Bandhan Mutual Fund is looking to introduce AI-based behavioral profiling of clients to sharpen digital interventions:
With effect from 13th March 2023, IDFC Mutual Fund is Bandhan Mutual Fund. Established in 2000, Bandhan Mutual Fund is one of India’s top 10 fund houses in terms of asset under management. It has an experienced investment team with an on-the-ground presence in over 60 cities. Bandhan Mutual Fund is focused on helping savers become investors and create wealth.
Vishal Kapoor, CEO, Bandhan AMC has over 2 decades of rich experience in financial services across functions and businesses including asset management, banking and consumer marketing. His last assignment was with Standard Chartered Bank as Managing Director for Wealth Management in India. He has earlier worked at American Express and ITC Threadneedle AMC across various geographies.
DateyRaho: User Engagement
The pandemic accelerated digitization in the financial services industry, leading to a paradigm shift in the way all now interact with other stakeholders. Kapoor is happy that Bandhan AMC has adapted to successfully ride this wave of change with its differentiated marketing campaigns and enhanced core digital capabilities. Bandhan AMC’s #DateyRaho digital campaign was conceptualized to positively influence the investment holding period of its investors and emphasize the benefits of an effective asset allocation strategy.
Its digital footprint took greater strides as the company enabled the UPI AutoPay in 2022, allowing mutual fund investors to use existing UPI applications like Google Pay, PhonePe, Paytm, BHIM, Amazon Pay, etc, to create an autopay mandate for their Systematic Investment Plans (SIPs).
Kapoor explains: “This industry-first initiative encouraged investors to remain invested through a hassle-free, convenient platform that facilitates automatic payments of their investments according to the chosen frequency. We continue to enhance our digital capabilities to seamlessly cater to a wider audience, enhance the efficacy of our services, create a valuable user engagement journey for our client base, and meet the increasing expectations of our investors.”
AI-Powered Platforms
Over the last few years, Artificial Intelligence (AI) has rapidly permeated almost every aspect of life and business decisions. Bandhan AMC launched ‘Neo’ – India’s first AI/ML powered portfolio management service platform in 2017, a gateway to scientifically diversify and enhance value for its investors, while expanding their investment choices. The fund house has been at the forefront of deploying AI-powered platforms that facilitate understanding its customers’ evolving needs better and faster. Bandhan AMC also leverages various AI/ML based models to build product and services that can effectively respond to such changes.
Bandhan AMC is also working towards creating enablers that can help the growth of its business partners and in turn benefit investors. Kapoor elaborates: “We have built a robust Business Intelligence and Analytics platform with well-integrated and organized data that our stakeholders can tap into for better business intelligence. Moreover, our in-house built systems direct us to analyze and monitor interventions at a granular level. This has been effective in identifying changes in business trends, thus channelizing relevant solutions to our users.”
Digital Outreach Strategies
Digitization is helping Bandhan AMC drive not only inclusiveness through access, but also to foster a more sustainable way of life. Using convenient digital access, Bandhan AMC offers a wide bouquet of services including product collaterals, presentations, research papers, newsletters, performance updates, etc. Financialization of savings is an ongoing trend across the country. Mumbai, Delhi and Bangalore currently lead the pack with respect to adoption of its digital capabilities. Kapoor updates: “In May 2023, over 92% of our clients came to us digitally through a wide range of channels including websites, distribution partners, fintech offerings and other channel partners. We gradually cater to the changing customer preferences in tier 2&3 cities by adapting our communication and digital outreach strategies across these cities and towns.”
Podcast For Distributors
Bandhan AMC has been committed to collaborating with leading technology providers and its distribution partners to leverage technology to offer pathbreaking solutions to its investors. The company has unlocked immense value its our distribution partners by sharing knowledge-driven interventions through multiple digital platforms. In tandem, its in-house learning and development team has focused on fortifying the skill quotient of our distribution partners through digital knowledge-driven initiatives such as the Moneywise podcast and the ‘Let’s Talk Macro’ podcast.
Narrow Casting
The CRM platform at Bandhan AMC feeds into an enhanced analytics framework which results into integrated, data-driven insights to better identify the needs of customers. Consolidating data from various touchpoints gives a 360-degree view of investors. While identifying the needs of customers, the AMC tries and provides relevant and timely communication without flooding investor’s inboxes. Kapoor proudly cites results: “Analytics has helped us optimize and fine-tune our products, processes and technologies to help serve our investors better, thereby nurturing a stronger relationship with them. We are making good progress as reflected from instances of adverse customer feedback which has steadily trended downward, and is now amongst the lowest in the industry. Consolidated data helps us provide effective solutions in a hassle-free manner.”
Digi Transformation Plan
Investing in IT and digital initiatives is essential for any business to grow in this age as all growth indicators point to the fact that digital will account for the bulk of customer acquisition as well as for managing the end-to-end CX. Bandhan AMC upgrading its client data platform (CDP), website and data security and governance systems. It is implementing cloud-based solutions, and embracing automation technologies to improve efficiency and reduce manual efforts. Bandhan AMC is also looking to fortify its IT and digital assets with the ultimate goal of adding value to the lives of its investors, ultimately helping more savers become investors.
To expand its customer base, Bandhan AMC will focus on enhancing its online presence through a user-friendly and intuitive website. Kapoor reveals: “We aim to provide a seamless digital experience to our clients, offering personalized account access, easy navigation, and a range of self-service tools. This will allow investors to track their portfolios, make transactions, and access relevant investment information conveniently. We are also looking to introduce AI-based behavioral profiling of clients to sharpen our digital interventions.”
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