Mumbai: HDFC Securities is working on an alternate tech-led platform to take on low-cost digital broking firms. The target segment for the new platform are digital-savvy millennials and generation Z individuals who are taking to the stock market in large numbers. This segment is comfortable with service without human intervention, is cost-conscious and participates in low-value transactions.
The broking arm of HDFC Bank, which is among the top full-service brokerage firms in the country has historically been tapping customers of its parent bank. This allowed the group to provide a three-in-one account where the parent’s savings and depository participant account enabled seamless transactions.
Speaking to TOI, Dhiraj Relli, MD & CEO, HDFC Securities said “We are a full-service brokerage firm. We are seeing over 92% of our customers are using digital channels for transacting and over 85% of our revenue comes from digital channels. We have seen a good increase in the last year”