The application provides financial planning tools and industry news to distributors.
ICICI Prudential Mutual Fund has launched a mobile application for distributors called I Pru Touch. The application enables calculation of goals such as retirement planning, education planning, marriage etc. Also, this application will provide notifications on latest news and videos on mutual funds and markets.
Distributors can download this application on their devices using the Apple or Google Play store. Once downloaded, the user needs to submit identification information (name, email ID, mobile number and ARN number). For authentication, a one-time-password (OTP) message will be sent to user’s device, post which the application is ready to use.
Amar Shah, Head Retail Business, ICICI Prudential MF said, “I Pru touch is a virtual platform created exclusively for financial advisors to address their pre-sales requirements in terms of information that could help them serve investors better. The application gives access to market news, expert views, product & NFO updates. The application also provides investment planning tools in form of several calculators (SIP planner, retirement planner, dream house, child’s marriage & education planners and other goal planners) which can aid distributors to tailor investment solution for investors and consult them to achieve their financial goals.”
“We plan to make this a virtual office for our distributor. We will continue to improve the I-Pru platform in several phases. Phase I, the pre-sales content for financial advisors is now live. In the next phase, we will focus on enabling sales and post sales data,” said Shah.
Distributors can use this application in offline mode as well. They can e-mail NFO updates and calculations of any financial plans directly through the application. When quizzed about the utility of the application, two IFAs were appreciative of the application but felt its utility could be enhanced further by adding additional features.
“While some features like financial planning tools and news feed are good, the application doesn’t provide essential information to distributors on SIP returns, lump sum returns and NFOs as the application is limited to only ICICI Prudential MF. Also, similar features are available in applications of other AMCs – L&T and Reliance. Distributors cannot download too many applications to compare funds. Hence, there is a need of an application providing at least NFOs and information of top performing funds,” says a financial adviser who has used this application.
Another financial adviser seconds the view and said that the initiative is good but distributors and financial advisers need consolidated data for comparing various scheme. “Though the fund houses would not like to put details of other players, distributors would be happy if they can provide us with performance of a few funds and NFOs details of other fund houses in their mobile apps.”
