Growing Business With Data Driven Intelligence

Mr. Prashant Kakkad

AVP – Zonal Sales Head, NJ Group

Prashant is the Zonal Sales Head for North India & Gujarat(Ahmedabad, North Gujarat & Saurastra) and is based in Rajkot. One of the earliest in team NJ, he has a rich experience of over 15+ years in the financial services industry.

Q: What is Data Analytics?

Prashant: Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain. Data analytics techniques are widely used in commercial industries to enable organisations to make more-informed business decisions.

Having said that let me simplify the same. All the online shopping sites (Flipkart, Amazon, etc.) use data extensively. For e.g.. if you buy a book online, so next time you login to the very site you are bound to get suggestion for various books on the similar topic. And if by chance if you do not buy a product after selecting it then you are bound to get notifications for the same at regular intervals.

“Data is the new oil” as said by Mukesh Ambani. What he meant by was the one who has data and the ability to utilise this data to find business opportunities will move ahead in his / her business. And Reliance Jio is a classic example how to gather data and then use the same going forward.

Q:How is this useful in our business of advisory.

Prashant: If we know that Client X can invest in ELSS or start an SIP wouldn't it be advantageous? We can straightway go and meet him/her and ask him to make an ELSS investment or start a SIP.

In the similar manner how much is the client insured for Life, Health, etc. Also if the client has taken a Loan against Security or invested in Bonds. If someone tells / gives us this sort of readymade information don't you think that this can be helpful in sales? It very important to 'Maximise your Per Client Revenue' and that can be done by using data effectively & efficiently. Cross sell and Up sell is the mantra and thats what bankers do with the data that they have for their clients.

Q:Please tell us how NJ is working on data analytics to grow Partner's business and what a Partner should do?

Prashant: All of the possibilities suggested above is very much possible if data is properly used. One of the richest source for data for and NJFP is his Account Insight Report. The detailed report is a rich source from where your entire year or monthly business planning can be done.

With the advent and growth of the NJ E-Wealth account, this source of data is going to be richer as we have a lot of information about the client that can be used to grow our business like the age, income, profession etc. Now to use data from the above mentioned is known as data mining. It is not possible to do data mining manually for a large quantum of data hence we need technology and various statistical tools to unearth the opportunities within the given set of data. This is not possible for at an individual level.

We at NJ are continuously doing the same and much more for our Partners. At NJ we run exhaustive data mining processes for all clients and compile same at one place for further study. The data we cover includes his current portfolio details, his demographic profile, his past transaction behaviour over several years and so on. Imagine the behavioural patterns in regards to investments or insurance that we can detect by using the data of our 2.5 million customers and based on the same we identify various Opportunities for our Partners.

Now these opportunities are identified by our team known as the BIU: Business Intelligence Unit, who mine the exhaustive data and unearth hidden business opportunities for our Partners. These set of opportunities are then uploaded to the Partners desk and can be viewed by them in their CRM. It is very important to regularly visit the NJ CRM Tab in your Partner Desk.

Visiting the CRM desk for such opportunities is beneficial for a Partner to get the list of most probable sales and importantly offering various options for Cross Sell & Up Sell. Imagine if one knows that which clients SIP is stopped and not renewed or say that a client has regularly done his SIP without a miss of single instalment but has never topped up is SIP or we know that a client does ELSS investments each year but still by end of December he is still to make his tax saving investments. All of these and many many more such data is really available for our Partners to work upon.

Now once you see these opportunities and work upon the same please ensure that the opportunity data is updated on your partner desk which will help us know how beneficial such exercise has been for all of us.

Just to let you, these are the campaigns currently live with opportunities available on your Desk.

1. Stop /Terminated SIPs – SIPs which haven't been renewed upto potential at investor level has been identified ( Monthly Activity )

2. Incremental SIPs – Investors identified with potential to increase their live SIP amount. (Oct – Dec 2017)

3. ELSS – Investors with potential for further ELSS investments for current financial year. (Nov 17 – Feb 18)

Q: Can you also elaborate on the communications part carried by NJ?

Prashant: Firstly, the Partners have to give consent for BIU Activity from their Partner Desk. NJ is sharing opportunities only for Partners who have given their consent. NJ also does regular communication to potential target clients via multiple modes like email, SMS, Client Desk banners and notifications on behalf of the Partners. Most of these communications also have an option to capture 'interest' and clients who show interest are marked as 'Hot' opportunities. The list of such clients are also separated communicated to Partners via email.

The benefit of communication is many fold. First, communication is timely sent to clients and regular communication helps in seeding the idea in the minds of the client. Second, as it is done by NJ, the Partner is saved of the efforts and costs of doing the activity. Lastly, the entire process is automated with customised, client specific info to make the communication more effective. All these things ultimately benefit the Partner.