The existing investors can now use 'Ask Bugs', a chat interface, on its website to resolve queries as well as for everyday transactions.
'Ask Bugs' chat service relies on Natural Language Processing (NLP) which has a complex underlying algorithm that emulates human conversation.
The interface helps in speedier processing and intelligently infers solutions. It also interprets requests which may or may not have been created previously. The end result is a simplified transaction experience, with minimal time and efforts.
"Technology is evolving rapidly, and we are happy to bring relevant technology to help improve our services to customers. With 'Ask Bugs', existing investors will now have the additional choice of transacting through a chat interface on the IDFC MF website, with the flexibility of multiple payment options," said CEO IDFC AMC, Vishal Kapoor.
"IDFC Mutual Fund has been at the forefront in deploying facilities that simplify the investment process. We believe customers will be more comfortable using simple words rather than remembering pre-defined syntaxes to transact or working through traditional website formats that require site-navigation and selection from drop-down menus," Kapoor added.
This facility is not only new to the mutual fund industry but also in the BFSI space, where only a handful of players currently offer such technology.