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WF : You have been leveraging technology to deliver value to investors and distributors through your Invest Easy and Business Easy platforms. What is DIT and how does this build on what you have created so far?
Himanshu : As you are aware, through Invest Easy, we have been striving to make the mutual fund investing experience simpler, quicker, more convenient and more cost effective for investors and our distribution partners. At the same time, we have been leveraging technology to enhance our distributor servicing through our Business Easy platform. In continuation of these efforts, we have now introduced Invest Easy - Distributor Initiated Transaction(DIT) facility for our partners. This facility is designed to help you increase business volumes, reduce operating costs and at the same time, help you offer more convenience to your customers. All these initiatives are part of the responsibility we have taken upon ourselves to help our partners stay competitive in tough times and bring growth to their business.
WF : How can your partners initiate a transaction through DIT?
Himanshu : Using Invest Easy - Distributor Initiated facility, distributors can initiate transactions on their customer's behalf in a very simple step. All you need to do is call our contact center number 1800 300 11111 to initiate a transaction. The customer will be intimated via SMS or Email and will need to approve the transaction within 24 hrs of initiation.
Very shortly, Partners will also be able to initiate the transactions through their Business Easy website provided to partners. Partners can find detailed FAQs and respective form on www.rmfpartners.com.
WF : How will distributor initiated transaction help your partners?
Himanshu : It is estimated that the average per transaction cost of partners is approximately 80 bps, which is largely associated to logistics cost per transaction incurred by partners to service customers. This cost can be easily controlled and brought down less than 20 bps with use of technology.
Partners can now build a viable business model to better service every customer by offering all asset classes be it Liquid funds for managing daily savings/ surplus, Debt Funds/ FMPs/ Gold for portfolio stability to Equity funds for higher risk return investments. Thus, maximize the business potential by broadening the offering basket, while minimizing the operational cost at higher convenience to customers and self.
WF : What are the immediate opportunities your partners can look though this facility?
Himanshu : One large opportunity to capitalize for all partners is to educating customers an efficient way to manage surplus and idle funds using liquid funds. Once the partner handholds the customer to manage this basic saving management using this convenient methods, the customer is self-sufficient in taking timely taking these actions as per the liquidity need.
Other example, which is more relevant in current context is TAX Savings investment objectives. Its tax season for the next 2 months and you have many retail clients to reach out to, to help them with their ELSS and RGESS investments. Your biggest constraint is the time you have available with you to meet them, fill out their forms, follow up with them for their cheques and then log in the applications. What if instead, you were able to discuss and agree the investments with your clients on phone, then initiate the transaction through a simple phone call to us and move on to the next client? No forms to be filled up, no cheques to be followed up for, no application log ins to worry about. How much more business would you be able to put through this tax season? How many more clients will you be able to serve? How much more revenues can you hope to make this tax season? How BIG an idea do you think this is?
WF : What are the pre-requisites for initiating the transaction?
Himanshu : Your customers must have an active Invest Easy One Time Bank Mandate registered in their respective folio.That means, if you have registered Invest Easy - One Time Bank Mandate of your customers, transactions can be initiated only in those selected folios by you. ARN code captured in the Invest Easy mandate form will be default ARN code for the transaction.
Registering your customers is a one-time effort post which there is a lifelong convenience to you and your customers as well. This facility will also help you to increase your reach with customers and focus on value added service to customers.
WF : How would you summarize the benefits to your partners?
Himanshu : I would say the key benefits for our partners are :
Online Reporting: Transaction initiated on call Simplicity: Customer approvals on SMS or Email Quick: End to End transaction in less than 7 minutes Business: Transactions logged under Advisor ARN Code only Higher Conversion: High potential for sales conversion Zero Cost: Toll free dial-up facility to initiate transaction Scalable: Can also accommodate bulk initiate request via website
We have often been told by many of our successful and motivated partners that they can grow their business rapidly if operational hurdles are effectively dealt with. Daily transaction processing is one of the most time-consuming tasks that many of our partners spend a lot of time on - especially those who do not have teams working for them. With RMF's Distributor Initiated Transaction facility, I strongly believe that you now have a solution to that one bottleneck. Get rid of this bottleneck, free up more productive time for client interactions and scale up your business. Once you have experienced this facility, I am confident you will embrace it as an integral way of life for all your transactions. Good luck and best wishes!
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