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sifatahmed
Jan 11, 2022
In Tips and Tricks
When we think of trading and brokers, our minds tend to conjure up images of a chaotic trading floor filled with men in pinstriped suits gesticulating wildly as they lock in their trades for the day. Up until a few years ago, when wealth was a prerequisite for accessing the stock market, that’s how it was. However, with the advances of the internet over the past few years, it’s now possible for small traders anywhere to trade in the stock market for a small fee. With mobile apps, all it takes is access to the right app, and an account with trading houses that will probably offer add-on services such as alerts, investment tips, inquiries with industry watchers, and more. And the growth in the numbers is staggering. In just over 100 years, the number of brokers on Asia’s largest stock exchange, BSE, has grown 1,000x. In fact, the entire exchange business was valued at a mammoth $98 Billion USD industry in FY 2017-18. As a part of our initiative to identify the leaders driving innovation and growth in mobile marketing, we talked with Shantanu Barman and Ashwini Deshpande, Marketing Product Managers at Angel Broking, one of the largest retail brokerage houses in India that provides trading and advisory services through a web and mobile platform as well as through their network of more than 11,000 sub-brokers. Tell us a little bit about Angel Broking and the business you’re in. Shantanu: Angel Broking is one of the largest independent full-service retail broking houses in terms of the number of clients on the National Stock Exchange (NSE), India. We have two consumer-facing business units: Angel Broking, which provides users with a web and app-based platform for trading and investment requirements. Angel Broking Angel Bee, which offers a simple, quick way for users to track and manage all their finances at any time. It aims to provide a one-stop solution for all mutual fund investments. A key differentiator for us at Angel Broking is our proprietary technology called ARQ, an automated, AI-powered investment engine that provides predictive investment recommendations supported by machine learning, cutting-edge cognitive technology, and deep industry insight. It leverages the Modern Portfolio Theory01 to recommend investments specific to each client. What are some of your key responsibilities as part of the innovation team? Shantanu: For both Angel Broking as well as Angel Bee, our aim is to improve the user experience across our different properties, web and mobile app. Some of the things we monitor on a daily basis include: The user journey within the app Identifying the friction points, or where drop-offs occur User engagement Reactivation of users For all these activities, we use CleverTap as our data source. Ashwini: The two main measures of success we monitor are: Activation of users, where a user opens an account with Angel Broking or Angel Bee, and Monetization of these users – getting them to trade on the platform What are some of the things you take into consideration when it comes to reactivation of customers? Shantanu: For reactivation, we look at users who are dormant and most likely to churn. We identify these segments and based on the insights, our user retention team runs win-back and retention campaigns for these users. Ashwini: For the Angel Broking app, we look at Colombia Phone Numbers List user profiles and the user journey through CleverTap’s Flows and Funnels and create segments of users who require additional campaigns to be brought back to the app. These features are extremely helpful for us as they allow us to drill down to event properties and get granular data about users. Automated Segmentation based on Recency, Frequency, and Monetary value of customers also helps us understand users based on their lifecycle stage: Champions, At Risk users, Hibernating users, Potential Loyalists, and so on. We look at monthly trends, so if you have a set of champion users who have suddenly moved to hibernating, we identify the causes and work on targeted campaigns to win them back. We also share this data with our contact centers so that they can reach out to these customers and re-engage them, or identify opportunities to upsell. What were some of the mobile marketing challenges that you were facing before you zeroed in on CleverTap? Shantanu: Before we implemented CleverTap, we were using a few other point solutions, and did POCs and trial runs with other platforms. The challenge was to unify this data and gain actionable insights. Ashwini: Also, the level of analysis we did earlier wasn’t very detailed and we wanted to look at it in a more granular way to get a better understanding of our funnel. Shantanu: There were three main reasons that swung our decision in favor of CleverTap: Simplicity: CleverTap offered us the ease of finding events, and user activity which could further be used to create appropriate segments on the basis of these events.
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sifatahmed

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