Introduction :
A renowned financial institution launched a Mutual Fund Platform in December 2021, aiming to provide a seamless investment experience for both retail and corporate clients. With a user-friendly interface accessible via Android, iOS, and Web platforms, the system offers a full DIY journey encompassing end-to-end features related to mutual funds.
Business Challenge :
Initially, the company faced the challenge of attracting and onboarding customers in a highly competitive market. Additionally, ensuring compliance with KYC regulations posed as a significant hurdle. Manual processes for document scanning and onboarding led to slower customer acquisition and increased operational overheads.
Solution :
To effectively address these challenges, the company implemented a comprehensive solution leveraging advanced technology. The new platform features automated document scanning, which streamlines the onboarding process and reduces user clicks, enhancing overall efficiency.
Additionally, seamless Know Your Customer (KYC) registration processes were introduced for both new and existing customers, ensuring quick identity verification and smoother interactions. Advanced features like DigiLocker integration and multiple bank account linking were also added to boost customer convenience and satisfaction. These innovations position the company to deliver an exceptional level of service to its clients.
Impact :
The impact of these initiatives was transformative. By February 2024, the platform successfully onboarded over 200,000 trusted customers, significantly boosting customer acquisition and operational efficiency.
With a diverse range of investment options from over 45 asset management companies (AMCs) and features like LUMPSUM and Systematic Investment Plan (SIP) transactions, the platform became a preferred choice for mutual fund investments. Integration with third-party research agencies like VR enabled customers to make informed decisions, enhancing trust and credibility.
Strategic partnerships with exchanges such as BSE facilitated seamless order placement and payments, improving the overall user experience. Ultimately, the Mutual Fund Platform simplified the investment process while equipping customers with essential tools for effective portfolio management and decision-making.
