WF: What is the Go Digital initiative?
Manish: "Go Digital with Kotak"is an endeavour to enable distributors build their own website / mobile app, Kotak Mutual Fund has partnered with Optimum Fintech to offer the same at a subsidized rate to registered IFAs with Kotak Mutual Fund. The distributor website will have capabilities like Back office software, Scheme factsheet, Initiate transaction facility for all AMCs, recommending funds, e-locker for document management for investors, for himself/herself and investor login on their website and their own app which will have all functions like portfolio viewing, transact, view scheme details, check recommendation given by his/her IFA, e-locker to manage documents.
WF: What is Kotak MF's role and what is Optimum Fintech's role in this initiative?
Manish: Kotak will play role of knowledge partner and facilitate distribution partners in going digital. Kotak will not have any access to the distributor data or servers. Optimum Fintech is the technology solution provider. They will facilitate a distributor in building the website/mobile app. They will host a dedicated server space for each distributor whose access will be only with the distributor.
WF: Would it be correct to say that this is aimed at IFAs who don't yet have neither back office software nor websites?
Manish: Partially Yes. The challenge today is that IFAs have multiple infrastructure set up, some for client MIS, some for mutual fund information & many have been using various transaction platforms. Another challenge is that individual AMCs have set up their respective online capability. It could get practically difficult for an IFA to navigate multiple platforms. The endeavour is to integrate all of this into one comprehensive website / mobile app for the IFA wherein he / she can view daily client MIS, all scheme related information of all AMC, take a call for action and transact the same through one of the exchange platform. Distributor web site will also facilitate their clients to directly log, view their respective investment status, transact seamlessly. We believe this would help the distributor improve productivity, reach out to a larger clientele & help reduce costs. For those who are already having sites may still want to explore the simplicity of platform and the mobile app.
WF: What are the initial and annual costs that IFAs have to pay for the Go Digital proposition?
Manish: If one was to set up a website with the mentioned capabilities, the cost could be anywhere in the range of Rs. 60000/- - 75000/- plus annual maintenance charges. Through the Go digital with Kotak initiative, the same would be available at a subsidised cost of Rs. 20000/- initial cost and annual maintenance cost of Rs. 10000/-.
WF: What will be the IFA's involvement in setting up his website - is it customised or templated?
Manish: On the pre login page, "About us & contact us" will be customised to the IFA's requirements. There will also be a market view section where a distributor can push market related news, articles, reports.
WF: To which transaction engine is this platform linked? Are there plans to make it engine agnostic by offering options of BSE, NSE and MFU?
Manish: In phase 1 the platform is offering the BSE star platform for transaction capability. We would look at adding the other platforms in a couple of months.
WF: Does the back office software focus primarily on client reporting or does it also offer business support tools including commission reconciliation, data analytics, alerts etc.?
Manish: The back office software is capable for the IFA to view client reports at a single client level, family level, mutual fund reports - asset class wise / mutual fund wise, current valuations etc. Besides client MIS, an IFA will also be able to generate various reports like capital gains reports, update of live SIPs, SIPs coming up for renewal, expired etc.
WF: Does the fact sheet module enable any kind of fund research or is it restricted to only displaying static fact sheets?
Manish: One can view the static fact sheets of all AMCs.
WF: What is the "Recommended Funds" feature and how does it work?
Manish: Recommended funds is a section where an IFA basis his research can highlight particular funds in each asset class. When a client logs into the distributor website he / she will be able to view the recommended funds of the said IFA.
WF: What is the "E-Locker" facility and what are its benefits?
Manish: "E Locker" is a document management module whereby one can upload and maintain a client's information for e.g. PAN Card, Driving license, Passport, Aadhar card etc. The same can be accessed by the IFA for future investment / KYC purpose rather than storing physical copies or in convenience the client by asking for the same regularly. An IFA could also use this stored information to update client in an event of any document nearing expiry.
WF: How can IFAs get started with Go Digital?
Manish: One can visit www.optimumfintech.com. One can fill in their respective details to buy the product online or request a demo.
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