Simplifai has won an automation contract in the Indian stock brokerage industry, signing RKSV Securities India Private Limited (Brandname ‘Upstox’).
Upstox is a tech-first, industry heavyweight, low-cost broking firm in India providing trading on different segments such as equities, commodities, currency, futures, and options. The company with over 4 million users and growing every day is the second largest stockbroker in India.
Simplifai will support Upstox with their digital transformation by automating their business process of customer inquiries and trade orders through email, leveraging Simplifai’s AI-powered Digital Employee technology.
“With the strategic partnership with Simplifai, Upstox looks forward to impact the 3S positively and immediately - Satisfaction, Scale and Speed.” Says Nitesh Saxena, Sr Director, Customer Operations & Quality at Upstox.
The contract comprises licence agreements and delivery of Simplifai’s AI powered Digital Employee technologies, helping Upstox categorise and process email inquiries. The Digital Employee will become part of the Upstox customer care team and process thousands of emails every day working alongside the Upstox customer service teams in Freshdesk.
“We are very happy to be working with Upstox, a leader within their industry. We look forward to help them further automate their processes, which will help them achieving their growth potential without scaling the customer service costs and deliver an even stronger value proposition to their customers.” says Bård Myrstad, VP of Simplifai.
The contract is structured as an initial pilot project, with mutual objective of entering a production setting, where Upstox will pay Simplifai an undisclosed monthly fee for utilization of the Digital Employee AI solution.
“With an exploding market and high populations like India, email volumes are huge and Asian enterprises have an even stronger drive to automate email driven work processes, than their European counterparties. This agreement clearly shows the potential in the Asian market for intelligent email processing technology.” says Myrstad.