Humanizing tech means designing tech to be better for

humans and better at interacting with humans

A superior customer experience is all about reliably

delivering the most appropriate customer services that
really count with your customers. IIFL Wealth
Management has made this principle a centerpiece of its
digital strategy.

With an AUM of Rs1,40,000 Crore, IIFL Wealth

Management is one of the leading wealth management
companies in India. It is the investment advisor to more
than 12,000 families in the HNI and Ultra HNI (UHWNI)
segments in India and abroad. The company has assets
of Rs 1.4 lakh crore under advice and distribution.

Money Wise

As a long-standing practice, the wealth management

company sent monthly portfolio statements to its 12,000
HNI/ UHWNI clients as email/pdf/paper. Despite these
monthly statements, requests for physical review
meetings with the HNI customers were increasing.
During these, in-person meetings with the RM, more time
was spent on providing basic information rather than
strategic calls.

This continued until February 2018. And then as a

serendipitous happenstance, the company moved its
portfolio statement dispatch from a normal engine to an
analytics-based engine. The analytics engine revealed
that made the read rate of the monthly portfolio
statement was as low as 7-8%. “This meant that only 7-8
% of our clients opened our monthly portfolio
statements on a regular basis. There were some clients
who would open it a month and then again not check it
for another 4 -5 months. For instance, they would read it
in Jan and then read it only after a couple of months in
April or May,” shares Abhishek Chandra, CTO, IIFL
Wealth Management.

If the customers didn’t check their portfolio statement

regularly, it could lead to dissatisfaction or a customer
complaint that could be raised after sufficient time had
elapsed.

Sharing the monthly portfolio statement is a critical

customer experience measure meant to inform the
customers on how their portfolio is doing. If the client
reviews and remembers his overall portfolio numbers on
a regular basis, he feels more in control and this has a
positive rub off on the perception of “effectiveness” and
“customer engagement” of the wealth manager brand.
Referrals contribute 50% of the new accounts opened,
hence “positive word of mouth” has a critical role.

Staying Power

If there is one key aspect of customer experience that

consistently counts, it is the need, in Chandra’s words to
live up to your customer commitments. He stresses
upon the need for service enhancing IT to bridge the gap
between what customers want and what the company
delivers.

And to do this, it’s sometimes necessary to go a long

distance out of the way in order to come back a short
distance correctly.

Customer behavior analysis helped Chandra arrive at the

conclusion that the HNI and UHNWI customers were
short on time and the dominant media they were
consuming was on their phones. Besides, IIFLW had the
largest market share in the “tech millionaire” segment.

Chandra thought it fit to deliver monthly portfolio

statements to these clients in a video format.

His conviction was backed by a Gartner study which

stated that any video which was up to 120 seconds got
viewed completely. This research finding helped him
define the entire scope of the video based monthly
portfolio statement. “We tried to do a synopsis of the
entire portfolio statement of the customer and create a
summary in a video capsule of 120 seconds. The video
would be created in a way that the client would get all
the key data points of his portfolio. So he would be
comfortable and aware of how his portfolio was
looking,” he states.

Keeping these insights in mind, IIFL WM decided to

leverage AI to deliver video account statements which
were personalized for every data point of the portfolio
review statement.

Right On The Money

Chandra collaborated with a Bangalore based fintech

startup AmigoBulls which had been working on a
platform based on the intelligent use of Text to Speech
conversion with HTML 5 platform. The fintech developed
a platform (patent registration in the process) for
making video statements using the Natural Language
Generation (NLG) technologies.

He spent 6 odd months to develop the platform with

Amigobulls and get all the new data points in place.

During this period he sat with the business stakeholders

and identified the key relevant points that the clients
need to know. “The PDF statement was anywhere
between 7 -20 pages depending upon the size of the
portfolio. So the total data points in a PDF statement
would be around 150-160 data points. We realized that
for the video statement we will have to identify the key
data points that we need to bring to the client's notice
and we would have to make them a part of the video. For
clients who still want more details in each of the video
slides, we have put an information icon. While viewing
the video on the screen there is an ‘i’ icon which they
can click and it will open the details of the page. The
client can get into specific details other than the data
points. There is a synopsis in the video, still, if the client
has a concern he can view it on the eye icon,” he says.

IIFL WM wanted to make sure that if it generated a video

then it should have a platform where it came to know if
the client had viewed the video or not. And it also
wanted to figure out the mechanism of delivery. So there
were three problem statements IIFL WM was trying to
deal with: One, select data points that can be covered in
120 seconds to provide a customized portfolio to the
client, track analytics to make sure that he is
consuming the video and figure out a mechanism for
delivery of the video.

The technology partner integrated their software

platform with the individual portfolio data shared by IIFL
Wealth. This tech platform created a video file with a
personalized welcome message but password protected.

One Move Ahead

The platform has the capability to provide video file with

a unique URL for each client and the auto-emailing
system pushed the link embedded in the Emailer and
SMS instantly. This link can be sent to clients on Whats
App also by the RM directly.

The personalized video statements are light-weight

unlike regular MP4 videos and are specifically designed
to work even with low-speed 2.5-3G connections. AI
and NLP based voice system have made it possible to
convert account statements into videos within minutes
every month.

The personalized, AI-based monthly video-statement

sent to clients has password protection. “This solution
met our brief in terms of being able to give each client a
personalized snapshot of his portfolio which is easy to
access, listen and remember,” shares Chandra.

AI and NLP supported by smart infographics and

interactivity are programmed to deliver a voice and
video-based unique experience to the client.

The design team across IIFL Wealth Management and

Amigobulls created UX/UI and reference animations to
make the statement visually scientific and present the
data in an intuitive manner. To increase interaction and
as an ‘add-on’ a short video from a financial expert was
added at the end of the statement. A process and a
team have been set up have been set up to record this
add-on video 48 hours in advance and roll it out. As a
key functionality, the video has a ‘click to call RM’
button as primary CTA, followed by email and mobile
number of RM.

The video allows the client to view the portfolio while he

is doing something else. He can listen to it. If he is
watching it and finds an anomaly he can pause the
video, take a screenshot, circle the issue and send it to
the RM. So he doesn’t have to type out his concern.

The platform has the capability to provide video file with

a with unique URL for each client and the auto-emailing
system pushes the link embedded in the Emailer and
SMS instantly. This link can be sent to clients on Whats
App also by the relationship manager directly. In 2019,
IIFL Wealth Management will launch it on WhatsApp.

During the course of implementing this initiative, IIFL

Wealth Management faced a challenge around handling
the volume of statements. “Initially, everything worked
well on the small prototype. However, when we started
to do it for our size of client base it was taking us 3.5
days to generate statement. This has been brought
down to 6 hours by the engineering teams of IIFL WM
and Amigobulls,” he reveals.

Now in 6 hours, IIFL WM is able to generate all the

statements and dispatch it also. “The moment the data
is ready and reconciled we are able to send it to the
clients. We generate the data for video statements only
after our PDF statements are ready. Now by the 10th of
every month, we send out the statements,” he adds.

Riding High In The Saddle

Chandra leveraged AI as a customer service enhancing

tool while hammering home the company’s customer
commitment. The transition to a more reliable, effective
and efficient mode of delivering monthly portfolio
statement resulted in improved customer service.

“With this initiative, we have harnessed the power of AI

to provide our clients innovative video reports which
give clients a unique experience in viewing and deep
diving into their portfolio. At our end, such software
gives us in-depth insights on all aspects of the
consumption of platform in an easy-to-understand
graphical format. Going ahead, we see ourselves
actively involved in tapping AI to provide newer and
useful insights,” says Yatin Shah, Co-Founder &
Executive Director, IIFL Investment Managers.

With customer after customer, IIFL Wealth Management

has heard a positive feedback for the initiative. “We
tried to take cached feedback from the client we have
put a like and dislike button. In the first rollout, we got
35 likes and 2 dislikes. We asked the client and he said
that he was tried to open the statement and it didn’t
open because of the bad network. This is a network
connectivity challenge which is difficult to resolve. But
we have ensured that even if the client gets a low
bandwidth of 2G connectivity, the video statement can
be watched,” he says.

“We are now at a readability of 23-24% and the video

statement links sent on WhatsApp have the readability
of 95-100%. But WhatsApp does not allow bulk
publishing so we have to rely on our RM to send it to the
clients on WhatsApp. “What is remarkable is that 100%
of those who opened the email, clicked to view the
video statement and 75% watched the video of
approximately 3-minutes till the end. The last 2 minutes
of this is a fund manager commentary,” Chandra adds.

IIFL Wealth Management will integrate the initiative as

an on-demand video statement into its new client app. In
Version 3 IIFL WM will come up with BOT approach
which will bring AI in chat and voice-based interactions.

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To rule the digital-events space, Paytm Insider must keep innovating

and cut third-party dependence
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Humanization in technology
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Case study of GUPSHUP APP

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 Case Study: Gupshup
Situation

Gupshup’s origin story begins with the firm Webaroo, founded in 2004 by
Beerud Sheth. At the time, Sheth was recognized across the tech industry as
“The guy who started Elance!” But one giant question remained
unanswered:

What transformative concept was Sheth going to come up with next to

disrupt a category and change technology?

Since Sheth had been toiling in the Artificial Intelligence trenches for 20
years—going back tohis days at MIT—he had a reasonable amount of
credence in the messaging space as something of a thought leader. But
RLM PR understood that he certainly deserved more credit:
Sheth at this point was a budding industry guru. Gupshup (which means
“chit-chat” in Hindi) was quickly rising as the leading global chatbot
development platform, and Sheth was delivering keynote presentations at
tech symposiums the world over as an AI subject matter expert. Yet
the brand awareness was not there. Furthermore, it was in dire need of a
partnership strategy and a total embedded thought leadership campaign for
Sheth.

Strategy

RLM PR leveraged the credibility of Sheth and Gupshup as the leader in the
bot space—a pivot towards educating reporters on this ever-growing
capabilities. RLM PR initiated many conversations by utilizing the ever-
growing narrative around AI, and where Sheth could speak to
the high-profile topic in as many manners as possible.

Results

After arranging an extended series of desk-side media appointments

between Sheth and an array of marketing trades and business and
technology media (Bloomberg, Wall Street Journal, Fast Company, et al),
we succeeded in securing expert commentary from Sheth into the media.
 There, he had a platform to talk about Artificial Intelligence and
chatbots, and with that he teed up the story regarding the vision for
 Gupshup. RLM PR allowed these synergies (and levels of expertise) to
flourish, to the ext

 Swiftly resolve queries end-to-end for common use cases such

as TRADING REPORT,BALANCE AND TRANSFER,BROKERAGE
CALCULATORS ETC.

ent where Sheth is now the #1 trendspotter in the bot

Conversational AI has been in the limelight for some time now. Companies
have been opting for AI chatbots and AI-enabled chat platforms or virtual
assistants to enhance the user experience for their customers. Recently,
Haptik, one of the world’s largest conversational AI platforms has
announced that they have built a next-generation Intelligent Virtual
Assistant (IVA) for IIFL Holdings Limited (formerly India Infoline Finance
Limited), an Indian diversified financial services company that serves over
4 million satisfied customers across various business segments.

ASK-IIFL IVA by Haptik employs automated query resolution for a variety of

common use cases. Through multiple API integrations, the IVA was linked
to IIFL’s Knowledge system and CRM, ensuring effective dissemination of
information to users at any point of time. With this deployment, IIFL was
successfully able to respond to high-frequency investor queries like the
trading report, account statements & ledgers, investment tips, and analyst
recommendations.

Haptik claims that the IVA runs at a resolution time of 45 seconds,

resolving queries 75% faster whilst enabling more than 30,000
conversations and receiving average user feedback of 3.7 out of 5. It has
significantly transformed IIFL’s customer support.

Commenting on IIFL’s strategic association with Haptik, Dharmender

Narang, EVP & Chief Customer Experience Officer at IIFL, said, “IIFL
Securities greatly prizes its customers and believes in empowering them to
get self-help at their convenience. However, we are always available to
support them whenever required. Our ASK-IIFL (Chatbot & Live Chat)
developed & supported by Haptiks Intelligent Virtual Assistant, has helped
us cater to a large number of queries in real-time. The Ask-IIFL IVA has
significantly reduced our resolution time and is leading our customer
support efforts from the front. We would like to thank Haptik for a great
beginning and look forward to working with them to further enhance our
customers’ experience.”