Mumbai, July 21 (ANI
-Newsvoir): In its continuous effort to enhance the level of service to its customers, Angel Broking, India's top retail-only brokerage house, has stepped up incorporation of Data Analytics techniques in its day-to-day operations.
Data Analytics based techniques are helping the company to significantly reduce the margin of human error, thereby enabling better customer interaction.
Angel Broking has been a strong advocate of technology as an enabler of business. The company has incorporated technology in most of its functions and keeps upgrading as and when they are feasible.
The company is now integrating Data Analytics techniques in its business processes to automate and speed up day-to-day activities and enhance customer experience.
Mr. Gagan Singla, Chief Marketing Officer (CMO), who is driving the process of Digital Transformation at Angel Broking, said: "Data Analytics (DA) is the science of analyzing raw data with the purpose of drawing meaningful conclusions that help in better customer service and superior customer experience. Data Analytics is used in many industries to make better business decisions. Data Analytics or Big Data Analytics examine large amounts of data to infer patterns, correlations and other insights. With advances in Data Analytics, it's possible to analyze your data and get answers from it almost in real-time - an effort that's slower and less efficient with more traditional business intelligence solutions."
Key Data Analytics initiatives that Angel Broking has implemented in the recent past include:
1) Predict Margin-limit Multiplier: For every customer, Angel assigns a margin limit based on a default multiplier for commodities and equities. Additional limits are given based on client profiles depending on the customer's overall trading behavior. Using power of Machine Learning and Artificial Intelligence (AI), Angel has developed a system that automatically predicts the margin limit multiplier for every customer based on their details, trading behavior etc. With Data Analytics-based new system, everyone gets an appropriate margin limit multiplier exactly as per their current needs.
2) E-Mail Classifier: In the old process, a dedicated team used to receive every customer E-Mail, read it, understand the context, and then forward it to the relevant team. With the new Machine Learning model, as soon as an E-Mail is received, it automatically gets classified under the relevant department and gets forwarded to the intended recipient, thus reducing the time taken for reading E-Mails and manually forwarding it. This lets the team focus more on servicing customers better by reducing the turnaround time.
3) Calls Classifier: This technique converts an ongoing customer call to text, and as soon as the call ends, it is classified under the appropriate department - as in the case of E-Mail Classifier - and the extracted text is forwarded to the department. It even helps the concerned department to respond quickly since the conversation is available in text, which eliminates the need to hear the entire call recording.
4) Analyzing Customer Sentiments: This replaces the old process of making the customer fill a feedback form for every request they make to Angel Broking, which is time-consuming. The new Data Analytics-based system runs a Sentiment Analysis Algorithm on every E-Mail the customer writes to Angel Broking and checks how satisfied they are with Angel representative's response. This helps the company to make sure every customer is happy and satisfied with its services.
5) Analyzing Queries and Complaints: A detailed analysis is performed frequently on all customer E-Mails and calls to identify what is the customer writing / calling the company for. This analysis helps the company find the ways to send all the necessary information to the customer without them explicitly writing or calling the company for the same.
Talking about Data Analytics initiatives of Angel Broking, Mr. Singla added, "Due to the nature of our business, Angel Broking enters into a huge number of communications and transactions with customers, thus generating a huge amount of data that has lot of value individually as well as collectively. The manual systems took time to make sense of data and take appropriate action based on the data. At the same time, customers are demanding low turnaround time for their queries. Today, advanced Data Analytics techniques are helping us analyze the customer data better and quicker, enabling us to respond in near real-time. Angel Broking strongly believes in the power of technology and will continue to leverage Data Analytics technologies offer superior experience to its customers." Angel Broking
has been leveraging technology at every opportunity to make investing a great experience for investors. The firm has recently launched a slew of technology-based offerings including D-KYC, Digi-Pitch, Trade-in-1hr and #CustomerService. (ANI