BAJAJ CAPITAL

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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
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