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MFDs with AUM of Rs.100 crore today can scale their business to Rs.500 crore in five years easily with digital capabilities. However, MFDs who use technology to a limited extent like for facilitating transaction and reporting will limit their growth to Rs.200-250 crore, believes Amit Shah, Founder and CEO, Wylth.
Amit was speaking at the webinar on ‘Leveraging Technology: Think Beyond Basics’ organized by Cafemutual.
Giving an example, Amit said, “Currently, many people in India have access to a mobile phone and internet due to which they are very receptive to digital engagement. This can be very useful for an MFD who spends close to 30 to 50% of his time only doing customer service. If a customer asks for a capital gain statement, an MFD spends 15-20 minutes to resolve such a basic query. If the MFD uses a chatbot, such simple services can be done digitally without any personal intervention. This can also help to build brand value for the business as currently chatbots are used by large players like banks and ecommerce.”
Here are other key highlights of the session:
Business functions that can be digitized
An MFD will require lead generation tools to keep track of leads. In addition, tools for creating and sending digital proposals to clients are necessary. A service ticketing mechanism can help digitize an MFD’s interaction with the clients. Lastly, an MFD should also have digital marketing tools to help in branding.
Go for SEO
Amit says that digital presence is a must for MFDs, especially on a platform like LinkedIn to reach and engage with their clients. However, it is also necessary to have a good SEO strategy to make sure that there are enough hits and traffic on their website through LinkedIn posts.
Client retention through digitization
Many MFDs do email marketing to promote products and services among prospects and clients. However, they do not have tools to see how well their communication has been received by them. The use of digital marketing tools can help them see the performance of their emails or messages and customize their approach accordingly.
A platform like Wylth can also help MFDs keep a track of their discussions with clients, organize calls with them and send reminders for the same.
A message to MFDs
Amit concludes by saying that digitization is the need of the hour. The whole business is becoming fully digital and MFDs who do not go with the flow can lag behind their competition.
You can watch the webinar by clicking here.
