By Dhiraj Relli, MD & CEO, HDFC securities
I am extremely proud of the way HDFC Securities has evolved in sync with changing customer needs, investment preferences, and technological advancements. This has been possible because of our core values of customer-centricity and innovation. I am honoured that my contribution to the success of our endeavours has been recognised by Republic TV and Marksmen Daily, naming me as one of the “Influential Leaders of India.”
I strongly believe that when our principles and values guide our actions, we not only meet customer expectations but drive business success. Ultimately, it all boils down to leadership strategies that guide the organisation’s decisions and direction.
Leading Change
To attract and retain these investors, brokerages must redefine their offerings and business models. The leadership of an organisation plays a crucial role in enabling such change. I believe that the leadership style should be like vanilla ice cream. You might say that’s old world and boring but vanilla is a classic. It is easily recognisable and signifies continuity and stability. Conversely, it is a versatile flavour. It can form the foundation of amazing desserts, from the popular Hot Chocolate Fudge to spicing up a cup of iced coffee.
Leading an organisation to remain at the forefront of evolution and innovation requires moulding yourself according to the changing needs of the times. Like vanilla ice cream, you should be able to seamlessly integrate customisations to suit every palette, whether it is customer expectations or employee needs.
We have been fulfilling our core principles of customer-centricity and innovation with this focus on being malleable. Our recent product launches are prime examples of how our actions have aligned with our values and principles. Our culture of putting the customer first drives us to stay updated on customer needs and aspirations. Advances in technology have completely changed the ways customers interact with brokers and access their products and services. Today’s digital native customers expect greater control over their investment decisions and DIY tools to solve their problems.
Also, today’s customers are increasingly savvy about financial planning and want a greater choice of investment instruments. In fact, there is a significant move away from traditional investment vehicles, like FDs. Modern investors are looking for technology tools that allow them to easily monitor the markets and make informed decisions without needing to constantly sit before a monitor to capture trading opportunities.
In response to such evolving customer demands, we innovated with our product suite to offer something for every type of investor. For instance, HDFC Sky is a powerful trading app designed for the savvy investor. It is highly intuitive, customisable for immense personalisation, and loaded with cutting-edge technical tools to support informed decision-making and easy order placement. It gives complete autonomy to users with self-help functionalities.
For those in their 40s and older, who might be looking for ways to grow their wealth, Invest Right offers seamless portfolio management with the support of a personal relationship manager. This age group tends to have accumulated enough capital to diversify their investments across assets and require personalised guidance to perfect portfolio allocations.
Our most recent launch is HDFC Tru, which serves the needs of high-net-worth individuals (HNIs), Ultra HNIs, Family Offices and Corporate Treasuries. We understand that every financial journey is unique, which is why our commitment has always been centered around a client-first approach. With HDFC Tru we offer personalised, transparent, cost-efficient and conflict-free investment advice. This includes recommendations for tax efficiency and legacy and succession planning.
Aligning with Core Values
Aligning actions with core values and principles requires a focus on building an organizational culture where daily tasks and decisions are driven by the core values. Some steps that we have taken to achieve such a culture include:
Embedding customer-centricity in our vision and values
Our mission and vision reflect our commitment to keeping customer interests at the forefront. This value is communicated from the time an employee is onboarded and reasserted throughout their lifecycle with our organisation.
Empowering Employees
The first step is to arm employees with all the knowledge and skills they require to perform well in their job roles. We then add autonomy and authority to this mix while promoting decision-making to benefit customers. Our incentives and rewards are not tied to selling any specific product, so that customer advice and recommendations remain conflict-free for our representatives. We also encourage our teams to take the initiative to promptly resolve issues.
Investing in Employee Training
Continuous training and upskilling are an effective way to empower employees. And empowered employees are more likely to be satisfied and motivated to deliver exceptional services. This also keeps employees aligned with the latest compliance requirements while fulfilling customer demands.
Gathering and Acting on Customer Feedback
While big data analytics has eased access to invaluable insights, direct feedback from our customers helps us gain a deeper understanding of their needs. By actively seeking customer feedback through reviews, surveys and personal interactions, we can identify areas of improvement and opportunities for our organisation. Our responsiveness to feedback also positions us as a brand that puts the customer first and works in their interest.
Moreover, we encourage cross-departmental collaboration to offer seamless and frictionless customer experiences. This also helps break down silos to bring consistency in experiences across channels and touchpoints.
By building a value-driven mindset across the organisation, we ensure that our decisions and actions are always driven by these core values.
