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“Fisdom is a consumer wealthtech platform that provides savings, investment, tax and HNI wealth solutions. Fisdom is a mobile app but engages clients through B2B2C distribution with unique partnerships with banks. 15+ in India Leading banks’ combined customer base of 400 million people chooses Fisdom as their exclusive wealthtech partner. Fisdom’s platform is embedded in our partner banks’ mobile banking suites in the form of an SDK and deeply integrated into their technology stacks, said Subramanya SV, Co-Founder and CEO of Fisdom.
“The Fisdom app helps clients access a full suite of financial products including stocks, mutual funds, pension funds (NPS), sovereign bonds, insurance and tax filing. Combining high-quality research content and guidance through an intuitive user interface and rich dashboards, Fisdom provides investors with an exceptional user experience.”
“We will continue to innovate in technology to provide better access to our clients. The next set of technology interventions will be around the customization and personalization of financial advice,” he added.
As many as 45% of Fisdom’s clients are first-time investors in the capital markets. Over the past five years, Fisdom has “one million clients across 570+ districts in India, with 76% of our clients coming from Tier 2 and Tier 3 districts. Fisdom’s total Assets Under Management (AUM) has doubled annually over the past year Five years till August 2022, it is now at INR 500 crore,” Subramanya SV said of the impact Fisdom has had.
Fisdom is the first HNI-focused wealth management firm in the wealthtech space. To stay ahead and relevant in an ever-changing market, “We have a highly qualified, flexible technical team led by experienced leaders who have built our product from the ground up and also own the required domain Knowledge. Our product teams are constantly on the lookout for customers’ changing preferences that will impact our future product roadmap,” said Subramanya SV.
Talking about the challenges, he said: “Our biggest challenge and opportunity is to work with large banks who are in different stages of digital transformation. We believe that all financial institutions, especially banks, have no choice but to embrace the digital future. We distribute through banks It is an important moat that is difficult to replicate. As more and more customers begin to digitally bank, it will strengthen our value proposition and enable the bank to better serve customers.”
Given the challenges, how difficult it is to be profitable in tech. “To be profitable, it’s important to control the cost of acquiring customers, and those customers should have a high lifetime value,” he said. “Also, it’s important to control overhead by not ramping up headcount ahead of demand. Fortunately, , Through cooperation with banks, our acquisition cost is lower than the industry average. At the same time, we have been growing rapidly,” he said.
In the next two years, “Our goal for the next two years is to reach 4 million customers. We intend to add more major banks as partners.”