Invesco MF is advancing its technologies to improve customer experience, partner experience and distributor experience:
Invesco Asset Management (India) subscribes to sustainable business models and processes that factor in the dynamism of the business in fast changing market scenarios. Haresh Sadani, Director, Head – Marketing & Products at Invesco Mutual Fund, is part of the AMC’s start-up team and has over 26 years experience in marketing, communications, digital transformation, and product development. Haresh has earlier worked with DBS Cholamandalam, Fidelity Fund Management and Outlook Money.
Expanding Digital Ecosystem
As a firm, Invesco Mutual Fund continues prioritizing customer engagement and user experiences by enhancing its digital assets to engage new and existing investors and making processes simpler and easier. Haresh elaborates: “Providing digital assets to partners has helped to streamline the distribution process and help us improve partner satisfaction leading to increased business. Additionally, we are leveraging data analytics to drive insights and operational efficiency. We are continuously building our digital ecosystem to power integration with aggregators, intermediaries and platforms, all of which has helped us to accelerate digital sales.”
Tools To Track UX
Through its partner integrations, Invesco MF is using artificial intelligence for seamless KYC journey for new customers. Further, it is investing a lot in marketing automation. Sadani explains: “This helps us to drive users to discover new features and adopt them leading to improved user engagement and satisfaction. We are shifting towards cloud-based infrastructure and services for all our digital assets. We have deployed tools which help us track the user experience and behavior which help us to drive personalized engagement to up sell and cross sell to our base.”
Digitalization For Customer
Invesco believes it is important that it looks at post sales service. Sadani dives deeper: “Over 95% of all our KYC is happening digitally. In terms of new account opening, our owned digital assets contribute almost 20% of all new accounts, which are opened by us and then the rest happen through exchange platforms, fintech platforms, etc. Our role there is to make the onboarding journey simpler for their customers.”
Virtual RM Mobile App
Over 90% of all the company’s transactions are done digitally. Majority of the new investor onboarding including KYC validation and subsequent first purchase journey is happening digitally through its owned digital assets and fintech partners. To help its distributors, Invesco has launched virtual relationship management mobile app.
Sadani describes its advantages: “The mobile app allows distributors to initiate transactions for their new and existing investors. It is also a knowledge sharing platform loaded with market insights, product insights. This helps our distributors to have a better understanding of our products. The app has also helped our internal sales to engage with our distributors digitally for conducting events, webinars, training session.”
From a social media perspective, Invesco is present on Twitter, LinkedIn and Facebook where it already has a very strong and growing community. Invesco’s intention is to engage with the community to provide information and insights and drive traffic to its website. Approximately 30% of marketing budget is spent on digital advertising including search, social media and display.
Invesco has been putting digital at the centre of everything it does and continue transforming all aspects of its business with a digital innovators mindset. In addition, it continues to migrate its digital assets to cloud infrastructure and integrate with newer technologies which will be business enabling and providing sheer convenience to its customers.
Following are some initiatives that will be rolled out this financial year by the company. (i) It will enable transactions over WhatsApp for existing investors. (ii) It is looking to develop brand new website and mobile application, which will help further increase business. (iii) It is also working on voice commerce and using AI/ML for hyper personalization. (iv) It is also driving automation for routine operating tasks across mid and back-office transactions to boost productivity.
Invesco Mutual Fund intends to collaborate and launch a video investor education platform which will go beyond the basics and give education around more evolved concepts and their application to investments. Sadani concludes: “This we believe will go a long way in serving the interest of investors.”