DSP BlackRock has launched IFAXpress, an online platform for IFAs which allows them to transact, get business reports & scheme updates, track transaction status and much more. The fund house claims this platform is like a ‘virtual office’ of the fund house to service IFAs.
The distributor first needs to be empanelled with DSPBR to register on the platform. Unlike other offline platforms which require distributors to manually key in client data, DSPBR’s platform is linked to CAMS. The fund house claims that once a distributor is registered on the platform, all the client data and assets under advisory will be seen live on the platform.
The process of onboarding new clients who are already KYC compliant is even simpler. Distributors have to get details like date of birth, PAN, bank account number to start the account. The first transaction can be made lump sum immediately while setting up a SIP would take about a week’s time. Onboarding a new client (KYC compliant) on the platform does not require any paperwork.
To propose a scheme to clients, IFAs need to select the DSPBR scheme and the system will send the scheme to the client for approval. The transaction will be processed once the client confirms the transaction.
Apart from transacting, the platform provides a host of value added features for IFAs. Distributors can track the status of transactions (processed, reversed, declined or failed) on real time basis. Also, they can view historic & current trends in their business around new, existing & active client base, monthly gross sales, redemptions, net sales & AUM.
The fund house claims that the platform will help IFAs cut down time, reduce paperwork, minimize writing errors & physical form submissions to a large extent. DSPBR says that it has designed the platform in such a way that it provides users a good interface, transaction seamlessly, and get loads of information in an easy to consume manner. The platform is responsive, which means that it can be used across multiple platforms like smartphone, desktop and laptop.
