Mr. Abhishek Dubey, Head - Strategic Business Development Unit
Greetings from NJ!
It is my pleasure to have this interaction with you and share some insights on the newly launched NJ E-Wealth Account (EWA). As you may be aware, the new NJ EWA - desk version was launched on the eve of Independence Day, 15th August and the mobile app was released on 8th September. The launch was hugely successful and we are thankful for the positive feedback. We also appreciate the inputs for further improvement to make things even better. I take this opportunity to also thank our Partners and our Investors for their continued support and trust in us over all these years.
Coming back, the journey to this point has been exciting, to say the least...
Genesis:
Before we talk about the new NJ EWA, let me take a moment to rewind the clock a bit. As many old investors and Partners would remember, we were probably the first ones in the industry to have a dedicated client desk with daily updated mutual fund valuation reports, over two decades back. In 2010, we again were at the forefront in offering online digital mutual fund transactions facilities with the launch of the NJ EWA. Due to its different nature and compliance considerations, this came into being independent of the client desk for our customers. Even today, customers continue to have access to both NJ Client Desk and NJ E-Wealth Account.
The client desk ultimately evolved to its existing form, giving a consolidated wealth portfolio at a family level with multiple reports on a wide range of products. The client desk creation and investor mapping rights are with the Partners. The EWA on the other hand was positioned as a transaction desk for mutual funds, capital markets, LAS and other products available on the platform.
Over the years, we received many feedbacks from our clients & Partners to make things easy by consolidating both desks. This was a mammoth task and meant merging two legacy systems into one and offering a unified platform to effectively replace both. We were fortunate to get the go-ahead quickly from the management and after nearly nine months, we today have the new NJ E-Wealth Account launched. We took this opportunity to also revamp other things. In addition to the NJ EWA online desk and EWA mobile app, the www.njwealth.in website and the onboarding flow for new EWA customers were also revamped.
The new NJ EWA:
The driving idea was to offer investors a simplified and easy user experience, in addition to the objective of consolidation. Here are a few highlights of what we have tried to achieve.
Login:
We have updated the login experience to allow even custom login IDs and quick access PIN options in addition to the EWA ID & password. The desk access is strengthened with Two-Factor Authentication (2FA) with OTP for login. For the mobile app, the user experience is even easier with saved login credentials and login with just a PIN /password. The custom login options can be updated from the Settings page.
Single Desk:
The new EWA is a hybrid of both NJ EWA & Client Desk. In addition to the transaction facilities in different available products, we now also get consolidated wealth portfolios into different products and asset classes. The new EWA now has multiple dashboards and important reports for your investments. The work of consolidating all remaining reports of EWA and the client desk shall continue.
Mapping for Family Members:
The earlier version of the EWA had access and coverage of the portfolio at the single UCC level. In the new EWA, multiple UCCs at the investor level (as sole /first holder) is consolidated solely for the purpose of viewing the investment portfolio. Further, we have now introduced the facility to add other family members as ‘Child Accounts’ to view the entire family wealth portfolio in one place. For making transactions, one has to log in to the respective EWA /UCC for compliance/security reasons. As such, all individual EWAs /UCCs and child accounts will continue to have independent access to their portfolio.
Navigation & Reports:
The new EWA sports simplified, intuitive navigation and reports. We are now showing a dashboard with a consolidated overview of the portfolio. All reports are loaded by default in pre-selected formats, making them easy to use. The reports are organised product and nature wise. Presently, key reports are available in Mutual Funds, MARS, Stocks, DP Statements & Public Offer Reports. The reports further have different formats and view options. Over time, all important reports of the client desk will be available here.
For a ready and quick overview, we have created the Portfolio page where we are showing portfolio overview or current holdings, past performance and live systematic plans. Current holdings and live systematic plans are pretty much self-explanatory. The Portfolio ‘Past Performance’ page is something very interesting where I wish to draw your attention to. Here we are showing you the actual returns (called ‘XIRR’) you have enjoyed on your investments ‘since inception’ considering all cash-flows, including all inflows and outflows like redemptions, etc. This is the true performance of your investments and is something not usually known or accessible to investors. The performance of only live holdings does not give a true reflection of performance, and we would encourage one to start looking at performance at a broader level on asset classes and products over time.
Transaction Experience:
The transaction experience too has been made simpler and more intuitive. In mutual funds, we are offering the option to view all funds, existing portfolios and live systematic plans, making it easier to access and execute transactions. On the transaction page itself, you may change the transaction type easily and all relevant info is shown appropriately.
Future Developments:
The work is not over yet and perhaps should never be. We are continuing our work to add a few missing pieces and even more reports /features to the EWA. We are also keeping a close eye on the feedback and suggestions and making the required changes. The objective continues to not only have strong utility /functionality, but also have an elevated and easy user experience.
Conclusion:
The journey of EWA is not complete, indeed we have only begun. Personally, I feel the journey is more important and there are no destinations, only milestones to achieve and move forward. On behalf of the entire project, IT and operations teams, I would only reiterate our commitment to further improve and work towards achieving customer delight and satisfaction. We once again thank you all for your love, support and the opportunity to serve you.
I would also urge you all to please explore, familiarise and spend some time to understand the new EWA and its features /reports. Please also feel free to reach out to us and give your valuable suggestions.
Thank you.
Happy investing!