Nippon India Mutual Fund rolls out an investment management solution
January 19, 2023
Overview
Nippon India Mutual Fund (formerly known as Reliance Mutual Fund) is one of India’s leading mutual funds, with an Average Assets Under Management (AAUM) of USS 27 billion. Nippon India Mutual Fund (NIMF) has a robust record of innovation by being at the forefront of technology adoption and digital transformation and aspires not only to be a mutual funds and asset management company but a new-age digital technology company that helps individuals and entities achieve their financial goals.
Implementation Process
The bank evaluated its website from an investors’ point of view. They decided to build capabilities that could meet customers’ needs for investing on the go. The existing website could not be accessed easily using mobile devices, and completing the user journey was a big challenge. NIMF sought to create a frictionless journey for new investors where the customers can be identified, authenticated, and enrolled through a completely paperless onboarding process embedded seamlessly on the website.
Thorough research was carried out via interviews, the voice of customers reports, friction points analysis, and drop-off data. NIMF collaborated with an external agency to work with their cross-functional teams (SMEs from Technology, Operations, Risk, Compliance, and Business teams) to build the website’s design. Once the design was signed off, it was technically implemented at NIME and taken to compliance for approval.
The UAT build was then shipped to the UAT testing team at NIMF, which performed testing and due diligence. Post the successful UAT, a soft launch was done to give the final shape to the product before it was released to the market.
Benefits Achieved
With the solution, customers can now explore top-performing funds or discover funds suitable to their profile. The solution enables the investors to do a faster check-out, similar to an e-commerce website to invest, without login credentials. The investors have access to a dedicated & dynamic self-serve helpdesk irrespective of their user journey.
The solution was built with a mobile-first approach resulting in a better mobile app experience and a personalised experience with data smartly pre-populated. They have a graphical view of the funds’ performance to affirm their investment decision and the ability to resume the pending investments from the point where they left last time. The solution provides regular feedback to NIMF as customers rate their experience at the end of the transaction.
Another advantage of this new website-based solution was that it also addressed the challenges like visiting the office physically for KYC requirements, standing instructions, or debit mandate requirements with integrated solutions.
The new solution has delivered exceptional growth to NIMF in its Digital Business. It has led to 1/3rd of recent customer acquisitions driven digitally compared to 1/10 previously. The onboarding journey post the revamp now contributes to roughly 50% of business-to-consumer transactions versus 35% earlier. The attributed customer satisfaction rating significantly improved to 94%, and transaction efficiency has doubled.
Conclusion
NIMF is at the forefront of leveraging technology in India’s mutual funds industry as it constantly endeavours to launch innovative products and customer service initiatives. This solution that provides a new user journey has been plugged into the NIMF website, helping their customers open their accounts and transact for mutual funds digitally and completely paperless. The solution’s success can potentially help Nippon India make inroads into the underpenetrated mutual funds market and help drive financial investment inclusion in rural India.
Key Facts
- Bank Name: Nippon India Mutual Fund
- Founded: 1995
- HQ: Mumbai, India
- Vendor: In-house
- Timeline: 1 Year
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