S2E6: The Changing Face of Customer Experience in Capital Markets

Episode Overview

In this episode of Convin Conversations, Ashish Santhalia speaks with Dharmender Narang, Chief Customer Experience Officer at IIFL Capital Services, a veteran of India’s capital markets with over 30 years of experience across custodial services, banking, stock broking, operations, compliance, and customer service.

Dharmender has witnessed the industry’s complete transformation — from physical share certificates to demat accounts, from manual settlements to real-time digital trading, and from phone-based support to AI-powered customer service.

What makes his perspective especially valuable is that he has handled customer experience at every level — from back-office operations and settlements to complaint resolution and regulatory compliance. Today, he leads CX strategy for millions of investors in one of India’s leading capital market institutions.

This episode offers a rare, ground-up view of how customer experience in stock broking has evolved — and where it’s headed next.

Key Discussion Points Include:

• Dharmender’s 30+ year journey across India’s capital markets ecosystem
  
  
• Differences in customer expectations across banks, depositories, and broking firms
  
  
• How customer service in stock broking has evolved over three decades
  
  
• The most common customer complaints in capital markets — and how they’ve changed
  
  
• Balancing fast resolution with strict regulatory and compliance requirements
  
  
• Where technology and automation truly help CX — and where humans remain essential
  
  
• The role AI and voice automation could play in stock broking support
  
  
• Leadership advice for CX leaders in financial services
  
  

Key Insights Include:

• Customer experience in capital markets has shifted from operational support to trust-building.
  
  
• Regulatory compliance and CX must work together — not against each other.
  
  
• Technology has significantly reduced errors and turnaround times, but human judgment remains critical in sensitive cases.
  
  
• Not all customer interactions should be automated; complexity and risk determine the need for human involvement.
  
  
• AI voice automation has strong potential for high-volume, low-risk customer queries in stock broking.
  
  

This episode is a must-listen for CX leaders, BFSI professionals, capital market practitioners, and anyone interested in how customer experience has evolved — and will continue to evolve — in India’s financial markets.