WF: What are the new features you have added in OFA?
Bishnu Sahu: As part of our vision to provide the best business infrastructure to IFAs, we always ensure to have those features available on OFA which benefit them. In the latest upgradation the biggest update is, we have launched self-branded mobile apps for IFAs - OFA Advisor which is available on android. And will be available of IOS soon. This app helps IFA to stay in touch with their business 'on the go'. It's the convenient and the simplest way to track and monitor client's portfolio status, initiate an online transaction on behalf of their clients, engage with their clients in a better way and much more. We have also introduced Self(IFA) Branded Client App. This mobile app for IFA's clients are available on both Android and iOS. This app allows IFAs to create his own identity and brand among his clientele. Clients can check their portfolio status 24*7*365 on the go, Check family-wise and individual holdings too, receive portfolio statements through mail and much more. Apart from this, we have enhanced our existing features to make it user-friendly and more convenient to operate.
WF: How many IFAs are using OFA now? How many investors have downloaded the client app given to them by their IFAs?
Bishnu Sahu: We at OFA, are really grateful for the overwhelming response received from all our users and the trust which they have placed in us. As of March 2017 we have close to 5000+ registered IFAs. Out of which 1,300+ are Subscribed IFAs with a combined AUM of 13,000+ Cr. and 3.9L+ clients on the platform. The response from both T15 and B15 have been equal and we have seen the eagerness towards adoption of technology platforms for enhancing their business. We launched our Client App in Oct'16 and in a short period more than 30,000 Clients have already downloaded the OFA client App.The simplicity and dynamism is something that is getting appreciated in the market.
WF: What are key trends that are emerging when you review usage patterns across IFAs and their investors?
Bishnu Sahu: With close to 10,000+ conversations in a month with the IFAs, we have garnered a lot of insights. Many IFAs are now slowly embracing this new change in technology and getting connected to online platform to boost their business. They are ready to engage digitally with their clients, and are looking forward to make their business future-ready.Previously, IFAs used to invest in their business post being cash positive. Now the trend is changing wherein a lot of them are investing so that they can become cash rich.
Bishnu Sahu: Also, if we have to analyse a typical month in the life of an IFA, they spend around 60% of their time in doing non-revenue generating work and 40% of their time in revenue generating work. We at OFA are striving to help IFA to reduce their non-revenue generating work as this can be taken care by technology so that they focus more on revenue generating streams and grow their business.
WF: Are there plans to integrate OFA with BSE Star and MFU in addition to NSE?
Bishnu Sahu: NSE NMFII was one of the early ones to open up their APIs. We integrated OFA with NSE NMFII last year and have seen good response. We are providing online transaction both on our portal as well as on the IFA Mobile App. This has made it a lot simpler for the IFAs as they can now initiate transactions on the go.
Bishnu Sahu: We would definitely like to enhance our platform by having multiple online transaction portals integrated. With this in mind we have done our background study to understand the platforms available in the market, the features it provides and the potential it has in future. In the near future you will definitely seesome of the other Online Transaction platforms getting integrated on OFA.
WF: Can you share some data analytics features that can be intelligently used by IFAs as business drivers?
Bishnu Sahu: Business dashboard is a feature available on OFA wherein an IFA can dynamically monitor and trackhis business to get complete hold of it. And further leverage it. This dashboard not only lets the IFA track his AUM but also shares some analytics where the IFA can trace his top 10 clients as per AUM, top 10 schemes as per AUM, view his AUM Asset & Sub Asset Class wise. IFA can view trend analysis on New Clients, New folios, Purchase, Redemption etc in a specific date range.
Bishnu Sahu: This can surely be a business driver for IFAs as they can intelligently use these analytics to focus on the potential they have and grow their business. A lot of our existing IFAs have used this features to their benefit and have seen the results.
WF: Will propositions like OFA which ride off exchange platforms be able to offer the instant redemption facility that is now being aggressively marketed by fund houses on their ultra-short term funds?
Bishnu Sahu: For online transaction, OFA has integrated with NSE NMFII. IFAs can use the online transaction facility through their Portal as well as their OFA Mobile App. We being a B2B proposition and IFA being our primary customer, we have activated distributor code linked investments only. Hence, clients of IFAs do every transaction on their respective IFA's code only.
Bishnu Sahu: We haven't yet provided the option of Client initiated transaction on our platform, as we think IFA plays a big role, along with their client in decision making of investments. On Redemption facility, our view is that a lot of client might not be aware of the possible taxation impact on a particular redemption and therefore we have stayed away from it. Our view is that the best way to redeem a fund is to do so in consultation with your IFA.
WF: If you were to single out one most important benefit to an IFA from OFA, what would it be? Is it about cost reduction or about boosting productivity or about business building - or something else?
Bishnu Sahu: I would say its 'Reporting'. In today's world, Client reporting is one of the main pain points for the IFA. And every IFA spends a lot of time in consolidating portfolio reports for clients and share reports with them. As mentioned earlier, this contributes in a big way to the 60% non-revenue generating activities of an IFA.
Bishnu Sahu: We have taken this biggest pain point and tried to make it simple, dynamic, automated and accurate. IFA's client can view their portfolio report 24*7 anytime anywhere through the mobile app which is completely self(IFA)-branded. Clients can even receive portfolio reports through mail by scheduling it through their app. Family-wise, Individual portfolio holdings are also available for IFA's clients to view through their mobile app. And the IFA can also view all this for any specific client of his on his Mobile App.
Bishnu Sahu: Our solution provides 5 main benefits- 1. Customized and dynamic portfolio view for clients, 2. business dashboard to monitor and enhance IFA's business, 3. Client engagement tool. 4. Online transaction facility and 5. goal tracking. All these features are available on web-based Advisor Portal, Advisor Mobile App (Android) and Client mobile app (Android and iOS).
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OFA - the platform in an IFA's pocket which Axis MF offers within its Shubchintak proposition has clearly come of age. Consider these numbers: