'To help traders do well, we are working on a bunch of nudges,' says Zerodha's Nithin Kamath

Zerodha CEO Nithin Kamath on Tuesday gave an update on how 2023 fared for the low-cost brokerage and what its customers can expect in the new year. 

"2023 was a busy year for us at Zerodha, with the majority focus on backend and behind-the-scenes changes, be it technology, operations, compliance, or customer support. Our 13th year was dedicated to streamlining, overhauling and refactoring the behind-the-scenes systems, and R&D, paving the way for several new products and features we have in the pipeline," said Kamath in a post on X platform (formerly Twitter). 

He said Zerodha should have proactively shared updates with its customers as they "might have felt like nothing new was happening at Zerodha".

"Looking back, maybe we didn't do a good job proactively sharing updates, which might have made you feel like nothing new was happening at Zerodha," he said. 

He also said that their mission statement has constantly evolved since 2010. 

"Our mission statement as a business has evolved naturally since starting in 2010, when it was all about reducing trading costs and bringing transparency to broking. Today, it is about helping the customer do better with their money and manage their wealth holistically, not just in terms of money," said Kamath. 

He also said that Zerodha is working on a "bunch of nudges" to help its customers avoid breaking the basic trading rules. 

"To help traders do well, we are working on having a bunch of nudges that will help traders avoid breaking the basic trading rules, which will improve their odds of doing well."

In a blog post, Zerodha also acknowledged the multiple tech glitches on the platform last year, which led to losses to its customers. 

"We deeply regret the incidents that happened this year and needless to say, we strive and work round-the-clock to minimize the probability of such incidents. However, it is impossible for any technology-first business, especially ones that are time-sensitive and to have to cater to a large number of users, to never have incidents. To minimize the impact of any potential issues, we have made significant architectural changes over the years. This is one of the reasons why any incidents that happen affect a small % of users. But, given the demographics of our customers, we tend to get disproportionately large social media attention and press coverage. The exchange data however indicates that we have the least complaints among the top brokers as a percentage of our active customers at the exchanges. All that said, minimizing the probability of any issues is always at the absolute top of our list of priorities," said Zerodha.