IIMC-CRC-2018-01

IIMC CASE RESEARCH CENTRE (IIMCCRC)

INDRANIL BOSE, SAIKAT LAHIRI
AUGUST 2018

FINEDGE: BIONIC ADVISORY FOR A DIGITAL INDIA

JUNE 2018, GURUGRAM

Harsh Gahlaut, founder and CEO of FinEdge, glanced at his television set as the talking heads got
into a detailed analysis of the teams for the upcoming World Cup football match in Russia. He
rarely found time to unwind with football, but today he had decided that this big match was
worth a view. Half his mind was still on the computer screen in front of him, as he poured over
some numbers.

His ears perked up when he heard the anchor introduce the next segment and announce “..
1
is brought to you by Mutual Funds Sahi Haye (mutual funds are the right choice in Hindi) “ in
a very proper English accent. Gahlaut pushed his chair back, cradled his head in his arms and
smiled, as he allowed himself to feel a sense of elation. Mutual funds 2 had started to make such
deep inroads into the Indian psyche that their imprint was all over a football match on television.

Gahlaut reflected on how far the industry had come both in terms of awareness and functionality.
From low technology and high paperwork, to largely paperless and digital, the industry had
transformed in the last six years. While this meant FinEdge was riding a crest of success as rapid

1 https://www.mutualfundssahihai.com/en/amfi
2 https://www.mutualfundssahihai.com/en/what-is-a-mutual-fund

Prof. Indranil Bose of the Indian Institute of Management Calcutta and Saikat Lahiri developed this case
study as the basis for class discussion rather than to illustrate the effective or ineffective running of an
organization.

This case study is meant for use in Executive Education Program for a course titled “APFTFA-BL01”
taught by Prof. Indranil Bose of IIM Ahmedabad starting 20th November 2023. Beyond limited printing
rights, copying, distributing or posting of this case study in any form on any media is strictly prohibited.
The limited rights to use this case is only valid for the duration of the program.

Copyright © 2018, Indian Institute of Management Calcutta.

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volume growth made their business increasingly profitable, it also meant that competition was
growing as everyone from big banks, nimble non-banking financial corporations (NBFCs),
international wealth management firms to upstart companies peddling direct mutual funds were
aiming for a piece of the pie. There was even talk of online retailers starting to sell mutual funds
online. Gahlaut knew that life would be very different for them in the next few years, and they
had to be ready.

THE MUTUAL FUND INDUSTRY IN INDIA3

Mutual funds were a financial instrument where individuals and institutions were allowed to
purchase ‘units’ of the instrument. The money raised from the unitholders or owners of the
mutual fund was used to purchase units of various asset classes such as equities (company stock),
debt (bonds and debentures issued by governments and corporates) or gold. The value of each
unit of the mutual fund (called Net Asset Value) changed as the values of the underlying assets
changed. Globally the mutual fund industry was estimated to be at over USD 80 trillion of assets
under management as of end 20174.

The mutual fund industry in India officially began as far back as 1963 with the formation of the
Unit Trust of India (UTI) by an act of the Indian Parliament. UTI was established by the Reserve
Bank of India and functioned under its regulatory and administrative control until 1978, when
the Industrial Development Bank of India (IDBI) took over. By end 1988, UTI had INR 67 billion of
assets under management.

The year 1987 marked the entry of non-UTI, public sector mutual funds set up by public sector
banks and the Life Insurance Corporation of India (LIC) and the General Insurance Corporation of
India (GIC). SBI Mutual Fund was the first such mutual fund established in June 1987 and this was
followed by funds from Canara Bank, Punjab National Bank, Indian Bank, Bank of India, and Bank
of Baroda. The LIC established its mutual fund in June 1989 while the GIC set up its mutual fund
in December 1990. By the end of 1993, the Indian mutual fund industry had assets of more than
INR 470 billion under management.

The entry of private sector funds in 1993 ushered in a new era, giving Indian investors a wider
choice of funds. The same year, the first Mutual Fund Regulations came into being, under which
all mutual funds, except UTI, were to be registered and governed. The erstwhile Kothari Pioneer

3
Source: https://www.amfiindia.com/research-information/mf-history
4Source: https://in.reuters.com/article/global-funds-aum/global-assets-under-management-hit-all-time-
high-above-80-trillion-idINKBN1CZ11F

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(now merged with Franklin Templeton) was the first private sector mutual fund registered in July
1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive
revised Mutual Fund Regulations in 1996.

Since then, many foreign financial institutions set up funds in India and several mergers and
acquisitions reshaped the space. The mutual fund industry in India continued to grow at a rapid
pace with a small bump in the road during 2008-2009 at the height of the global financial crisis.
As of June 2018, the total asset under management in the Indian mutual fund industry stood at
over INR 23 trillion5 or USD 350 billion and was growing at an average annualized rate of close to
20%. However, the number of mutual fund investors was still only 15 million which represented
no more than 2% of Indian households. This meant a large opportunity was waiting to be tapped.

ABOUT FINEDGE

In 2018, FinEdge was a personal financial services solution provider based out of Gurugram,
Haryana, India. It was established in 2011 by long-time friends and veterans of the financial
services industry Harsh Gahlaut and Mayank Bhatnagar, who was the Chief Operating Officer
(COO). FinEdge’s primary business consisted of an online platform that allowed clients to register,
set personal financial goals, get expert financial advice, build a customized financial plan, and
purchase mutual funds to meet those financial goals. Exhibit 1 provides a brief overview of
FinEdge.

FinEdge gave clients the option of building fully Do It Yourself (DIY) plans where the client made
all their own investment decisions and FinEdge operated as an online distributor of mutual funds.
This was the ‘Robo-‘ advisory side of the business with minimal or no involvement of an actual
human advisor. At the other end of the spectrum, FinEdge gave their clients access to a financial
advisor or relationship manager over the phone, who could guide the client in terms of building
their financial plan and purchasing the right products to meet their goals. This was the ‘Bionic-‘
advisory side of the business which according to Bhatnagar:

“Combines the best of human advice with the latest in technology and digitized ease of use.
Even our DIY model is more of an assisted DIY model with a human advisor available to
answer any questions or facilitate investments at all times.”

FinEdge did not distinguish between clients in terms of services offered, and any client could go

5 Source: https://economictimes.indiatimes.com/mf/analysis/mutual-funds-add-rs-4-75-lakh-crore-in-
fy18-aum-crosses-rs-23-lakh-crore/articleshow/63637954.cms

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from fully DIY to fully advisor-driven or vice-versa as and when they pleased. Their core revenue
stream consisted of commissions from various Mutual Fund Asset Management Companies
(AMCs) for the mutual funds that were distributed online through their platform. They also had
a voluntary annual fee that their clients could choose to pay. In the words of Gahlaut:

“If the client is satisfied with our services, they have the option of paying us one of two fee
tiers. Happily, last year we found that over 60% of our clients paid a fee and over 30% paid
the higher tier. The key is, we do not change our features or service levels based upon the
client paying or not paying fees, everyone gets the same level of commitment from us.”

As of April 2018, FinEdge had over INR 3 billion of assets under management, with clients in over
600 cities in India. Exhibit 2 provides an overview of the financial strength of the company.

THE BEGINNING
In 2010, after several years in the financial services industry including a long stint at Standard
Chartered bank, Gahlaut was working with Religare Macquarie, while his former colleague and
old friend Bhatnagar was at Standard Chartered bank. Their experience in the financial services
industry had left them wondering who exactly they were trying to serve. Gahlaut recalled:

“Everyone was talking about the demographic dividend of India, but really everyone in the
personal finance industry was interested in targeting the existing wealth of the affluent
0.1% and their focus was on wealth management not wealth creation.”

The co-founders felt that in order to make a real dent there needed to be a focus on building
wealth for a new generation of Indians. Most of the wealth managers were busy selling various
financial products to High Net Worth Individuals (HNIs) and often the products were those on
which they could get the highest commissions, such as insurance policies. Bhatnagar said:

“Such products being sold to young people looking to build wealth did exactly the opposite,
they eroded wealth instead of creating it.”

As the idea of FinEdge started to take shape in 2011, the co-founders realized that the biggest
impediment to giving sound financial advice was the economics of it. An average relationship
manager at a bank or a wealth management firm typically serviced no more than 30 to 50 active
clients. If they were to deliver commissions to their employer they needed to sell a lot of products
to each client, and this meant that the focus was on selling products and not on the financial
goals of the customer.

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Gahlaut and Bhatnagar felt that the only way they could focus on the financial needs of the client
was by increasing the number of people that an advisor could service by an order of magnitude.
They also would need to keep overhead costs low and the physical cost of setting up offices in
different cities to service clients locally was something they could not afford. Gahlaut recalled:

“We felt that the only way we could have a single advisor service 500 plus households was
to service them remotely and use technology extensively. This was a difficult concept to
grasp in 2011, and many people laughed at us. Even the industry and regulations at the
time were highly paperwork intensive and not well suited for a lean digital and remote
model.”

However, Gahlaut and Bhatnagar believed that the future was digital and they gambled on the
industry moving in a direction that would allow them to realize their dreams. There were already
some companies such as FundsIndia that were running online mutual fund distributor platforms.
They knew that their model had to be superior if they were to make a dent in that market and
take on the large banks and wealth management firms which were also starting to promote
mutual funds in a big way. They banked on being able to leverage technology better than their
competition to enhance their advisory capabilities and build a sustainable business. Exhibit 3
summarizes the critical need for technology enablement to implement the FinEdge model.

With their own money as well as funds from a third co-founder Gaurav Agarwal, FinEdge was
born in September 2011, starting operations across the country from their office in Gurgaon (now
Gurugram). In April 2012, Aniruddha Bose, another old acquaintance, fresh from a mid-career
MBA from Oxford University, came on board as business head to add further heft to their
management capabilities.

GROWING INTO PROFITABILITY

From the very beginning, the FinEdge leadership focused on mutual funds as their sole product
offering, as they believed that these were the most efficient products for investors to achieve
their financial goals. They were also very clear that while technology would be the backbone of
their offering, the human touch was critical when it came to building trust with their clients.

Between 2012 and 2016, the financial services industry in India and the mutual fund industry in
particular changed dramatically. There was rapid adoption of digitization, and awareness of
mutual funds as financial instruments also increased manifold. The mutual fund regulator SEBI
(Securities and Exchanges Board of India) moved with the times. While regulations were

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extremely tight, digital adoption even to the extent of adopting the new national UID (Aadhaar)
for electronic know your customer (eKYC) norms albeit with investment caps. Bose, now the Chief
Information Officer (CIO) of FinEdge, noted:

“People became more and more comfortable with the idea of getting financial advice over
the phone without meeting face to face and with making and tracking their investments
online.”

At the same time, Bose recalled how internally, they were struggling to move away from the
spreadsheet based manual system. In 2015, Bose moved from his business role to a CIO role, and
hired a small team to focus on building the technology piece. FinEdge built their own CRM from
an open source platform and integrated it using APIs with various platforms such as logistics,
investment transactions, registrar data, and telephony. This was built in-house to create a robust
and efficient customer relationship management (CRM) system that was largely automated.
Exhibit 4 provides an overview of how technology enabled the growth of FinEdge. Bose said:

“We focused on processes and not just technology. Every task that we did was audited
and fed back in a loop. Where we could not do this through APIs, we did it manually using
checklists. We have married technology with physical processes wherever we had to.”

The time for on-boarding new clients went from several weeks in 2012 to a few days in 2016.
FinEdge was able to evolve to a point where every relationship manager could manage up to 800
households in various cities across India and that number was still growing. However, they
believed they have been able to retain the quality of advice in spite of these high numbers.
Gahlaut said:

“Since we don’t have any pressure to sell products given the high advisor to client ratio,
we always make sure we do not propose anything to the client that is not good for them.
And the quality of advice is the same irrespective of whether the client invests a few
thousand a month or a few lakhs.”

By 2013, their business model was well established and from that point onward it changed little
even as their systems, processes, and advisory capabilities improved. Being a retail business in a
fast-growing industry, FinEdge was able to essentially double their Assets Under Management
(AUMs) every year since then. In this period, the equity markets also generally showed a strong
upward trend and this helped them show good returns for their clients, which in turn led to
increased confidence in their offerings.

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By 2017, FinEdge became one of the largest platforms in the country in terms of the number of
managed financial plans. This was their major inflexion point, as they turned profitable in 2017,
five years after they started. During these five years, the founders kept burning their own cash,
and none of them took any salary, choosing to sacrifice their personal lives to establish their
dream. Bhatnagar noted:

“Since 2017, since our cash flow is positive, we are able to make strategic investments in
our business, and that has made a huge difference.”

THE SECRET SAUCE

When a client showed interest in their platform, FinEdge assigned an advisor who typically spent
30-45 minutes over the phone in gathering information about the client, including their current
financial position (incomes, expenses, assets such as houses and cars, loans, number of
dependents, etc.). The client’s financial goals were also captured such as their child’s education
needs, buying a home and retirement. Exhibit 5 provides a conceptual representation of some
sample financial goals and an outline of a financial plan to meet those goals.

Based upon the client’s current position and their goals, FinEdge provided a customized financial
report and plan which included the specific mutual fund products that could be purchased to
meet each goal. Clients were advised to make not just single lump sum investments but recurring
investments in the form of Systematic Investment Plans (SIPs) where money would be invested
at regular intervals to take advantage of the mathematical concept of ‘cost averaging’. Exhibit 6
explains the advantage of investing through SIPs.

They also provided options for regular reviews of the financial plan with an advisor. At any time,
the client could look at their dashboard online on the web or through the mobile application and
see progress against their goals and decide either on their own or with the support of an advisor
whether they needed to tweak any of their investments. Bhatnagar remarked:

“We tied every investment to a financial goal. That would allow the client to see progress
towards a goal, and would give them a clear incentive to stay invested. Earlier, people
would sell very frequently every time they saw a small profit, but this goal orientation
allowed us to keep people invested for the long term.”

Gahlaut believed that FinEdge was able to grow so fast due to their focus on the goals of their
clients. They allowed clients to do a fully robo-advisory model without any human intervention
or their more popular bionic advisory model where the planning was assisted by their advisors.

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Exhibit 7 provides a comparison of the three different advisory models. While their robo-advisory
model was supported by less than ten algorithms which were largely transactional in nature, their
human advisors that formed the core of their bionic model had a substantially higher number of
different algorithms to help them analyze various aspect of the client’s financial needs and
investment behavior and address those needs effectively. Gahlaut noted:

“Our advisors have at their fingertips information of all kinds about the client, including
personal details such as when they have moved to a new city or if they have a new job.
They are able to talk to clients not just about their financial needs but about life goals and
this builds trust.”

Bose added that their advisors even get intelligence on the appropriate frequency of contact with
a given client, so they treat every customer differently as per their profiles. He explained:

“Our algorithms tell the advisor which client is more vulnerable and risk averse when
markets correct, and which ones have a greater affinity to take risks. So, when the markets
do underperform, we have the built-in intelligence to know how to approach our clients to
make sure they stay invested and how to get some others to invest more.“

Bhatnagar believed that they have been able to achieve some degree of behavior change among
their clientele in terms of sticking to long-term goals without worrying about the ups and downs
of the markets, specifically the more volatile equity markets. He gave the example of 2015, when
the equity markets saw a sharp 25% correction within a few months. He noted that unlike in the
past, a vast majority of clients did not panic, and in fact many were willing to invest more into
equities at lower levels. At the same time, Bhatnagar acknowledged that FinEdge had been
fortunate not to have seen a major adverse market event such as the 2008 financial crisis, where
global equities including India fell over 60% in less than a year.

The FinEdge leadership believed that with the help of their unique bionic advisory model that
built trust with clients and kept them focused on their financial goals, they were able to retain
more customers than their competitors, who were focused on a fully digital robo-advisory model.
Bhatnagar asserted:

“For us, the robo-advisor is just a special case of our bionic model with very low touch. Our
focus continues to be on providing goal-based, conflict-free financial advice for our clients,
and we believe the human element is essential for that.”

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Bose, whose focus as CIO has been on fine tuning the CRM to make it as robust and intelligent as
possible, noted:

“It took us the best part of five years to get to a point where we are reasonably satisfied
with our customer relationship systems and processes. We have recently introduced
artificial intelligence based bots which are learning on the job, and hopefully can allow us
to further improve our advisor to client ratio without compromising on the quality of
advice.”

FinEdge never invested large sums of money on digital marketing with the purpose of client
acquisition. The leadership team did not believe that the high cost of digital media advertising or
Search Engine Marketing (SEM) services was justified in a fiercely competitive digital space for
client acquisition. The focus was around online content publishing and Search Engine
Optimization (SEO) so that they built visibility around relevant online searches.

Besides content management and SEO, they also used social media channels such as Facebook,
WhatsApp, and YouTube in a limited way to spread awareness about financial planning, but not
for selling their products. They believed this served them well, as they have been able to gain
clients organically through referrals and word of mouth. Every client who stayed on their platform
for 24 months on average brought in four additional customers.

They also partnered with several asset management companies who promoted their platform to
customers, a mutually beneficial relationship for both parties. Gahlaut said:

“Even though we have actively solicited such partnerships, we have consciously stayed
away from allowing any strategic partnership to take away our ability to provide conflict
free advice to our clients.”

They moved from an upfront fee model to a voluntary fee model in 2015 and they believed this
unique model helped them build confidence among their clients and improve stickiness. Since
clients did not have to play upfront, many of them were willing to give FinEdge a shot, and once
they were satisfied with their portfolio growth and the services offered, many of them were
happy to pay the voluntary fee. Exhibit 8 highlights some key customer testimonials. Bhatnagar
added:

“We are an advisory company, selling products is not our objective. Every product is linked
to a financial goal in a financial plan. A solid financial plan means the client typically keeps
increasing their investment every year, which helps us grow our volumes in the long run.”

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INTO THE FUTURE

The FinEdge leadership believed they were growing at the right pace and were wary of the risks
of growing too rapidly. Being a small company with about 60 employees they felt that if they
were to rapidly add large numbers of employees to support a burgeoning client base, their ethos
and culture might suffer. They typically hired in small numbers from business schools via remote
interviews. They selected only about 2% of the candidates they interviewed. Being collocated in
a single office, they were able to bring the new employees up to speed very quickly. However,
being in a fast-growing industry, they still lost almost 30% of employees annually.

They believed that artificial intelligence and bots were an important part of the future, but the
human element would continue to be essential. So, they continued to invest in both their
technology as well as their advisory capabilities. Exhibit 9 highlights FinEdge’s focus on
technology to future enable their business model. They have recently adopted platforms such as
IBM’s Watson to analyze customer interaction in an attempt to predict customer behavior.
Exhibit 10 provides a representation of how FinEdge plans to use technology to predict customer
behavior. Bose asserted:

“Pure robo-advisory platforms don’t work; we believe our bionic model supported by
machine learning and artificial intelligence is the way forward. For instance, a chatbot can
reach a larger number of people faster and facilitate investments, and even handle basic
customer support queries by tackling simple transactional questions - freeing up a great
deal of an advisor’s time in the process. But in the long run, successful investing is really
more about managing elements of human behavior than facilitating easy investment
related transactions.”

Bose also believed that the mutual fund industry itself would continue to become more efficient
in the next two years as distributed ledgers could be introduced to create a common information
capture and dissemination platform as opposed to the multiple intermediaries (CAMs, Karvy etc.)
that existed today. This could lead to further efficiencies being unlocked.

Since 2013, the regulator SEBI mandated Asset Management Companies to offer ‘Direct’ versions
of all mutual funds, which allowed the client to purchase the product directly from the AMC
without going through a distributor or advisor. This eliminated the distributor commission from
the Direct plan’s expenses and clients buying these Direct plans therefore paid lower expenses
to the tune of 0.5% to 1% vis a vis ‘regular’ plans. This boosted the long-term annualized returns
of Direct plans compared to regular plans.

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With more and more people choosing to use Direct funds instead of going through a
distributor/advisor, the role of the distributor could potentially be diminished in the future. Many
platforms exclusively sold Direct plans, and in fact several retail platforms such as PayTm were
gearing up to sell Direct plans6. Bhatnagar said:

“We believe that our biggest challenge for the future is the commoditization of investment
products. Mutual funds are not like a pair of jeans, investment has long-term life
implications, and the industry runs the risk of indiscriminate selling if more such platforms
start pushing mutual funds.”

The FinEdge leadership believed that a ‘tsunami’ of Direct plans was going to hit their business
sooner rather than later. However, Gahlaut was confident that there was room for all kinds of
players in the market given the potential size. He believed that a large equity market correction
or high volatility would drive people towards their bionic advisors. He noted:

“Once they see a sudden erosion in portfolio value, people will need the expertise of an
advisor to decide how to handle such a situation. That is where we come in. Today
Investing is easy and cheap but wealth creation is difficult and requires significant time,
effort, discipline, and control over the behavioral side risks, like greed and fear. Without
an expert advisor, this journey to wealth creation is almost impossible.”

Bose noted that currently in 2018, only about 10% of potential customers chose to go to direct
plans over their bionic platform, and only about 4% of existing clients migrated to direct plans.
He said:

“Even though direct plans are an issue, I don’t see them creating a big impact as of now
since a majority of Indians are still so new to mutual funds. They don’t really care whether
they are investing direct or through a distributor, as long as they get sound advice and we
can add significant value to their financial lives.”

Bhatnagar felt that the industry would eventually turn in favor of Direct plans, even if it were to
gravitate back towards advisor-driven models at certain points. FinEdge consciously decided not
to provide Direct plans on their platform, because they felt it would be confusing to their clients
if both models were to co-exist. They also did not believe selling Direct plans was a sustainable

6Source: https://www.bloombergquint.com/mutual-funds/2018/08/13/paytms-mutual-fund-platform-
to-go-live-this-month-as-it-expands-services#gs.94hvNa8

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revenue model since expert financial advice was not possible in the Direct model unless the
investor agreed to a substantial fee.

FinEdge believed that the indirect model allowed the fees to be small and directly proportionate
to the investment amount, thereby making it possible for them to reach out to the under-served
market with a fully-fledged and high quality service. Bhatnagar said:

“80% of our revenues come from AMC commissions, and even in the next five years, we
don’t see that being less than 60%. Our whole business model is based upon that, and we
don’t believe a platform selling Direct plans is financially sustainable without a fee. But it
is very possible that Direct plans will adversely affect our growth in the near future.”

In the meantime, FinEdge was exploring plans to expand internationally into developing markets
in Asia. These were relatively untapped markets but with very stringent regulations and limited
digitization, similar to the level of maturity and digital adoption that India was at 7-8 years ago.
They would need local hires with language skills, and dedicated office space in each country. They
believed they would be able to launch their international operations by 2019-2020. They have
also branched into general (auto and health) insurance in India, and expect up to 10% of their
revenues in the next five years to come from general insurance.

Gahlaut believed that they had a robust business model and enough of a war chest to outlast the
Direct plan phase and the onslaught of online retailers selling mutual funds. Not everyone was as
optimistic. Would FinEdge be able to continue growing their business amidst this gathering
storm? Would they be able to penetrate more challenging new markets overseas? Would their
bionic advisory model be able to compete with leaner robo-advisory models? If there was an
adverse global financial event, would mutual funds continue to be “sabse sahi haye” (the best
choice) for millions of Indian investors as they believed?

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EXHIBITS

Exhibit 1: Overview of FinEdge.

Exhibit 2: High level financials of FinEdge (April 2018).

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Exhibit 3: The critical need for technology enablement to implement FinEdge’s business model.

Exhibit 4: FinEdge – Enabling Advisory through technology.

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Exhibit 5: Conceptual financial goals and plan.

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Exhibit 6: The advantages of the SIP.

Exhibit 7: Traditional versus bionic versus robo-advisory models.

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Exhibit 8: Key customer testimonials.

Exhibit 9: Using technology to future enable FinEdge’s business model.

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Exhibit 10: Predicting customer behavior using data driven artificial intelligence.

Sources: All exhibits are reproduced with permission from FinEdge.

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