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Sunday, May 19, 2024

INDmoney CEO says providing value to your clients is key to building trust

Ashish Kashyap is the Founder and CEO of INDmoney, a fintech platform. In this article he explains the importance of providing value to your clients. Ashish says it is key to building your customers’ trust.

INDmoney Founder and CEO Ashish Kashyap created his financial services platform with the goal of solving a basic consumer problem.

He’d discovered that, given the opportunity, most customers desired to take charge of their financial life. However, they encountered a significant barrier: a lack of openness in financial services.

Ashish Kashyap is the Founder and CEO Ashish Kashyap founded INDmoney, a fintech platform that streamlines the process of investing in US equities, mutual funds, and other assets. INDmoney, which was launched in 2019, has seen rapid development and already has over five million members.

“The majority of the growth has occurred in the previous 12 to 16 months. In the last year, our platform has seen nearly $2 billion in transactions. “This is also a symptom of the trust score (the platform improving) or trust acceleration (between customers and the platform,” Ashish explains.

While many financial service companies strive to entice clients with rebates and promotions, INDmoney focuses on providing end users with 10x, 20x, or 50x value. That is what has enabled the corporation to reduce customer acquisition expenses while attracting millions of consumers.

“I believe we had a reason in the past that we needed to develop customer behavior in order to leverage the medium.That, I don’t believe, is still the case. As a result, your primary business should be built on the fundamental value of the product rather than the cashback,” Ashish explains.

It is also critical to provide such value to clients as soon as they are onboarded. You “can’t afford to wait before showing clients what sets you unique” in today’s competitive market.

“There are some things with which you will provide him with long-term value, but the customer needs to feel appreciated right now. He will not be able to sustain if he does not see D0, D1.The trust will not be established, but he will remove the software, right? So promptly returning value to the user is crucial to creating confidence,” he argues.

For many reasons, cryptocurrencies have dominated headlines, and Ashish is one of the proponents of this decentralized, virtual money.

In the future, crypto tokens may become their own asset class. Government-backed rules, on the other hand, are critical for safeguarding consumers from the rising trend of bitcoin frauds. It is equally important to investigate the origin and flow of the funds used for crypto trading.

“I am a big believer in cryptocurrency, but clearly, for me to become involved as an operator, we would need the regulator and the government to develop a rule engine around it. And it is something that I would personally embrace,” Ashish adds.

The majority of individuals say that now is an exciting moment to begin your business adventure in India. On the one hand, entrepreneurs have access to the tools and resources they require to begin and develop their businesses.

On the other hand, there is an abundance of engineering talent accessible across the country, eager to produce products and services that provide value to customers. Instead of being risk-averse, Ashish believes that budding entrepreneurs should embrace failure and learn from their failures.

Ashish says, “Even giant corporations like Google have numerous mini-failures. They don’t talk about it, yet every organization and every individual will experience several tiny failures. The goal is to do it faster, at a lower cost, and get your learnings out there.”

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