How Digital Adoption Is Helping IIFL Wealth During COVID-19 Pandemic 

By Sreekanth Anasa

In an interview with EnrichVideo’s Poorna Nayak, Abhishek Chandra, Chief Information Officer discusses how it’s not about digital transformation but digital adoption at IIFL Wealth. Adoption of technologies like Salesforce Financial Cloud and EnrichVideo has helped them maintain customer connect during this pandemic.

Aug 20, 2020 - Mumbai headquartered IIFL Wealth has won multiple awards over the years for providing the best wealth management services. Winning the prestigious award in the Euromoney Private Banking and Wealth Management Survey for 2020, is a testimony to that fact. Being at the forefront of digital transformation has helped IIFL Wealth stay ahead of the curve and successfully navigate the COVID-19 crisis to emerge stronger. 

Setting Ourselves Apart From The Crowd

Poorna: A lot of wealth management companies and banks are talking about going through digital transformation. So what’s the difference in your approach versus what the others are doing?

Abhishek: At IIFL Wealth, it’s not about digital transformation, its about digital adoption. Technology is a way of life at IIFL Wealth, and it reflects in everything that we do from our CRM systems, HRMS systems, Client Reporting, and Analytical platforms to Lead Management. 

We have been the fore-runners in adopting technology, and have focussed on using it to elevate our client experience.

Managing The COVID-19 Crisis

Poorna: The current COVID-19 crisis is preventing client meetings. What is IIFL Wealth doing to overcome this challenge?

Abhishek: Customer centricity has been at the core of how we do business at IIFL Wealth. As a tech-enabled enterprise, we have over the years, invested heavily in our platform to ensure a seamless client experience.

For starters, we have invested in our web and app platforms for clients to view their portfolios. This is further supported by our data warehousing and analytics interface to provide a unified view. MS Teams allows RM’s to hold video conferencing sharing these tools with clients and conduct virtual meetings. Innovations such as the video statement, an industry first adoption, adds immense value for the clients in keeping them abreast of their portfolio movements.

In addition, to technology, we continue regular engagement through RMs as well as senior management interaction, virtual events, feedbacks and surveys, and product updates. 

Digitally Enabled Financial Advisors

Poorna: We know IIFL Wealth is also focused on providing the best tools for its large team of financial advisors. Tell us more about that.

Abhishek: We inherently believe in empowering our relationship managers with a 360-degree view of their clients and their portfolios. It allows meaningful discussions and deeper engagements. It is also important to have this information available at their fingertips - anytime, anywhere. To this effect, we were the pioneers in India to adopt Salesforce Financial Cloud. We worked closely with the Salesforce team and customized their platform for our specific needs, as well as integrating this with all our other systems and tech platforms, thereby ensuring right and relevant data is available at all times.

Digital Is the Future At IIFL Wealth

Poorna: Tell us more about your digital roadmap.

Abhishek: We will continue to maintain our focus on providing the best digital experience to our clients, without losing the human touch. We have always been responsive to our client needs and will increasingly rely on digital channels for client interaction. As you know, we have been the pioneers in encouraging and working with startups like you to provide the best digital tools that are available from these young technology companies.

A unique combination of traditional values and new-age technology helps us provide enhanced client experience. We have the stability of a 12-year-old company and the agility of a start-up. We will continue to leverage artificial intelligence and the best that technology offers to understand deeper aspects like client behavior to offer customized products and services.