WhatsApp, the default mode for our day-to-day communication is now also the doorway to investments. The lockdown triggered by the COVID-19 outbreak crisis has led to massive volatility in the market making it an attractive time to start investments or add on to existing investments. But the thought of stepping out of the house and interacting with a person holds you back. Amid the COVID-19 situation, our life has become all about ‘a few clicks’, be it groceries or medical needs or even financial services. We want everything to be done from the convenience and safety of our homes. Similarly, you would want to invest or analyze your existing investments from the convenience of your home via a few clicks.
To make mutual fund transactions faster and more convenient and for a seamless investor experience, fund houses have launched the WhatsApp facility. With limited, or in some cases, no human interaction , the WhatsApp facility aims to help investors continue with their habit of regular and disciplined investments.
Services provided
Investors can use the new WhatsApp facility to initiate financial transactions such as sale, purchase or switch of mutual fund schemes. Investors can perform a wide range of non-financial transactions as well.
They can get their account statement, portfolio value, capital gain or loss statement, update their personal information, etc. Services may differ from one fund house to another wherein, some fund houses may allow the investors to complete the KYC process by sending a link which redirects the investor to the fund house’s website while some fund houses may not. But basic services such as portfolio valuation, investment, SWP, etc. remains common across all mutual fund houses.
There are various other services offered via the WhatsApp facility such as starting a SIP, information about a particular fund, NAV, etc. If an investor is a holder of multiple mutual funds in different fund houses, he/she can use CAMS WhatsApp service (CAMServ). CAMS is a SEBI registered agency that provides services to the fund houses.
How to use it
To avail this facility, all that investors need to do is initiate a WhatsApp text message – just a simple ‘Hi’ – to the number provided by the respective fund house which would then turn their chat window into a one-stop shop for all their account-related activity. The chat interface works much like a voice messaging system where the user simply types in numbered options that correspond to the action that they are interested in. For instance, if the investor wishes to start a SIP, then after the investor ‘Hi’ message, there will be a list of services provided by the fund house. The investor needs to choose and send the number which represents the desired service. Similarly, the investor can also get the nearest branch information among others by selecting the corresponding numbered options.
There are various online facilities provided by fund houses which makes the entire pre- and post- investment period easy for an investor. WhatsApp facility essentially replaces the need for an investor to physically move around as they can complete transactions and access all information from the comfort of their phone.
However, investors must remember that the number provided for WhatsApp services is purely a messaging facility. Investors cannot call on this number and request services. The WhatsApp enabled service is aimed at providing a smooth experience to the investors who can now transact without having to log in to their system. Investors can transact by confirming information such as PAN details, mobile phone number, email id and/or scheme name. Even before showing the details for a folio, the investor details are verified with the PAN number.
What further adds to the convenience is the fact that this can be done on an existing platform, without having to install an additional app. Investors using this service only depend on artificial intelligence as the WhatsApp bot answers all queries, and therefore minimizes dependency on human interaction.
In the technology driven world, various online service platforms have eased out the entire process of investment. Technology is helping all kinds of investors whether research-intensive investors or the ones who want an automated solution. WhatsApp, earlier simply a messaging app, now has become another facility that helps investors to access any information about their investment just with a few clicks on their phones.
