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Aiming at deeper insights, automation and personalized CX

Edelweiss MF is currently exploring shared memory and serverless architecture for improved customer experience and scalability:

Aiming at deeper insights, automation and personalized CX

Edelweiss Mutual Fund, with investment solutions ranging across equities, hybrid, fixed income, and alternatives in India, offers a robust platform to a diversified client base across domestic and global geographies. Suraj Prakash, Chief Technology Officer at Edelweiss MF, is responsible for the organization’s technology function which spans strategic design, acquisition, management and implementation of organization wide technology infrastructure. Before joining Edelweiss in 2021, Suraj in his previous stint at IDFC First Bank, implemented several of the key applications, extended customer serviceability by launching ‘Bank In A Box’ concept and migrated over 1 mn customers and 1.3 mn loans with minimal impact on day to day operations.

Higher Logins

Edelweiss MF has enhanced its mobile app (eInvest) to enable customers to invest in mutual funds directly from their mobile devices. The app offers features like portfolio summaries, transactions, and automated investments. Suraj explains: “Our website and apps are now more mobile-friendly. Non-commercial transactions, including updating bank accounts and contact details, and nominee information have become easy through our mobile app and website.”

Edelweiss MF developed its website and mobile apps using Node.js and Angular, which helped it in delivering a seamless digital experience. Edelweiss MF is continuously exploring new technologies and its digital assets’ statistics reflect this uptake:

  • App logins rose by 18% yoy
  • Over 150,000 app downloads since launch
  • Unique customer logins increased by 130%.
  • Website and app platforms saw a 95% and 210% increase in total transactions and service requests, respectively.

Suraj claims: “Since the app launch a year and a half ago, customer engagement and usage have significantly increased. Customers now find value in the convenience and accessibility offered by the app, leading to higher login rates and active usage.”

Automation, Data, Analytics

Edelweiss MF has transformed its digital strategy to align with industry trends and focused on mobility, personalization, automation and security. Edelweiss MF provides personalized experiences, by leveraging data and analytics. It offers tailored customer experiences, including investment recommendations, personalized news, and customer support. Use of analytics has been highly beneficial and provided valuable insights into customer behavior, investment preferences, and market trends. As a result, the company can offer personalized investment recommendations, customize product offerings, and optimize marketing strategies.

Suraj elaborates: “Analytics has proven instrumental in identifying target segments and enhancing campaign performance, ultimately driving business growth. Automation has streamlined processes like account opening, customer support, notifications, and statements, reducing service calls and improving efficiency.”

For testing automation, Edelweiss MF utilizes Python and Nimbal. Power Apps streamline internal processes with smaller automations or apps. Its analytical foundation for management, strategy, sales dashboards, and reporting is Power BI, which helps track performance, identify trends, and make data-driven decisions.

Distributor Platform, CRM

To engage distributors and agents in the digital space, Edelweiss MF has developed a dedicated digital distributor platform which offers comprehensive information, digital onboarding, transaction processing, and portfolio management tools. It empowers them by providing real-time updates, notifications, and client information on the go. Webinars and virtual conferences facilitate knowledge exchange.

Edelweiss MF proactively equips its distributors and agents with digital resources and skills. Its training and education programs cover digital literacy, the latest investment products, and co-branding capabilities. Suraj claims: “The distributor portal version 2.0 has been successful, boosting customer acquisition and retention. We also provide digital marketing collateral, templates, and social media content to help them effectively promote our offerings across various digital channels, expanding their reach.”

The integration of CRM systems is invaluable, offering a unified view of client data and communication history. This integration streamlines client management, enables personalized service, and fosters seamless collaboration with distributors and agents. Additionally, collaboration and communication tools like online chat systems, video conferencing platforms, and secure messaging applications have improved connectivity and efficiency. These tools facilitate quick query resolution and effective information exchange.

Digital Marketing

Edelweiss MF fully understands the importance of social media and actively utilizes popular platforms like Facebook, Twitter, Linkedin and Youtube for sharing educational content, market insights, and updates on its products and services. It runs targeted online advertising campaigns to reach specific audience segments. It also conducts webinars, online workshops, and interactive sessions to engage with customers and address their inquiries and concerns.

Suraj adds: “We invest in SEO, PPC (Pay-per-click) advertising, and social media marketing for wider reach and more leads. Through our website, blogs, and social media channels, we employ content marketing strategies to educate customers about investment opportunities and financial planning. Social media provides a platform for customer interaction, allowing us to address questions, gather feedback, and keep customers informed about industry developments.”

IT Team

Edelweiss MF’s team comprises of development tech leads, developers, business solutions experts, business analysts, and automation test engineers, who collaborate to design, develop, and support technology initiatives. Continuous learning is vital to Edelweiss MF, and it provides comprehensive training programs hosted on platforms like Udemy. Alongside its dedicated technology team and continuous learning initiatives, Edelweiss MF actively participates in industry events to stay updated with the latest trends and enhance its expertise. Suraj affirms: “We have a highly skilled and diverse technology team, led by a solution architect and business solution expert.”

Financially, Edelweiss MF’s opex remains consistent, reflecting its prudent financial management. Its capex has grown at a rate of approximately 5% yoy for the past 3 years. It prioritizes data security, compliance, and encryption to protect customer information. Suraj avers: “We have implemented robust security measures, advanced encryption protocols, and ensured compliance with evolving regulations and data protection laws.”

Tech Partners

Edelweiss MF has prioritized digital transformation and established strong partnerships with 3 key technology vendors. Binmile Technologies serves as Edelweiss MF’s trusted digital implementation partner, playing a vital role in successfully implementing digital solutions across various aspects of its business. Their expertise and collaboration have been instrumental in driving digital initiatives forward. KFinTech is Edelweiss AMC’s partner for digital operations and enhancing the customer experience. Their solutions have improved efficiency and agility in its day-to-day activities. AWS is Edelweiss AMC’s preferred cloud provider. The company has migrated most of its applications and services to AWS or Azure cloud platforms. This cloud-first approach ensures scalability, flexibility, and robust security measures, enabling Edelweiss MF to embrace innovation and drive digital transformation.

Suraj enlists the benefits that have accrued from its strategic partnerships these 3 companies: “These tie-ups have been instrumental in our digital transformation journey. These partnerships position us to thrive in the digital era, optimize operations, and deliver exceptional value to our customers.”

New Tech Plans

Edelweiss AMC has implemented technological initiatives to enhance CX. Its digital onboarding and account management platforms offer easy account opening, online transactions, and access to investment information. Its mobile applications provide real-time updates, portfolio tracking, and personalized investment recommendations. Suraj argues: “With user-friendly interfaces, robust security measures, and responsive customer support, we ensure a seamless and satisfying customer experience.”

Edelweiss MF has prioritized investing in CRM for personalized service and improved customer satisfaction. It is enhancing mobile and online platforms targeting the growing number of investors. It is using big data and automation to streamline operations, reduce costs, and improve efficiency. It has also prioritized compliance and risk management.

Looking ahead, Edelweiss MF has plans to further enhance its digital offerings by investing in advanced analytics, AI and ML. By leveraging technology, it aims to remain at the forefront of innovation, providing superior customer experiences, and driving business growth in the foreseeable future. It is currently exploring shared memory and serverless architecture for improved customer experience and scalability. Suraj firmly believes: “These technologies will enable us to gain deeper insights, automate processes, and deliver personalized investment experiences.”

(The views expressed are Suraj Prakash’s personal views).


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