LIC MF is developing new investor portal and mobile application to widen its connect and increase its intermediation:
LIC Mutual Fund, established in 1989 by LIC of India, is a well-known players in the asset management space. It is present across 57 cities in India with 29 branches and 28 sales offices. Nityanand Prabhu, ED & Business Head, LIC Mutual Fund, explains as to how LICMF has implemented the digital strategy for its customers in recent times and its plans for current FY.
Digital Transformation Plan
Creating superior customer experience, technology, and risk management are at the heart of LIC MF’s overall strategy, with a digital-first approach. LIC MF has embarked on its digital transformation journey with an aim on improving customer experience through advanced customer acquisition and onboarding process by creating a platform that serves customers via a range of digital touchpoints. Its focus is to elevate customer service experience with an attention on creating DIY capabilities for non-financial activities such as addition or change in non-financial or static information like contact details, bank accounts, nomination details, etc.
Nityanand Prabhu explains: “Our key focus during this year is acquiring and nurturing new age investors while creating a more digitally conducive experience even for not-so-digital savvy customers. Our focus is also on digitally enabling partners and distributors as well as building plug-and-play technology stacks to integrate with partners and aggregators. We have been delivering a consistent experience across a range of channels.”
Modernize Legacy, Automate
The boundaries between digital and brick & mortar have been thinning at a rapid pace. For wider and better outreach, LIC MF cannot solely rely on the traditional brick-and-mortar experiences anymore. It needs to rethink on its ecosystems to offer many more connection and interaction opportunities through its investors, through B2C, B2B & B2B2C segments with an intermediation of customer relationship and the value chain. As these new digital economy intermediaries continue to disrupt the value chain between the manufacturer and the end customers, traditional methods have to be reimagined and redefined to remain competitive.
LIC MF believes in moving beyond the traditional methods through digital content, personalization and distribution. In terms of business volume, close to 40% of its total business volume comes from online or digital channels with approximately 10-12% through direct investors and the balance through its partner portal and other partner platforms. Prabhu informs: “We are developing new investor portal and mobile application, which will help us to further widen our connect and increase our intermediation and interaction across the value chain.”
As part of its digital transition efforts, LIC MF is also driving automation and legacy system modernization from front-facing to back-office operations. This will help improve operational efficiencies, increase productivity and build the organization more sustainable as users move to digital, thus helps the company staying relevant.
Marketing, Analytics & SM
Fully harnessing the power of a seamless digital experience would not be complete without diving deep into how today’s customers are consuming information, across all channels and in a variety of markets. Addressing these challenges means embracing the possibilities of creating an end-to-end customer experience. It is not about merely relying on one method or channel, but it is about creating a broad and connected ecosystem across all the touchpoints with key focus areas on the chart being delivering simplicity and speed with personalized experiences. LICMF is present on all core social media platforms – Facebook, Instagram, Twitter, Linkedin and Youtube.
Prabhu reveals: “For this year we are aiming towards creating an enhanced data analytics platform for deriving better insights thus facilitating better decision making across the sales and service organization. The aim this year is to engage with the community and to leverage social media, use of video and content effectively for better outreach and to drive relevant business outcomes.”
Tech Infra, Cloud, API, AI
The IT organization at LIC MF is primarily distributed into 3 verticals viz., infrastructure & services, systems & applications and IT GRC, managed by respective core teams and duly supported by partners and consultants in the areas of support, enhancement, and innovation. AI, Cloud, API, and automation are becoming deeply embedded in how the future of financial services is getting reimagined. Prabhu points out: “Our systems and infra are hosted at a tier 4 data centre (third party managed co-location), upon which we have built a virtualized private cloud. We also have certain deployments on public cloud that hosts certain non-core and support software. We have already moved in that direction with adoption of cloud and APIs, while AI is on the charts.”