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WF: What is the new paperless new investor onboarding feature you have launched in I Pru Touch?
Raghav: ICICI Prudential AMC now offers instant onboarding feature with Biometric KYC. This is MF industry's first.
There are two modes of eKYC process available for distributors now. One mode is the OTP based eKYC and other one is Biometric KYC. The app- IPRUTOUCH is specially designed for the distributors and has been configured to bring new investors on board instantly with Biometric KYC.
For Investors the eKYC is available in the form of OTP. Pushing the agenda of digital India further, the completely paperless process eases the process ofKYC by linking it to Aadhaar. This will in turn results to an instant first transaction for the investor.
WF: Can you please walk us through the process for this biometric onboarding?
Raghav: The Biometric eKYC option is available only for distributors at the moment. Our distributors will need a biometric dongle that captures the user's finger print which would then be attached to his/her phone. The distributor then inputs the Investor's PAN account details and verifies its status, upon identifying that the PAN is not KRA KYC compliant, the distributor is given an option to complete the KYC process for the investor through either the biometric or the OTP modes of eKYC. On selection of the biometric option the Investor needs to scan his/her finger print via device and a validation is carried out through UIDAI. Upon successful verification, all the relevant details of the Investor will be available through the Aadhar service which will is auto-populated . Thereafter, the Investor has to answer only a few simple questions to complete the KYC process.
WF: What documents/details does the new investor need to have available to complete the e-KYC?
Raghav: Except, the basic information such as occupation, and family details investor, no other document is required to be submitted with the ICICI Prudential Mutual Fund. We have always believed in making the processes simpler and seamless without compromising on the compliances.
WF: Can one invest instantly after KYC completion or is there a time lag for processing?
Raghav: Once the KYC is completed investor can start investing immediately, there is no time lag for processing. The impressive point to note here is that there are no limits for Investor on boarded through biometric KYC as compared with the OTP based eKYC wherein investments are limited to Rs.50,000 per financial year per AMC. Biometric KYC is treated as full KYC and the investors can invest as much as they like
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To know more about Biometric KYC on I Pru Touch, Click here
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WF: What are the new business analytics you have introduced in I Pru Touch and how do these help IFAs?
Raghav: One of the things that we constantly work on and strive to improve is to make our distributors' life better and more convenient. Besides tapping the new investors, the app has also been configured to identify the business opportunities from the existing investors. ICICI Prudential AMC is using advanced analytics to provide distributors insights on the investing habits of their existing clients and also providing them the information about the SIPs ending and maturity details of close ended schemes. A separate section in the mobile app titled "My Briefcase" has been introduced which gives a list of opportunities where distrbutors can call the investor to intimate them or initiate a transaction with them through the mobile app itself. Since this section gives investor specific information, it helps take better care of all our client's investing goals, ultimately resulting in higher client engagement with the help of distrbutors.
WF: What more are you planning in business analytics?
Raghav: The Business analytics linked features that we have introduced is a strong step in direction of making life easy for all our distributors and investors. The opportunities that we have currently launched are "Ceased SIPs" and "SIPs that have not been renewed". We have a lot more lined up as part of this initiative and you will see us launching a few analytics features every month
WF: What's next for I Pru Touch?
Raghav: ICICI Prudential Mutual Fund aims to grow with the support of all the distributors while already scaling new heights each day andthese are exciting times for our digital initiatives. We are indeed working on multiple ways to create even more excitement and fun around our products and all our initiatives are lined up with a clear objective of improving our Investors' and Distributors' experience.
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To know more about Biometric KYC on I Pru Touch, Click here
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Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
The information contained in this communication is only for the reading/understanding of the registered Advisors/Distributors. All data/information used in the preparation of this communication is specific to a time and may or may not be relevant in future post issuance of this communication. ICICI Prudential Asset Management Company Limited (the AMC) takes no responsibility of updating any data/information in this communication from time to time. The AMC (including its affiliates), ICICI Prudential Mutual Fund (the Fund), ICICI Prudential Trust Limited (the Trust) and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this communication in any manner.
Nothing contained in this communication shall be construed to be an investment advice or an assurance of the benefits of investing in the any of the Schemes of the Fund. Recipient alone shall be fully responsible for any decision taken on the basis of this document.
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