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Our AI strategy fosters a data-driven culture while addressing important ethical issues like data privacy and security: Jones George, Executive Director, Geojit Financial Services

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In an exclusive interview with Express Computer, Jones George, Executive Director, Geojit Financial Services, talks about the strategic approach the company has taken to integrate digital innovations with physical presence in the financial services sector. As a leader in the hybrid “phygital” model, Geojit combines the best of both worlds by offering the convenience of online platforms alongside the trust and personalised service of physical branches. He also describes how the company is embracing technological advancements such as AI, machine learning, and digital broking to reshape customer experiences, enhance operational efficiency, and stay ahead in an increasingly competitive market.

He also enlightens readers about Geojit’s place within the shifting waters of financial services, including NRIs, use of fintech, and addressing the full-service vs. discount brokerage debate. He speaks on the company’s innovative steps during the digital transformation journey and mentions Geojit’s future moves to expand within India and the rest of the world.

Geojit Financial Services has been a leader in integrating digital and physical financial services. Can you elaborate on your vision for expanding both digital platforms and physical branches and how you aim to achieve a balance between the two?

India has a host of online businesses in the investments space, but we prefer to operate in a hybrid format. The reason being, there is a large set of people who require the comfort of knowing that there is an office and employees they can see and meet. So, there are still a lot of stories left in the brick-and-mortar setup of Indian capital markets. Geojit’s growth strategy is clearly ‘phygital.’ Ultimately, we have to increase the market penetration for that; both digital and physical branches should seamlessly integrate and co-exist. It will derive maximum mileage out of the current situation.

The hybrid model combines the best of both worlds by synergizing physical branch networks with digital platforms. This approach offers customers the speed and convenience of digital solutions as well as personalised recommendations and guidance from investment consultants at physical branches. Despite operating a wide network of branches, 80% of our business volumes are online. This is intentional, and we will hope for 100% online business while continuing our physical engagements with our clients. Our ecosystem involves multiple stakeholders like KRAs, exchanges, depository participants, clearing members, brokers, bank partners, etc. When there are so many layers in a system, it increases the odds of error. In such cases, people need someone to talk to.

Further, physical offices symbolise trust. It facilitates direct interaction with our customers. Such a model has many more values than meets the eye.

Digital broking has reshaped customer interactions in financial services. How is Geojit driving innovation in this space, and what key milestones have you achieved in your digital transformation journey so far?

Truly, a digital revolution is sweeping the financial services sector, especially the investment and trading segments. Online platforms are getting exciting responses from the younger generations. When Geojit introduced online trading for the first time in India, it was only in the interest of transparency. Today, digital platforms are entirely about convenience. The rate of digitization in less regulated industries has enhanced client expectations drastically. A small inconvenience is enough for clients to consider a competitor. So, it has forced rapid innovation in the industry.

Our vision is to offer a seamless digital experience to our clients. Our newly designed FLIP application is a testament to this, providing a user-friendly platform with intuitive tools and features accessible across devices. Moreover, all our digital applications are undergoing a revamp from scratch, and they will be released to clients in the coming months with the latest technologies and a superior user experience.

With AI and algorithmic trading gaining traction among institutions and traders, how is Geojit incorporating these technologies into its operations to enhance efficiency, accuracy, and client satisfaction

We are following a cautious and regulated approach as far as AI is concerned. We are also seeing AI as a game-changer, offering AI-driven insights and digital assistants to our employees to enhance their analytical skills, improve productivity, and achieve scale. It is much needed in the current globalised market environment. Our AI strategy is built around certain principles such as fostering a data-driven culture, investing in robust data infrastructure, forging strategic alliances with AI technology providers, and addressing ethical issues such as data privacy, security, and transparency.

The fintech revolution is redefining customer expectations. How is Geojit leveraging fintech advancements to improve customer experience, interface design, and overall engagement?

Firstly, it is redundant to have a category called fintech. Every financial services company in India is a fintech company now. If they didn’t have tech, they would have ceased to exist or they are headed towards it.

In the case of harnessing advanced technologies like AI and machine learning (ML), tech partnerships are indispensable and unavoidable. They help cut short many layers/branches that make strategic moves and decision-making quicker and smoother. They are real enablers and change-makers that bring disruptive technology. In every field—from investment to trading to customer satisfaction—technology ensures an unparalleled experience for their clients.

The debate between full-service and discount brokerage continues to evolve. How does Geojit navigate this landscape, and what unique value does it offer as a full-service provider in comparison to discount brokers?

 There is space for both full-service and discount brokers to thrive in the Indian market. It is a question of cost vs relationship. Those who are cost sensitive in their transactions prefer discount brokers, while those who want a guided experience in the market prefer full service. This is evident in the trading segments of both categories. Discount brokers have a significantly large portion of their total volumes in F&O. This is the segment for those who are very sensitive to transaction costs. While on the other side, the skewness is much less. In the case of Geojit, delivery-based or investor clients are the largest segment. For a full-service broker, a transaction is the means to an end. Full-service brokers provide a host of invaluable services that an investor might need at a later stage or advanced stage.

Financial services are not a fly-by-night business. You have to be with your clients through thick and thin and strive to grow their wealth. There you need more skills, inputs, guidance, and data. Discount brokers have created a new space in the capital markets business. Many years ago, it was about online vs. offline. Today, it is discount vs. full service. This, in my opinion, has been good for the industry and has created a good distinction in customer expectations.

Geojit has a significant presence in NRI investments and operations at Gift City. What key trends are you observing in these segments, and how is Geojit positioning itself to capitalize on these opportunities?

NRIs have always been an important segment for Geojit. They are looking for opportunities to invest in India. We already have operations in the UAE, Oman, Bahrain, and Kuwait through joint ventures. Our board has also approved setting up an entity in Dubai International Financial Centre (DIFC). This will allow us to cater beyond NRIs also as well as beyond Indian markets. GIFT is a valuable proposition for NRIs to invest in India due to tax and currency efficiencies. Our GIFT operations currently distribute products from GIFT AMCs. We are also exploring setting up a fund in GIFT. Since we already have a presence in the Middle East, we are able to sell such products better

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