BAJAJ CAPITAL Bajaj Capital drives dynamic online portal forward with two-factor authentication AT-A-GLANCE Key Requirements –– Strong authentication system to reassure online investors that their information is secure –– Easy-to-use, two-factor authentication technology that prevents online attacks without impacting user experience Solution –– Deployed authentication solution that includes one-time password via security token –– Offered security tokens to Indian customers Results –– Company expects to acquire up to 300,000 clients within three years –– The company is now rearchitecting its trading platform for NonResident Indians (NRIs), in order to offer hardware tokens to this large population CUSTOMER PROFILE “By adopting the RSA® SecurID® two-factor authentication system we are meeting the needs of investors who wish to increase their levels of online protection. In turn, we expect this to significantly accelerate the rate of customer growth for Justtrade.in because it helps customers overcome their fears and anxieties.” VINESH MENON, DEPUTY CEO ONLINE INVESTMENTS, JUSTTRADE AND RETAIL BUSINESS HEAD, BAJAJ CAPITAL The Bajaj Capital Group is one of India’s leading investment-advisory and financial-planning companies. Headquartered in New Delhi, it has a presence in all of the subcontinent’s major cities including Mumbai, Chennai, Kolkata, and Bangalore and since 1965 has been providing a range of services to private and institutional investors as well as the lucrative Non-Resident Indian (NRI) market. KEY REQUIREMENTS In 2008, Bajaj Capital launched Justtrade.in, an online investment and brokerage-services portal. The move was driven by the recognition that a swelling tech-literate population offered huge potential for business expansion. Up to five million people work in the Indian technology sector and as a major driver of wider economic growth the industry is burgeoning. Bajaj Capital aimed to tap technology-savvy private investors, aged between 25 and 40, who were also increasingly aware of the economic opportunities offered by online trading. In compliance with applicable mandatory requirements, the platform featured a range of security measures such as firewalls, intrusion detection, and password encryption. Within a short time, the trading portal had acquired 10,000 users. However, as online usage gains popularity in India there is a corresponding rise in online attacks such as phishing. As a result, the company discovered that potential users were deterred from signing up to Justtrade.in due to fear of losing personal details to online fraudsters. The company needed a strong authentication solution that would reassure clients that their online information was secure. SOLUTION Vinesh Menon, Deputy CEO Online Investments Justtrade and Retail Business Head, Bajaj Capital, said: “Essentially, we needed to address the fear of the unknown. As an example, for every 100 people, we discovered that only one would readily accept online financial management through Justtrade.in, while five would think about it. By bolstering security we wanted to create a climate where for every 100 people, up to 25 or 35 would readily accept it.” “With the RSA SecurID solution, both Bajaj Capital clients using the service and new clients now gain an extra level of assurance and confidence that their information assets are better protected.” VINESH MENON, DEPUTY CEO ONLINE INVESTMENTS, JUSTTRADE AND RETAIL BUSINESS HEAD, BAJAJ CAPITAL The company evaluated a number of security products that would help assuage potential users’ anxieties by providing additional layers of protection. It chose the RSA SecurID system, which includes RSA Authentication Manager, the software engine that powers the RSA SecurID solution, as well as RSA SecurID hardware tokens. “We considered several things: price, ease-of-use, and security process. The RSA SecurID solution came out on top in all three areas,” Menon said. “Furthermore, RSA is a leader in the authentication market and we wanted to associate ourselves with a leader.” The company deployed RSA SecurID two-factor authentication technology to bolster its existing password protection. The RSA SecurID token generates a unique six-digit onetime password that changes every 60 seconds. To log in to Justrade.in, a user enters a four-digit PIN (something they know) and the six-digit one-time password that is displayed on the RSA SecurID token (something they have). Following a trial, Bajaj Capital wasted no time in offering RSA SecurID hardware tokens to Indian users at a nominal price. Furthermore, the company is reconfiguring the Justtrade.in nonresident Indians platform to allow for token use. RESULTS By offering customized products for the Indian investor, Justtrade.in is benefiting from early-mover advantage and its target market of 25-to-40-year-old private investors is potentially as large as 60 million people. CONTACT US To learn more about how RSA products, services, and solutions help solve your business and IT challenges contact your local representative or authorized reseller – or visit us at www.RSA.com www.rsa.com Menon said: “The market potential is huge but the young Indian investor needs speed, reliability, and investment information at their convenience. With the RSA SecurID solution, both Bajaj Capital clients using the service and new clients now gain an extra level of assurance and confidence that their information assets are protected.” Because the two-factor authentication technology helps prevent online attacks and provides users with greater confidence to transact online, the company estimates that the implementation will translate into significant client growth in the coming years. It anticipates a client headcount of around 300,000 for the Justtrade.in platform within 18 months to three years, and doesn’t rule out 500,000 clients a short while later. The solution has enabled Bajaj Capital to develop a robust and compelling offering for Indian investors, ensuring that it is well-placed to take advantage of a hugely lucrative emerging market. ©2009 EMC Corporation. EMC, the EMC logo, RSA, the RSA logo, and SecurID are trademarks or registered trademarks of EMC Corporation in the United States and/or other countries. All other trademarks mentioned herein are the property of their respective owners. BAJAJ CP 0309