Check out Platform Point's coverage on OFA in these articles:
1. Platform in your pocket (Click Here)
2. Ping, Portfolio, Price, People - 4 P's that IFAs love about this platform (Click Here)
3. Is Rs.6,000 just a teaser pricing for this platform? (Click Here)
4. 1300 subscribed IFAs, 30,000 client app downloads (Click Here)
5. Just 5 points on the hottest IFA app (Click Here)
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WF: In your last update on OFA in April 2017 (click here), you had around 1300 IFAs (paid subscribers) and over 30,000 client app downloads. How have these numbers progressed over the last 3 months?
Harsha: Now we have crossed 2500 IFAs (paid subscribers) and 55,000 client app downloads.
Last 3 months, on an average we have added 300 new IFAs per month. It's heartening to share that IFAs have displayed lot of willingness to embrace digital proposition / Shubhchintak.
WF: What do you see as the key catalysts that are driving IFA demand for OFA?
Harsha: I believe the key catalysts are as follows:
Mobile solutions - 2 Apps (one for IFA and another for IFA's client) Let me explain - In India, consumer choice is shifting to mobile from desktop to access Internet. Similarly, we are observing IFA's preferred device for her/his business solution is "Mobile". In OFA, we have included useful features in IFA App so that they can access relevant reports "on the go".
Open Architecture - One App for all AMCs Please look from IFAs point of view, it becomes very convenient for an IFA, if they can initiate transaction for any AMC using their mobile app (assumption they have subscribed to NSE NMFII).
IFAs gets one-view AUM report of all RTAs. It's a very iterative process however we observe, IFAs started using these effectively.
White labelled product - IFAs picture is displayed in Client App login screen It's very encouraging to see that IFAs are positioning this client mobile app as a value add.
The pitch is - "Apart from Investment services, an investor gets a mobile app just to track their investments"
Dedicated Relationship manager by FIINFRA team IFAs get a dedicated person so that they quickly acclimatise with both OFA portal and two mobile apps.
WF: What are the most popular / most often used features within OFA?
Harsha:
Consolidated AUM report for IFAs IFA-Client App IFA App Client reporting Business Analytics
WF: Which aspects of business analytics are IFAs leveraging most? What aspects do you think they should use more often and why?
Harsha:
AMC wise AUM report IFA Dashboard - Top 10 clients, Top 10 schemes, acquisition chart and purchase chart Client Engagement Pings Tool to create co-branded WhatsApp Images
WF: What are plans ahead for OFA?
Harsha: We are constantly taking feedback from IFAs and upgrading features in OFA. To substantiate, recently we launched our mobile apps in iOS versions too and included Multiple ARN facility for IFA.
We will be adding these features in next few months.
Multi Asset tracking - Insurance and Direct Equity Transaction facility for BSE StAR users Comprehensive SIP Dashboard & reporting
Apart from the features, as an AMC we will be using Shubhchintak proposition to engage with IFA channel. For instance, we have started online webinars and offline meetings with existing IFAs / OFA users.
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OFA -FIINFRA's open architecture platform-in-an-app supported by Axis MF, has now crossed 2500 paid IFA subscribers and 55,000 client app downloads. Mobile platform, open architecture, white labelling and strong product support are four key catalysts Harsha lists as drivers of IFA appetite for this platform-in-an-app. But that's not all - the true test of a leader is the keenness to continue forging ahead with value adds that make the proposition better and better. And that's exactly what Harsha and his team are doing with proposed enhancements that will see OFA offering multi-asset tracking, transaction capabilities on BSE Star in addition to NSE and a comprehensive SIP dashboard that puts a spotlight on your biggest retail business driver.