With the digital revolution, investment processes have become easier and paper-less and the turnaround time has reduced considerably. Further, due to the rise of mobile-based applications, paying monthly bills, mobile banking or even investing in financial instruments such as fixed deposits, pension plans, trading in the stock market has been made easy. Having said that, many companies have also begun integrating their services with mobile applications, such as WhatsApp, to provide a wide range of Mutual Fund (MF) services.
Being one of the most popular apps, WhatsApp has become a preferred mode. Moreover, the services offered by various Asset Management Companies (AMCs) and distribution platforms are at various stages of functionality with the objective of eventually offering a multitude of services to its customers.
“There is a range of services a customer can avail through WhatsApp. These could be requesting for one’s reports on a fund, asking for a service like change of address or even buying an MF, in some cases,” says Madhu Sudhan, Head, Digital Business, Motilal Oswal AMC. Recently in August 2019, Computer AgeBy Companies have begun integrating their mutual fund services with mobile applications Management Services (CAMS) started their chatbot on WhatsApp to provide a wide range of MF services that can be used for transacting and managing investments across 15 MFs.
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