Reliance Mutual Fund has introduced a Digital Kiosk facility in which your clients can invest in mutual funds through ATM like machine called Any Time Mutual Fund.
The fund house will soon extend this facility to mutual fund distributors to help you facilitate transactions on behalf of their clients in the schemes of Reliance Nippon Life Mutual Fund. Currently, the system maps ARN code from the previous folio.
The Kiosk also allows investors to redeem from select schemes.
Himanshu Vyapak, Deputy CEO of Reliance Nippon Life Asset Management Limited, believes digital is clearly the way forward towards enhancing the transaction and service experience for both investors and distributors.
The Reliance Any Time Mutual Fund (Digital Kiosk) is another Industry first initiative in this direction. These Kiosks will be placed at select branches. Digital Kiosk will go a long way in migrating investors and distributors to digital mediums. For distributors in particular, with features like ARN Code capture and auto capture of last transacted ARN etc the transition can be seamless. Inherent benefits of digital transactions like reduced rejections and higher accuracy will go a long way in enhancing the overall branch walk-in experience as well.
Sharing the rationale for this initiative, Mr. Vyapak said, "The Kiosk will increase operating efficiency of branches in wake of rising transaction volumes, enhance branch experience for walk-in investors and distributors and help migration of physical transactions to digital medium. Thus providing instant gratification to investors and distributors."
New Customer On boarding using Kiosk is completely paperless and easy with the deployment of Aadhaar enabled – Biometric KYC Process.
Apart from transactions, existing investors can update their details, print their account statement and complete their CKYC. Similarly, distributors can also print and download account statements of their clients. In addition, both distributors and investors can get information on account balance and NAV.
Launched last month, the fund house has installed 14 Kiosk across Reliance Nippon Life MF branches in various cities. The company claims that investors have executed over 9000 transactions plus interactions through Kiosk so far. The company expects that Kiosk will account for 25%-30% of the total transaction at branches where Kiosk is installed. The response received till now for the Kiosk is very encouraging and the fund house said that they would install more Kiosk across location(s) in the coming days.
