Today, it is imperative that for all companies digital permeates all aspects of the business, rather than focusing on “core areas”, and Nippon India Mutual Fund (NIMF) has been driving full scale digital adoption the same way.“When it comes to driving any Digital initiative, we believe that Digital will always be in a state of Perpetual Beta and it is a continuous journey where we keep building, optimising, enhancing and re-building with the sole objective of staying ahead of the curve and meeting the ever-changing expectations of our customers,” said Arpanarghya Saha, CDO, Nippon India Mutual Fund.
According to Saha, every digital center of excellence that undertakes a digital transformation exercise must keep three things as core. “Customer First Thinking, Future Ready paradigm and P&L Lensing. These three guiding vectors balance each other out and help bring in the desired objectives of the organization. We have been following this for the last 3-4 years and from Day one of our transformation journey.”
Digital business presently contributes 58 percent of the total transactions at Nippon India Mutual Fund. Digital is also helping the company drive both revenues as well as cost efficiencies.
“Digital for NIMF is a strategic gambit that is more than a business line or a sales channel. It is one of the core pillars that NIMF is investing substantially in and relying heavily on to drive long term sustainability and future growth and catering for the generations of consumers ahead in its true avatar of a perpetual beta,” Saha maintained.
The organisation caters to a customer base of more than 99.82 lakh folios and wanted to build a personalised engagement eco – system. NIMF partnered and worked closely with global tech and digital majors to identify and roll out digital experiences on tools and digital chassis.
For instance by introducing the Adobe Suite (Adobe Analytics, Adobe Target, and Adobe Campaign Manager) the company ensured that its engagement campaigns are hyper – personalised, innovative, data driven, completely automated and measurable.
“We could gauge our customer behaviour online through Analytics, tailor personalised experiences on the website and app through Target and craft unique cross sell and up sell digital business campaigns through Adobe Campaign Manager”, he said.
Adobe Analytics has been deployed across all NIMF digital assets (NIMF website, NIMF App, Simply Save App, Business Easy Website, Business Easy App, NIMF Corporate Website).
Investors and partners connect with the brand across various touchpoints and Adobe Analytics tool gives a bird’s eye view of the business to relevant business stakeholders. “The tool helps us derive multichannel data and holistic view of customer behaviour on our assets.”
“With this information, we are empowered to study 360-degree customer behaviour on our assets, identify cohorts and take necessary actions to enhance customer experience and business outcomes. The entire customer cycle is now very clear through funnel analytics & we plan focused multichannel campaigns for engaging with our existing customers & acquiring new ones,” Saha added.
Voice enabled solutions from Google are also used that helped Nippon India Mutual Fund introduce Conversational Commerce for the consumers who would not want to type on mobile screens.
“This has led to building a comfortable bond between the user and the machines. We see this space growing with the rightfully demanding customer who scouts for experience and products at the same time,” he added.
The mutual funds company is also strengthening its artificial intelligence and machine learning capabilities, which Saha avers, coupled with the company’s data lake advent will take the customer profiling and analytics to another level, Saha believes.
