New Delhi: To attract retail investors, mutual fund houses are tapping social media platforms like WhatsApp and a host of other calling and messaging apps to facilitate transactions in MF products. These new facilities will help investors in buying or selling mutual fund (MF) products in a simpler and faster manner, said experts.
Mutual fund houses that have adopted digital modes such as internet and mobiles for increasing distribution of MF products include Axis MF, Reliance MF, UTI MF, L&T MF, Quantum MF and ICICI Prudential MF. Besides, several fund houses are allowing customers to invest, redeem and switch funds using their mobile phones and a host of mutual funds are gearing up to adopt digital technology to tap investors.
Quantum MF is offering WhatsApp facility to either transact or see mutual fund portfolios. L&T MF has introduced a new service—Goinvest—where customers can track their investments on Facebook. Besides, Axis MF’s Easy Services that includes EasyCall, EasySms, EasyApp provide customers an option to invest in MF schemes through an SMS, using a dedicated application or by calling up on a designated mobile number.
“Digitalisation adds a lot of convenience and comfort for investors in today’s world. With the increase in the internet reach and number of smartphones, digitalisation will always be preferred by investors,” Quantum AMC head-customer delight Harshad Chetanwala said. “MF houses have been focusing on the online platform for the investors to transact. The idea is to keep it as simple as possible for the investor to invest with the AMCs,” he added.
At present, many fund houses are offering facility for online investment, but industry insiders say that there is a need to promote and make it more user friendly by improving infrastructure and efficiencies.
