Mr. Vinayak Rajput,
GM – Operations, NJ Group.
Mr. Vinayak Rajput is the Head of Operations Function. A CA by qualification with more than 14+ years of experience, he has been instrumental in setting up the strong back-office infrastructure and services for NJ Group.
ES: There have been many initiatives taken by NJ in last few years. Tell us on the one development which has changed how business is being done at NJ.
Vinayak: There were some significant changes we have introduced in our existing processes as well as also came up with new initiatives with an single minded objective to provide operational ease to our customers and partners. All these will be benefited to partners to increase productivity.
We already achieved break through by launching NJ E-Wealth A/c before 5 years back – Online transaction facility for partners and clients. Initially, there was a a lukewarm response but in the last 2 years we have witnessed a great rate of adoption & currently, more than 60% of the new business is done on the Stock Exchange platform. One has to go with it – the benefits of NJ EW is immense for all stakeholders.
ES: Giving the power to the investors to do transactions through the E-Wealth Account is a welcome development. But often Partners feel the need to hand-hold or guide investors while making transactions. Tell us how NJ is helping advisors and investors on this aspect.
Vinayak:Partner Initiated Transaction: We launched Partner initiated trxn Utility last year & the response has been great. It gives a added advantage to the Partner & at the same time gives customer delight because there is no need of NJ Branch. Partner can simply initiate the transaction on his own & the Client can authorize it through various modes available (just like sms/email etc). It gives a privilege to the partner to serve the client residing in remote location where Internet penetration is less because the client just need to make a SMS for executing the transaction.
Further, there are enhancement to come in the same like Physical redemption enablement in PIT & Mobile App for PIT.
ES: Even after opening E-Wealth Account, Partners often faced problems where investors had physical units. Tell us about the initiative on this front...
Vinayak: Physical Unit Redemption in the E-Wealth Account -- The recent addition of Physical Unit redemption in the E-Wealth Account gives a Platform to the Partner & Client to go 100% on-line without any additional paperwork. Previously, the customer needed to provide DRF request which is no longer a need & the client can now simply make a Redemption or a Switch from the Physical Units through the E-Wealth Account. This will enable us to move our 100% business to Online mode with minimum paper work.
ES: Tell us about E-Sign initiative and how it can help Partners?
Vinayak: E-Sign -- It was a vision before a year of opening a E-Wealth account in an hour which has been a reality now with introduction of E-Wealth account opening through E-Sign. E-Sign is an On-line Signature service to Digitally Sign a document through Aadhaar based authentication. E-Sign is a revolutionary change because it gives the liberty to sign a document On-line & in that way avoids requirement of Physical presence. In the coming times, all types of Customer whether KYC compliant or not, would be in a position to open the E-Wealth account On-line through E-Sign. It should be the target of all Partners to Open the E-Wealth Account through E-Sign only.
ES: Customer service is an important piece of the advisory / distribution business. Please tell us what initiatives have been taken on the Customer Care front and what are we doing to improve Partner experience with NJ Customer Care.
Vinayak: On customer care, the top most priority is to reduce the Queue. We are aware of the fact that since long the waiting time has been on a very higher side. So, the top most priority is to put additional manpower & give that comfort. As far as new initiative is concern, the new IVRs system is launched few months back only & we are just evaluating how we can route calls to the automated system which reduces dependency on the Human.
ES:Would you like to hint at what new developments are in pipeline for Partners?
Vinayak: There are many developments which are going on but like to highlight few important one:
a) The most important I would say is to make the Non-KYC complaint client E-Wealth Account Opening through E-Sign. Once that is done, we can avoid Physical form movement to a large extent.
b) Physical redemptions in the Partner Initiated Transaction.
c) On Insurance side, we are working on Online Insurance which would be a big step to go Digital in that segment.
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