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Union AMC: Portals drive Digital Transformation

For tech-savvy investors, the portal of Union AMC offers transaction facilities through chatbot and WhatsApp:

Union AMC: Portals drive Digital Transformation

Union Asset Management Company, Investment Manager to Union Mutual Fund, manages Assets of Rs111 billion as of the end of May 2023. Rajkamal Tiwari is the CFO with a professional career spanning 16 years at Principal PNB AMC, Price Waterhouse and A. F. Ferguson. His education covers CA, LLB and MBA.

40% AUM Through Digital

Union AMC has proactively undertaken various digital initiatives. These initiatives aim to simplify, streamline, and enhance the mutual fund investment journey for investors and distribution partners. The AUM from the digital route has experienced notable growth during the FY 2022-23. Rajkamal updates: “Approximately 40% of the AUM is generated through digital mode, while paper-based applications accounts for the remaining share. AUM from the digital route increased 32% y/y, compared to the 18% growth in paper-based route. Out of a total of 0.62 million purchase transactions, 85% were conducted through the digital route. Digital is the way forward.”

Investor Transaction Portal

There are several digital initiatives that Union AMC has recently implemented. A new investor transaction portal was launched in January 2023, with a user-friendly design and offering a rich user experience. With digital onboarding through Aadhar-based KYC process, investors can complete their investment journey in just a few clicks. The portal includes new features like Quick Investment, Goal Planning & Calculators, and SIP calculator.

Rajkamal elaborates: “Customers can view their dashboard and portfolio to get an overview of their investments. The portal offers various SIP-related services such as registration, cancellation, pause, and renewal. Investors can update their personal details, including email, mobile, and bank account, digitally with necessary IT security safeguards. For tech-savvy investors, the portal also offers transaction facilities through chatbot and WhatsApp.”

UMFOT Distribution Platform

Union Mutual Fund Online Transaction (UMFOT) is a digital platform for a banking channel. This banking channel is a significant distribution partner for Union AMC. The majority of business conducted through this channel has traditionally been physical applications. To encourage the bank branches to adopt digital transactions for mutual funds, Union AMC has developed a unique platform called UMFOT as banking partner. This API based platform integrates with the bank’s core banking system and Union Mutual Fund.

Rajkamal explains: “UMFOT is a separate menu in the CBS module of the bank, making it easier for walk-in customers to invest in mutual funds across all 9000 branches. The platform can also provide account statements to customers. Currently, this facility is only available for lump sum purchases by existing folio holders, but the AMC plans to extend it to SIP registrations soon.”

Partner Hub: Distribution Tool

Union AMC’s new website ( launched on January 1, 2023, offers various tools and features for its distributor partners who can generate customized transaction links for their investors, ensuring faster digital transaction approval and processing. MFDs prefer to get empanelled with it digitally.

Rajkamal informs: “During FY 2022-23, about 83% of our distributor partners did so digitally. Additionally, MFDs can schedule account statement deliveries to their investors and create and download co-branded marketing materials. Partner Hub also allows MFDs to generate various reports, including brokerage, AUM, transaction, and account statements. Digital is the preferred choice for both distribution partners and investors alike.”

Social Media

Union AMC uses social media platforms like YouTube, Facebook, Twitter, LinkedIn and Instagram to share informative content, market outlook, and updates on various fund offerings. It actively engages with followers and encourages meaningfulconversations to build a robust online community.

One of its campaigns, called ‘SIP is like Breathing’, encourages people to continue investing regularly until they reach their financial goals. Another campaign ‘Be on the Same Page’ promotes the importance of inclusive financial planning by couples. Lastly, the ‘Elephant Dances On’ campaign highlights why it is optimistic about India’s growth story. Rajkamal underlines: “We constantly evaluate the performance of these campaigns and optimize them based on analytic insights to ensure maximum effectiveness.”

By staying ahead of technological advancements, it aims to remain a trusted and forward-thinking organization in the future. Rajkamal avers: “We are committed to embracing and using these technologies to drive innovation, improve efficiency, and provide value to our investors.”

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