UTI Mutual Fund Rolls Out Mobility Initiatives; Draws Up Enterprise Architecture for Digital Transformation

UTI Mutual Fund, one of the leading mutual funds companies in India, has strengthened its enterprise mobility initiatives as part of its strategy to facilitate better connect with its two key stakeholders - end customers and Independent Financial Advisors (IFAs) who sell to the end customers. The company launched a B2B and a B2C mobile app catering to these two communities last year in 2016.


These mobility initiatives tie-in with the company’s overall digital transformation strategy. A key initiative around designing the enterprise architecture is currently underway in the organization. This will define where the organization currently is and where it wants to be. The enterprise architecture will lay out the roadmap for digital transformation and set out the projects to help achieve that.


The B2B app, called UTI Buddy, caters to all the requirements of the IFAs in enabling a sale. The IFA has access to all product information, net asset values (critical daily changing value), customer information (who all are the customers, products held by them, assets under their management, how is each customer’s portfolio spread across various asset classes, etc.). According to S Raghunatha Reddy, Executive Vice President, UTI Mutual Fund, the IFA has a 360 degree view of the customers and all details with respect to their portfolio on fingertips.


Based on the study of the customer’s portfolio, the IFA can then send notifications and investment advice to the customer and initiate a transaction - whether it be investment, disinvestment or shift of funds - on the mobile app itself.


At the customer’s end, he/she need not have any application. The advice goes to the customer as a text message, and the customer has the option to either accept that recommendation or not take any action. If the customer wants to take an action in terms of investment or disinvestment, he/she could reply over an SMS or on an IVR.


Before the app was introduced, the IFA was required to travel and meet the customer multiple times, filling up the form, moving the form across to the company and then undertake the transaction. This was a long cycle involving several days.


However, with the introduction of the app this process is now completely digitized and the transaction is paperless. Everything now happens in real-time as opposed to days being spent earlier.


“The biggest advantage for the IFA is that the travel time is reduced and the transaction is paperless. This helps improve the IFA’s productivity while saving on travel costs. For the company, it helps improve sales. The more number of customers the IFA is able to connect with, the more the number of transactions. This improves our top line,” explains Reddy.


On the other hand, the B2C mobile app, called UTI Mutual Fund, provides regular information to the end customers like product information, product performance, new products being launched, etc. Meanwhile, the customer can also track his/her portfolio, transactions, returns, etc. on the app. Most importantly, the customer can transact – invest, disinvest or shift funds through the app itself.


According to Reddy, the B2C app is targeted at providing convenience and a better experience to the customers. UTI Mutual Fund has certain product offerings that take advantage of the market movement and, therefore, timing is the key. In such a case, the web may not always be a convenient medium for making investments. Mobility enables the customer to invest or disinvest as per the market sentiments anytime and anywhere.


The company also has analytics engine built into the app that helps understand customer behavior by tracking what all products they are looking at, which screens they are seeing, etc. This enables the company to uniquely target different customers with specific products.

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