AI will no longer be a buzzword, but a fundamental component: Siddharth Bhat, Religare Broking
CXOToday has engaged in an exclusive interview with Mr. Siddharth Bhat, CTO, Religare Broking Ltd
- Citing the use case of Religare Broking, please share some insights on the role of technology in the digital transformation in the broking industry.
The pandemic has been a catalyst for digital transformation in the Broking Industry, mirroring the trends seen across the BFSI landscape. Discount brokers set the initial tone, and the pandemic accelerated the reliance on technology to an unprecedented level. At Religare Broking, we witnessed a swift progression from the “physical” to “physical and digital” and now purely to “digital” service model. A remarkable instance is our onboarding process, where efficiency has soared by an impressive 300% in just two years.
The credit goes to organizations like MEIT, UIDAI, and NPCI. They have facilitated seamless and user-friendly digital experiences to the masses. Their efforts have made sophisticated technology accessible to the masses at large.
In an era driven by instant gratification, technology is the conduit for meeting customer demands. The absence of these technological advancements, mentioned above, would have hindered our outreach to Tier 2, Tier 3, and Tier 4 towns and cities. These markets hold immense potential, and technology is the bridge to tapping into it effectively.
Real-time capabilities are technology’s gift. Tailored stock recommendations, swift query resolutions, and more are now feasible in an instant. This technology-led approach not only enhances customer experiences but also streamlines operations.
The trajectory of technology in the Broking sector is undeniable, and our adaptability has been key to staying relevant and responsive. As we look ahead, the symbiotic relationship between technology and finance is poised to continue reshaping our industry, enriching services, and creating opportunities in untapped markets.
- What steps are you taking to stay ahead of your competition while adopting digital?
We clearly differentiate ourselves as a brokerage firm which provides a comprehensive bouquet of services. We believe that in this industry providing personalized service is key. The question is how do we scale this model as we keep growing at a very fast pace, as the expectation from our customers will be higher than their expectations from a discount broker. The answer to that can only be through use of Digital Technology.
In this pursuit, we have done a strategic tie up with Nasscom’s CoE for AI and iOT. We anticipate exciting innovations to present themselves via this route.
We are also investing heavily to enhance our customer experience. We are implementing the best of breed CRM system which will significantly enhance customer delight.
- Please share the top 3 industry trends you foresee in the future as we talk about adoption of emerging technologies such as AI, blockchain, or cloud computing.
Multi-Cloud Adoption, Omni-Channel Experience, and the Use of AI stand out for me as the top three trends that are reshaping the technological landscape.
Each of the major Cloud providers are developing areas where they provide superior services vis-a-vis their competitors. I see a strategy to adopt Multi-Cloud to utilize the best of the services provided by each cloud provider, rather than limiting oneself to one Cloud provider. Multi-Cloud Adoption will gain prominence as organizations seek to leverage the best offerings of each of the cloud providers, and will provide additional benefits of risk mitigation and cost optimization.
In the realm of customer engagement, the Omni-Channel Experience takes center stage. Consumers now demand seamless interactions across various touchpoints, including web, mobile apps, social media, and physical branches. Unifying these channels to provide consistent, personalized experiences will be a key factor to drive customer satisfaction and loyalty.
The evolution of AI will lead to components of AI getting embedded into almost each and every process, be it internal or external. This will revolutionize the way we work in unimaginable ways. I look forward to AI cutting down development time significantly, which will result in much faster Time To Market strategies.
In short, AI will no longer be a buzzword, but a fundamental component of every aspect of technology and processes.
- Can you also outline your strategic vision for Religare Broking’s technology landscape over the next few years? And how these tech plans align with the firm’s broader business goals?
Our present mission revolves around the modernization of our applications. Given the dynamic nature of the tech landscape, minimizing tech debt is paramount to ensure the unhindered pace of innovation. By addressing this, we lay the foundation for agility and responsiveness to emerging trends.
Simultaneously, we recognize the power of data as a transformative asset. Therefore, our focus extends to establishing a robust data repository. This repository will serve as a valuable resource for a multitude of AI-driven initiatives, enabling us to extract insights and make data-backed decisions.
Our partnership with Nasscom’s Center of Excellence for AI and IoT underlines our commitment to pushing the boundaries of innovation. Collaborating with the vibrant startup ecosystem within our nation, we seek to pioneer novel ideas and solutions that can reshape our industry.
With a rich legacy spanning over 25 years, RBL stands as a distinguished broking entity. Our pursuit extends beyond success; it’s about cultivating trust among our customers. We recognize the dual imperative of demonstrating rapid innovation while exercising responsibility. This balanced approach is our commitment to fostering an environment of trust, showcasing our ability to evolve swiftly while upholding our duty towards our customers and stakeholders.
- How do you balance the need for robust cybersecurity with the demands for seamless and user-friendly digital experiences for your customers?
Prioritizing the protection of our customers’ interests remains our highest commitment. The delicate task of balancing security and user experience is a substantial challenge we conscientiously address. Our security measures are thoughtfully designed, keeping the user at the center. Even features like multi-factor authentication are implemented with a focus on leveraging the user’s device capabilities for a seamless experience.
Central to our approach is user education. We believe in imparting knowledge about security best practices until they become second nature to our customers. This empowers them to actively participate in their own protection. By fostering awareness, any security-related inconveniences introduced are more readily embraced, as customers understand the collective purpose of safeguarding their interests.
An integral aspect of our strategy is assessing risk on a per-action or per-transaction basis. By taking this tailored approach, we avoid excessive security measures that could unnecessarily cause inconvenience to customers. This balance ensures that security remains robust where needed without imposing undue barriers to a smooth user experience.
As we navigate the landscape where digital interaction is ubiquitous, our commitment to safeguarding our customers’ interests steers our decisions. By incorporating a human-centric security approach, educating users, and calibrating security measures based on risk, we aspire to provide a secure, yet frictionless, environment. It is this equilibrium that sets the stage for a trust-rich relationship with our valued customers.
