term values to its investors via digital technologies. The client wanted to build a digital platform that would help investors to create their wealth target and achieve it.
Our UX design process
Our well-structured user experience design process helped us in understanding the client's objectives and business challenges clearly and define an execution plan based on that.
The first step that we follow in our UX design process is to understand the problem from inside out. We use industry-standard methods for user research. These methods help us to create different user personas and define various use cases.
After identifying various user groups, personas, and use cases, we perform research on each user group by conducting interviews, performing usability tests, identifying pain areas, performing competitor research, and learning the latest UX trends.
Create information architecture, paper sketch, low fidelity wireframe, high fidelity wireframe, and functional prototype based on the data collected in the research phase. Create interactive prototypes that cover every use case provided by the client.
Design, specs, and delivery
To create visual concepts, it is paramount that we understand the demographics and psychographics of target user groups. Based on that information, we map the brand personality and user preferences. After learning the brand attributes, we create a functional prototype.
Validate the design
The final step is to audit the final design based on different parameters, such as usability, easiness, credibility, and more. Based on the UI audit reports, we mark the areas that need improvement and iterate the steps mentioned above until we achieve defined user experience flow.
How Credencys addressed the challenges?
Credencys designed and developed a highly intuitive Customer and RM app along with the backend team of Anand Rathi. We collaborated with them and created an app design that simplified the account opening process in 3-step. It enabled customers to open an account in just 15 minutes without any paperwork.
Another reason to develop the customer app was to reduce the RM engagement with customers/investors. Once the account opening process is done, investors can immediately start using a mobile app to transfer funds and make the investment. The app allows for real-time money transfer and process. Thus, investors can leverage hassle-free wealth management on their fingertips.
The RM app has features that would enable relationship managers to handle sales more efficiently. It would also help them to keep track of customers based on their stages at sales funnel. Compared to earlier, RMs can now focus on resolving genuine queries of their clients rather than providing them a suggestion, consultation, and feedback for every single portfolio item.
Key features of the application
After identifying the user persona of several clients, we determined that the majority of them were non-tech-savvy. Although, some of them being tech-savvy, didn't have time to manage their wealth using an app. Instead, they would prefer someone else to do it on their behalf. So, we created a signup form that enabled a user to open his/her account in just four clicks.
Set wealth target
After signing up for the wealth management service, the app will redirect clients to the "Set Wealth Target" page. Here clients can know their ultimate return amount by entering their current wealth, annual savings, and investment timeframe.
3-step account opening
3-step account opening is one of the most revolutionary features of the client app. This feature allows a client to open their account in 3-steps. The first step is to enter the PAN card, date of birth, and email. Once the KYC is verified, the second step is to enter their bank account details. The final step is to agree to the terms and conditions. A client's account will get open as soon as he/she agrees to the terms and conditions. The app also provides the facility to create and manage multiple family accounts from a single device. However, they still need to upload other documentary proofs later on.
Create wealth strategy
Once the account is open, clients can create wealth strategy/ies on their own using the app. Clients have full freedom to choose the percentage of their wealth that they want to invest in equity or debt. It also gives them insights about how their portfolio will react to market trends based on the funds they choose to invest in.
The app also provides the facility to create multiple wealth strategies. A client will have the flexibility to add or remove family members from any of these strategies.
The Flexi-Invest Plan(FIP) feature will help clients in automating the investment process by allowing them to make automatic payments on their terms and conditions.
Clients will receive recommendations regarding various equity as well as debt funds in the app itself. They can update their portfolio based on those recommendations anytime they want.
Invest, switch, withdraw
After creating the portfolio, the clients will have full flexibility to invest more in the current portfolio, switch their current wealth portfolio to other wealth portfolios, and withdraw the (partial or full) amount from any of their portfolios.
Loan against mutual fund
The app will notify a client if he/she falls short of his/her pre-defined investment strategy. A client can bridge the gap either by making a transaction of the required amount or by taking a loan from the company at a specific interest rate. Customers can apply for a loan in a few clicks using the app.
The dashboard has three most essential elements that every RM needs to know at any given time.
- Visually represented sales funnel, which helps them to identify the number of leads, wealth strategies set, onboarding, and active strategies.
- Investment and return status of his/her top 10 clients.
- Status of his/her monthly, quarterly, and yearly target set and target achieved. It also shows the current quarter's income of an RM.
Earlier, RMs had to deliver the same sales pitch again and again to every client to sell the services of the company. Now, with the help of the iPad app, they can simply show videos of their services and offerings. It helped them to focus more on client problems and concerns.
Lead and client
This feature helps an RM to track leads by providing them precise information about every client. Now, on a single click, RMs can,
- Initiate a meeting call with their clients.
- View the wealth strategies created by their clients using the client app.
- Check the onboarding status of the clients.
- See the messages sent by the clients.
- Check the order status (Executed, Pending, Expired, and Failed) of a scheme of a client.
- View the trade book, which displays the funds their clients sold or bought along with the number of units and its total amount.
RMs can view their daily and monthly tasks in a calendar format. It will help them to manage their tasks efficiently. There are different color codes for various tasks such as making a call, attending a meeting, sending emails, providing documents, etc. RMs can add, edit, or remove tasks from the calendar as per their requirements.
Key results achieved through the app
99.7% time saved on filling the account opening form.
Rs.500 Cr AUM achieved in the first 3 months of app launch.
Business impact/benefits of the app
RMs' productivity increased
Both the client app and RM app helped RMs to reduce a significant amount of mechanical operations, manual account opening form filling being one of the major ones, which increased their productivity. It also helped them to acquire more customers than earlier as now they can meet more customers in a day, week, or month than earlier.
Improved time management
Personalized calendaring helped RMs to identify their daily, weekly, and monthly tasks quickly, which helped them to organize their day better compared to earlier. RMs will now have more clarity about their tasks, which will help them to increase productivity.
Better customer engagement
The customer app helped clients to manage the portfolio by themselves in a few clicks; earlier for which they were dependent on relationship managers. Customers now have full freedom to create, edit, and switch wealth strategies whenever they want. Moreover, the app features new videos providing market insights and investment advice.
Generated more AUM than ever
Both the customer and RM apps helped the company to acquire more customers in a particular month, quarter, or year than earlier. The primary reason being the overall increase in the number of leads. And, the second being the recommendations and freedom clients got to invest in a variety of funds using the app.