SBI Mutual Fund launches WhatsApp based transaction facility for distributors

Whatsapp is the most popular social media platform in India. India had 400 million Whatsapp users as on June 2019 (source: Niti Ayog). In contrast, Facebook users in India totalled at 241 million even though Facebook is an older app than Whatsapp. There are 450 million smartphone users in India. This means that Whatsapp is used by nearly 90% of the smartphone users in the country. To leverage Whatsapp’ snearly ubiquitous presence in India, SBI Mutual Fund has launched new facility for distributors through which they can initiate transaction in SBI MF’s schemes through the app.

Transactions supported by SBI MF’s WhatsApp facility are -

• Lump Sum


• Systematic Investment Plan (SIP)


• Switch


• Systematic Transfer Plan (STP)


• Systematic Withdrawal Plan (SWP)

How to initiate transactions using WhatsApp facility

• You need to go through the authentication procedure to start transacting through the Whatsapp facility. For authentication, type Hi to Whatsapp number 7208017353 from WhatsApp with mobile number linked to your ARN.


• To start transactions, enter the investors PAN in WhatsApp. You will get a list of all the folios for the PAN linked to your ARN.


• Select a folio and input required scheme details, EUIN details, Amount, Frequency etc. and submit transaction for lump sum or SIP. For switch, STP and SWP additional details e.g. source scheme, target scheme, Amount/units, frequency etc. are required to be submitted depending on the type of transaction.


• A link IS sent to investor’s email ID and mobile number. Investor opens the link in browser and completes the transaction
  
  

Other services through WhatsApp facility

• You can generate account statement and capital gains / loss statement for investors (enter PAN) using this service


• You can get folio wise valuation summaries linked to investor PAN


• You can also view folio wise valuations for all folios linked to your ARN


• You can also view consolidated schemes level amounts linked to your ARN

Manage your business using Whatsapp facility

You can view the following using this facility:-

• Sales as on date


• Assets under management (AUM)


• Your market share in the region


• Brokerage details


• Live SIP details

Who will benefit from this facility?

IFAs whose business is largely based on physical transactions can benefit from the facility. Many advisors may be unable to service their customer’s needs due to nationwide lockdown due to COVID-19.

Using SBI Mutual Fund’s WhatsApp facility you can all your customer’s needs through your smartphone. You should continue to use this facility even when normalcy is returns because this facility will greatly enhance the productivity of your financial advisory practice. Some of the benefits of this facility are:-

• Familiar and easy to user WhatsApp user interface.


• No need to invest in expensive technology solutions


• No download or separate login required


• Can work even on low bandwidth internet

Conclusion

SBI Mutual Fund’s WhatsApp facility can be a game changer for your financial advisory practice. One of the biggest challenges faced by IFAs in scaling up their business is the amount of time and effort spent on execution and customer servicing leaving very little time for business development. SBI Mutual fund’s WhatsApp facility can greatly enhance your productivity by enabling you to service your customers and grow your business from anywhere using your phone.