Ormax Consultants Launches Ormax Money, The 1st Dedicated Consumer Understanding Firm For The Finance Sector

Online, June 1, 2010 (Newswire.com) - Vispy Doctor, Managing Director of Ormax Consultants Pvt Ltd, and Anand Bhatia, former Product Management Head at Citifinancial, have come together to launch a new venture, Ormax Money.
Ormax Consultants started in 1985, as a specialist Qualitative Research company, the first of its kind in India. Today Ormax has evolved into a full Consumer Knowledge firm that operates worldwide and industry wide, unfettered by technique or geography. Ormax amalgamates decades of experience, knowledge with the latest concepts in research thus bringing a holistic approach to understanding consumers and their relationship with the products they consume. This is critical as the real consumer is frequently (and dangerously), very different from what we think he or she is. Ormax has thus built a reputation for outstanding quality knowledge work that reflects strategic thinking, objectivity and thoroughness. Ormax also has a media practice, Ormax Media Private Limited, which specializes in the entertainment industry.
The newly launched Ormax Money will specialize in the finance sector and work with clients across banking, insurance, mutual funds, credit cards, retail lending, PE funds, financial intermediaries to empower them with consumer inputs and strategic directions to achieve better return on their investments in a competitive marketplace. The same team has successfully delivered projects for financial giant ICICI in the investments space. The project delved into perceptions, expectations and dissatisfactions of consumers with respect to online equity trading. The outcome was used as inputs for marketing and communication strategies and enhancing the design of the online trading portal.
Speaking about the venture, Doctor said, "Most successful FMCG brands are built on a solid and ongoing understanding of their consumers. This is available for the finance sector too. However, while this is familiar territory for the FMCG it is relatively unexplored in the BFSI space. Where it is probably even more important. We believe this is where Ormax Money can contribute and make a difference."
Anand Bhatia added "As a product manager I often felt that while we had a lot of statistical information on the customer, we lacked incisive consumer insights. Ormax Money would help players in the BFSI space deal with business issues by providing the missing link- end consumer perspectives.
Vispy Doctor is recognized as one of India's most incisive consumer knowledge experts. Having done doctoral work in Physics he graduated from XLRI in 1977.He formed Ormax Consultants in partnership with his wife Villy who has done doctoral work in Psychology and is a practicing counselor. He has studied consumers for 25 years across various industries and for various leading brands, including Cadbury's, Titan, Thums Up, Pantene, AOL, and BBC, among many others.
An IIM (Lucknow),SPCE, alumnus Anand brings with him over 11 years of managerial experience, having handled complex roles across Financial Services, Retail, Education and Real Estate. As the Product Management Head at Citi, he was a key member of the management team at Citifinancial India, driving the growth of the Consumer Finance sector.
Ormax Money will offer a gamut of services focused on the financial sector involving cross sell and customer retention opportunities, market perception studies, response to marketing stimulus and design of marketing campaigns, customer service feedback surveys, design of retail products and a slew of syndicated products.
The consumer insight products already launched by Ormax Money include InvesTrack, CommTrack and QuiSense. InvesTrack is a tool to understand why consumers opt for a particular investment option. It will help insurance companies, mutual funds, banks understand the consumer thought process involved in the consumption of their products. The study covers 500 consumers spread across the country.
CommTrack is aimed at tracking the consumers understanding of advertising and communication done by financial service companies. QuiSense is a research tool which allows a company to access the entire respondent base of Ormax to gain insights into consumer perceptions, views on broad product categories, brands or even specific campaigns. It collects top of the mind consumer perceptions which often drive consumption behavior.