Udaipur MFD Virendra Ranawat has created a dynamic and cutting-edge online platform for his clients to get instant access to MFs with tax planning, goal-based planning and so on. His platform, MySIPonline, is one of the fastest growing fintech ventures in India.
In the latest episode of Aditya Birla Sun Life Mutual Fund and Cafemutual ‘Lessons from the Masters’, Virendra said that at MySIPonline, the idea is to offer an automated platform which understands every investor’s needs and offers them convenience to match their investing comfort with risk through paperless transactions.
However, the journey has not been smooth. Back in 2014, when they decided to start an online only mutual fund distribution platform, coders did not understand finance and vice versa. However, things have come a long way since then.
Now, it is no rocket science to take your business online. Now-a-days, you can subscribe to readily available websites and payment gateways, feels Virendra.
He advises that if MFDs do not have the technical knowledge, they should not spend time and energy on building an online platform.
My simple funda, says Virendra, "Jo bechna nahi, woh banana nahi."
Further, Virendra said that they started a mutual fund talk show to reach out to a wider audience. The idea is to educate clients rather than promote any product. This builds credibility among the audience.
To increase their visibility they focus on digital marketing. They have a team of digital marketing experts who look into making the optimum use of tools like search engine optimization (SEO) and social media management.
Further, Virendra feels that it is crucial to provide seamless service to clients. To this end, they have set up a call centre to resolve the queries of clients. They also resolve their queries using artificial intelligence software like chatbot. This also helps them in a big way while onboarding clients.
Virendra said that most of their clients are 28-36 years of age, salaried and aware of market risks. That is why they do not panic very easily. Therefore, he feels that a focused strategy to create a niche client segment is the best way forward in this distribution business.
Virendra discussed ‘Overcoming geographical barriers’ with K.S.Rao, Head - Investor Education & Distribution Development, Aditya Birla Sun Life MF.
Other highlights
Citing an example of how they use tech, they have introduced various pop ups on various options on their website. For instance, during the correction in March and April, if someone opted for redemption, a pop up would surface to caution them that the market is cheap and it is suitable to top up, not redeem.
Once you are in the mobile phone of your client through an app, you can have a bigger share of your client’s wallet.
While choosing digital marketing companies, choose wisely. Ask the vendors about their earlier projects, research about them and then take a decision.
