Coming a long way

From embracing digital to furnishing comprehensive fund information, the mutual industry has taken many steps to improve its service quality

SERVICE EVOLUTION

What if we told you there was a time when mutual fund NAVs were reported once every three months? Sounds unbelievable? W Well, that did happen in the early 90s. That this statement meets with disbelief indicates how far mutual funds have evolved in transparency and investor service over the years and are now setting benchmarks for others.

Ease of transactions

Mutual funds were relatively late to embrace the digital. Back in 2002, post-dated cheques were still the norm for creating an SIP. Even in subsequent years when online banking flourished and reached the masses, and grocery orders were at our fingertips, mutual funds remained analogue. The emergence of online platforms didn't help matters either: KYC compliance remained an in-person process.

But that's history now. Aadhaar-based KYC has digitised the mutual fund investment journey end-to-end, aided by the user-friendly interfaces set up by several digital platforms. Furthermore, features like one-time mandates, SIPS/SWPS/STPs, top-ups, etc., offer investors a high degree of convenience and flexibility. And none of these facilities cost you a dime. Compare that with banks where you even end up paying for SMS confirmations!

With the launch of MFCentral, even non-financial transactions such as updating nominees, change in bank account details, etc., can be done online.

In short, transacting in mutual funds today is extremely simple, convenient, safe, customisable, and cost-free.

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