Upstox Increased Account Activations by 40% with SquadStack

Introduction

Making Investments Easy & Accessible with Upstox

Founded by Ravi Kumar, Kavitha Subramanian, and Shrini Viswanath, Upstox has leapfrogged multiple players to become one of India's leading investment platforms.

Available on both web and mobile platforms, its cost-effective brokerage plans make Upstox one of the most trusted online stockbrokers to offer an unmatched convenience in online share trading.

In an interview with SquadStack, their sales outsourcing partner, Satyartha Srivastava (Customer Success Lead, Upstox), shared the sales challenges in Fintech, and why it's essential to have an outsourcing partner for profitable growth.

Challenges

Selling to an Audience with Limited Knowledge

Sales in a Fintech brokerage is majorly selling to a user who does not know what they are getting into. When they start as a lead, they don't know the steps they need to take to make a transaction. The complexity of this entire process makes converting the user into an active transacting customer a huge challenge.

Specialization & customization in sales training
The sales agents of brokerages must be trained for a high degree of complexity, with multiple exchange rules and compliances to guide and handhold the customers through the entire onboarding and activation process.
Matching up to the constantly evolving Fintech industry
The rules and regulations constantly change, making faster sales execution a challenge. Upstox changes its procedures every 15-20 days. The sales agents and team leaders have to get re-trained quickly while still maintaining the customer experience and brand quality.

Solution

Scaling Up with an Effective Solution

Given their increasing demand, aggressive growth goals, and most importantly, the dynamic nature of a brokerage required the Upstox team to scale faster, maintain brand quality, and train their reps to cater to the complex nature of the industry.

SquadStack provided Upstox with a fully managed sales service that is secure, transparent and delivers a high ROI.

How SquadStack Helped Upstox Increase Their Activations

The fully managed services, the team of on-demand sales experts, and the A.I.-driven outreach of SquadStack helped Upstox ramp their sales faster and connect with more customers. This enabled the Upstox team to focus on other high-leverage tasks and not worry about hiring, training, and quality control of a large sales team.

Account Opening Campaigns
The sales experts at SquadStack assisted customers in opening a Demat & Trading Account. More than 740+ highly trained sales callers helped their leads complete the process end-to-end in the last month.
Activation & Reactivation Campaigns
The sales experts at SquadStack further helped customers who already had an account to place their first order on the Upstox Pro App and helped reactivate dormant accounts, driving more revenue per user.

The strength of this partnership is that we can scale up faster, and I don't need to leverage my tech team's help because they're also busy with so many other tasks. I can leverage SquadStack's tech team to create different campaigns in just 3-4 days, which would have happened in 3-4 weeks if done in-house.

Satyartha Srivastava

Customer Success Lead, Upstox

Boosting the Activation Rate on the Platform by 40%

With the help of SquadStack's on-demand sales experts, the activation rate of Upstox shot up to 40%. The A.I.-driven outreach has helped increase their connectivity to 75%.

SquadStack trained and deployed 41 experts for a new-tailored campaign by Upstox, leading to an impressive 55% activations rate.

Outsourcing gives us a lot of flexibility. To do anything in-house, you will need a lot of time to scale up and execute things at a faster rate. We found a great partner in SquadStack, who helped us achieve our goals, growth, and targets.