BajajCapital making the Digital India Dream by digitalizing MF transactions
Due to the worldwide pandemic, digital transformation in every sector has been a necessity and financial services is no exception. To provide customers with a seamless online experience, BajajCapital, traditionally brick and mortar retail financial services company. is evolving into a digitized click-and-mortar organization.
In a conversation with ETCIO, Mr. Sanjiv Bajaj, Joint Chairman & MD, BajajCapital, and Aabhinna Suresh Khare, EVP & Chief Digital Officer, BajajCapital talked about the company's step to digitalize the Mutual Funds process.
The earliest challenge which came with lockdown was to turn the whole process paperless. Earlier the regulator had issues with going paperless and Mutual Fund needed a couple of mandatory signatures. But with the lockdown, the regulator also realized that it is not possible and agreed for 100% online KYC Journey, Mr. Sanjiv Bajaj said.
Today, BajajCapital can do all its transactions online and is providing a seamless experience to the customers with the help of cutting edge technology.
There are decades where nothing happens and there are days where decades happen. We used the process of design thinking which we perfected and then implemented the whole journey for the customer. Tech has always been there but how to use it to give satisfaction to the customer became the gamechanger. So the concept we had coined was phygital, said Mr. Aabhinna Suresh Khare.
Earlier it was a mixture of physical and digital. Though digital was there, we did not have the capability of 100% online KYC. You still had to sign some papers. During the lockdown, it was all digital. Earlier it was either the wealth manager or the customer who could do it, now we have built the platform where they both can work collaboratively. The wealth manager can see what the customer is doing and vice-versa. And then we built an OTP system for double verification and security, he explained further.
BajajCapital is one of the first companies supporting customers to make large ticket size transactions through our Mutual Fund gateway. While other gateways are restricted at 10 lakhs, BajajCapital can do transactions in crores which are completely paperless and online.
Earlier there was a lot of wastage of paper that went into printing. Since we are sharing screens today and sharing documents on WhatsApp our printing bills have gone down. We alone as a company are saving 50 lakhs on printing. Our commutation cost and travel cost for the year is down by 10 crore rupees, Sanjiv Bajaj mentioned.
We have been talking to our customers to understand their needs. We have implemented tools to see where people are facing problems. We have simplified their journey. We have changed the icons around and have brought up the things which people could not find earlier. So we have added more banks to make it a seamless transaction. We have more payment modes, Sanjiv Bajaj concluded.
Come experience the seamless journey of making transactions online through
BajajCapital Online MF Platform
Source: ET CIO blog
