mStock’s customer-centric approach ensures that there are no differences between tech experts and business teams:
m.Stock, is the retail stock broking arm of Mirae Asset Capital Markets, a leading global player in financial services. In little over a year, m.Stock has generated Rs1.4 trillion turnover on its platform from 2.5 lakh paid accounts and 65% active clients. Since the launch of its Margin Trading Facility (eMargin) last July, the feature has reported a book size of over Rs2.70 billion. This has been possible largely due to their competitive rates.
Arun Chaudhry, Chief Business Officer, Director, Retail Business (m.Stock) Division, has spent over 14 years in the broking industry. He leads the operations, product development, digital initiatives, sales, customer service, marketing, product sales, data analytics, and strategy teams.
m.Stock has been witnessing participation from evolved as well as novice traders and investors. For maximizing CX, certain design elements are usually the most difficult or demanding. The challenge is to keep it simple and ensure it doesn’t get overwhelming for new users. At the same time, it should be information rich in order to help the experienced customer with relevant decision making. m.Stock is tackling that challenge.
Arun Chaudhry explains how: “Our team uses state-of-the-art techniques and deep domain expertise to overcome this challenge and organize the UI, so that new users can understand the platform easily. Simultaneously, it doesn’t hinder the usability of experienced users. Our UI/UX team ensures that each page is relevant for a wide range of users, who access our platform through the app or a desktop web browser.”
CTA, Word Refinement
m.Stock has enhanced the CX impact by fine-tuning words, sounds, tone, etc. m.Stock has introduced audio guide for onboarding new users and guiding them across each step. This support is available in multiple languages. To streamline the e-kyc journey, m.Stock has implemented a single Call to Action (CTA) on each page, reducing confusion and expediting completion.
Chaudhry gives an example of word refinement: “In the CTA for opting into the derivatives segment, we changed the ‘Yes/No’ to ‘Yes/Maybe later’, enabling users to make more conscious decisions. Further, our 9-day onboarding communication series for new customers maintains a friendly tone, providing guidance and assistance to new customers to make them aware about the product’s features and offerings. We’ve also ensured that key pages on the platform feature upfront on-screen help content, facilitating easy reference and solution finding.”
Instead of using an A/B testing approach, m.Stock adheres to the Closed User Group (CUG) launch approach. Chaudhry elaborates: “In this method, we introduce new products or features to a targeted audience, including experienced traders and those who are new to the market. Based on the feedback received, we take necessary actions and subsequently roll out the changes to 100% of our users. This approach saves time and also ensures efficient.” At m.Stock, AB testing is a mandatory process before implementing any significant change to user journeys.
Personalization has emerged as a very powerful customer relationship approach. For example, in the help section, users are offered the option to choose their between Hindi & English along with audio explanations. Chaudhry vouches: “This feature has proven beneficial for Hindi-speaking users and those who prefer audio explanations, allowing them to engage with the content at their convenience and resolve queries without the need for human interaction.”
m.Stock makes sure to use first names in all emails, so the communication feels personal. It prioritizes precision by tailoring its messages. Chaudhry cites examples: “Upgrade communications are sent to only those customers, who have selected the basic Free Delivery or Standard AMC plan. Similarly, audience sets for Margin Trading Facility (eMargin) communications are split as: non-traded, traded but not in MTF, MTF traded only. This helps us achieve optimal precision and personalization without bombarding clients with irrelevant communications.”
mStock’s customer-centric approach ensures that there are no differences between tech experts and business teams. The teams are aligned to improve customer experience and the roadmap is clearly discussed across teams. Design thinking is an integral part of mStock’s CX development. When a new customer has multiple inquiries about trading, they typically reach out to its customer service team through call, email, or the portal. However, historically, they lacked a record of their query history to refer back to.
Chaudhry explains the solution: “Our objective is to enable users to revisit their raised queries and readily understand the status and progress of these inquiries. Our idea is to design a dashboard within the app/web interface which will compile all the raised queries, provide their current status and offer the option to reopen and rate them based on user satisfaction.”
mStock has developed a help dashboard accessible via multiple key pages and the menu, which comprehensively lists all the queries raised by the users via various channels like call, email, online and query desk. This was tested with a group of 100 internal users and then rolled out.
Personalization remains a central focus in m.Stock’s new build. This upcoming version will encompass various personalization options such as tailoring home screen elements, providing relevant notifications, generating reports in different formats, offering various themes, and accommodating trade preferences. It will also have multi-lingual onboarding process to cater to a wide range of regional users and simplify their journey with fewer clicks. It will also have a single-view dashboard offering a complete history of customers’ interactions with m.Stock.