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.
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:
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.
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:
For all these activities, we use CleverTap as our data source.
Ashwini: The two main measures of success we monitor are:
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 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.
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:
These checked off all the boxes for us in terms of features and functionality that we were looking for, and helped us overcome the challenge of data silos that were created by multiple point solutions. We now depend on CleverTap for all our insights – from the app, website, and our attribution systems.
Shantanu: We recently started using targeted audience for campaigns, and other features more extensively. With the use of CleverTap across the board, including some of the business teams which focus on the revenue, we’re more confident in our data and are seeing some good results.
We’ve started seeing engagement on our onboarding campaigns, with as high as 8% CTRs for push notifications that nudge newly onboarded users to start transacting. These push notifications are sent when we see user inactivity after registration.
Shantanu: We are looking to explore how some of the advanced AI/ML-based features such as Psychographic Segmentation can be used to understand the predominant interests of a user. For example, whether a user who has a diverse portfolio is predominantly interested in trading equity, derivatives, or commodities, and so on. This will help us engage users better with the most relevant information and tips.
Ashwini: In the coming year, we’re excited to drive the adoption of CleverTap across the organization, and testing of the newer features on your roadmap. We’d love to explore more features around mobile A/B testing not just from a campaign perspective but also the new functionality that we introduce within our apps.