Getting to know Religare

Religare Broking Ltd. (RBL) is a wholly-owned subsidiary of Religare Enterprises Limited (REL), a leading diversified financial services group from India. RBL is one of the stock market securities firms in India, with over 1 million onboarded customers. 

With an extensive footprint that extends to over 400 cities and offers services in Equity, Currency, Commodity, and Depository participants.

As a group, Religare caters to almost every segment of the market from mass retail to affluent, HNIs, mid-size corporates, SMEs to large corporates and institutions. With over 7000 employees, the group has a presence across more than 1450 locations pan India.

The communication challenge for Religare before having a Verified Caller ID

Over the past five years, India has seen a steady rise in stock market investors, primarily due to a stagnant real estate market and low-interest rates. This new breed of investors constitutes a key chunk of India’s $3.2 trillion stock market. But online fraud has surged parallelly with the growth of inexperienced investors - who make equity investments on advice from unauthorized financial advisers and social media “scam artists”. 

The Securities and Exchange Board of India (SEBI) recently urged investors to stay vigilant of securities fraud that involves artificially inflating prices and not rely on stock tips from unverified online services. Earlier this year, SEBI even shut down a channel (on a popular messaging app) that purported to specialize in small-cap stocks.

Therefore, to protect their business from the backlash of identity theft, online trading platforms should resort to trust, transparency, and brand identity even more, when reaching out to potential customers to open a trading account or provide brokerage services. 

On this front, Religare was facing two key challenges: 

• The sales team wasn’t able to seamlessly connect with prospects looking to open Demat & Trading account.  

• The registered clients weren’t able to take calls from relationship managers and get timely assistance or advice. 

Reason being:  

• Religare wasn’t using a Verified and Branded Caller ID for their business numbers, resulting in a lack of trust among prospects.  

• Their Caller ID appeared skewed (inaccurate/misspelled brand name) making prospects and existing clients suspicious of the caller. 

• As no brand name and logo were visible (when Religare’s sales team and relationship managers made phone calls to prospects and existing clients respectively), people didn’t know who the caller was. 

Religare was looking for a solution:

• To establish a positive brand identity that prospects and existing clients can easily recognize and trust. 

• To help their sales representatives timely connect with prospects and improve conversions.

• To enable smooth conversations between existing clients and relationship managers, and reduce churn.  

How Truecaller helps Religare standout from fraudulent businesses in the same space

Our Verified Business Caller ID solution adds a layer of trust and distinctiveness to Religare’s customer communication with 

• Green Screen - instilling a sense of assurance and positivity into prospects and clients.   

• Brand Visibility - prominently displaying Religare’s brand name and logo (non-editable by Truecaller’s user community).  

• Verified Business Badge - putting a stamp of genuineness and making the brand stand out from fraudulent businesses. 

• Call Reason - making the intent of the caller crystal clear. 

• Business Category Tag - adding more personality to the call.

This is what a prospect (who is looking to open a Demat account or subscribe to a brokerage plan) now sees when the sales representative reaches out.

The key outcomes

Religare is consistently clocking a calling efficiency of 66% and above, for the following use cases/call reasons: 

• Open Demat & Trading Account

• Your Relationship Manager 

• Business Support 

Prospects and existing clients now have a clear idea of who is calling them and why resulting in timely conversations and more conversions for Religare.