Financial Inclusion Extends to Investment Space as Technology Boosts Reach and Seamless Experience: Vamsi Krishna Ithamraju, CTO, Axis AMC
Axis AMC, a leading asset management company, is making significant strides in the investment space with its tech-forward approach that prioritises the seamless experience of new-age investors and millennials. As the Mutual Fund industry faces increasing pressure to prevent fraud, Axis AMC takes a customer-centric approach by prioritizing trust and communication. By utilising AI and ML technologies, the company aims to ensure customer satisfaction and prevent fraudulent activities. Their multilingual omnichannel strategy allows for improved financial literacy and expanded customer reach, while their focus on NPS and LPS helps tailor customer experiences. Speaking exclusive to Express Computer, Vamsi Krishna Ithamraju, CTO, Axis AMC shares great insight on use of digital assets and making investment accessible and affordable with the help of technology.
“The investment space is in the midst of a tech revolution, with traditional players actively investing in new age technology and platforms to meet the needs of their customers, especially the millennial generation. This has led to the emergence of sunrise industries like Mutual Funds or asset management, which is expected to continue in this upward trajectory,” informs Ithamraju. While financial inclusion has largely focused on improving access to funding, a similar push has not been seen on the investment side, until now.
Following in the footsteps of Fintech players that have made significant strides in the lending space, traditional players are now embracing technology in investment, insurtech, and regulatory tech spaces. CTO of Axis AMC, Vamsi Krishna Ithamraju, stresses that this trend is teaching valuable lessons on creating a seamless experience for new age investors and millennials. As the industry penetrates deeper into the country, it is set to focus on the B30 areas and eventually, achieve a Bharat scale.
Axis AMC is capable of delivering everything a Fintech can, the key is to develop trust with customers, particularly in the Mutual Fund industry, where fraud prevention is critical. The company believes that AI and ML can play a vital role in preventing fraudulent activities and ensuring customer satisfaction.
To enhance their reach, the company has focused on developing a multilingual omnichannel capability. By connecting with more individuals and closely communicating with them in their local language, the company is improving financial literacy and expanding its customer base. The company has already added several languages to its communication channels and is adding more, recognizing the importance of continuous engagement.
According to Ithamraju, it is important to use the right technology channels to engage with customers while being cautious not to overexpose them to digital tools. He stresses the need for implementing Net Promoter Score (NPS) to accurately gauge customer satisfaction, and the company plans to use Loyalty Promoter Score (LPS) to enhance customer experiences.
Leveraging cloud and data
By moving to a cloud-native architecture, the company is ensuring a superior customer experience by improving performance and uptime. According to Ithamraju the customer patience levels have diminished significantly, and transactions must complete within seconds to keep them engaged. Moreover, with cloud-native capabilities, the company is leveraging data to extract better outcomes and achieve scalability. Vamsi notes that this cloud strategy is a multi-year effort. In the first year, the company has completed the migration of digital assets to the cloud, and in the second year, the focus is on data extraction and cloud-native capabilities.
Using ML and AI for users discipline
The company is using machine learning (ML) to build warning signs and develop single-click transaction processes for investors who may miss their Systematic Investment Plan (SIP) due to unforeseen circumstances such as an emergency. The company has created individual data models for each function within the company and offers a Sachetisation product that allows customers to start with a low initial investment. Additionally, the company has established a knowledge center to nurture their B2B segment with relevant articles and investment information.
Utilising data science team and data warehouse
The company has recently established a data science team to develop machine learning models on their legacy technology. However, due to the high cost and excessive compute required, they are unable to process the feedback effectively.
The company has identified two solutions to this problem. Firstly, they have created individual data models for each function within the company, allowing them to slice and visualize relevant data as per their requirement. This approach has also enabled functions to communicate with the data science team on what model they require without incurring upfront capital expansion costs.
Vamsi further highlights that utilizing a data science team and data warehouse is crucial for building ML models on legacy systems. “We aim to enrich the user experience by developing champions within each function, enabling them to use visualizations and low or no-code platforms to enhance their capabilities,” he adds.
Stay tuned for an exclusive video interview with Vamsi Krishna Ithamraju, CTO, Axis AMC
