Birla SunLife Mutual Fund has launched ‘FinGo Partner’ application for its distributors. Through this app, the company claims that IFAs can empanel with the fund house within 10 minutes. Currently, the empanelment process is done offline which takes up to 15 days.
This app also allows distributors can do KYC on real time basis. Moreover, distributors can do the KYC of first-time MF investors through ‘eKYC’ using Aadhaar. Using the One Time Password (OTP) based method of recording customers consent for using Aadhaar data, this 100% paperless process is completed with data received from UIDAI.
This not only simplifies the process and reduces processing time but also provides greater convenience to new investors who can now perform KYC from the comfort of their homes.
However, regulation mandates that investors who have done Aadhaar-based eKYC using OTP can invest up to Rs. 50,000 per annum, per fund house. Investors who wish to invest beyond this limit can do so after undergoing in person verification (IPV).
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 open a folio. Onboarding a new client (KYC compliant) on the platform does not require any paperwork.
This application also allows IFAs to transact, get business reports & scheme updates and provide a host of value added features for IFAs. Distributors can track the status of transactions (processed, reversed, declined or failed) on a 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.
Further, the application enables calculation of goals such as retirement planning, education planning, marriage etc.
In addition, distributors can e-mail NFO updates and calculations of any financial plans to investors through application.
Sharing the rationale behind launching this platform, A Balasubramanian, CEO, Birla SunLife MF said, “FinGo Partner is a distributor centric mobile application which aims to address pre and post sales services issues of distributors. Distributors can not only transact seamlessly through this platform they can get loads of information in an easy to consume manner.”
Balasubramanian further told that that his fund house had added close to 6000 new distributors within a year. Surprisingly, majority of these IFAs (64%) are from B15 cities. Also, of the new enrollments, a sizeable number are new to the mutual fund industry and include insurance agents, housewives and working professionals.
The application aims to reduce paperwork and turnaround time to on board a client. Simply put, the fund house claims this app is like a ‘virtual office’ of the fund house to service IFAs.
Distributors can download this application using the Apple or Google Play store. After downloading, 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, after which the application is ready to use.
