Tata AMC launches WhatsApp chatbot for seamless mutual fund transactions
What's the story
Tata Asset Management Company (Tata AMC), part of the Tata Group, has launched an artificial intelligence (AI)-powered WhatsApp bot, 'Mr. Simple.' The innovative tool lets users carry out a range of mutual fund transactions and service requests directly through their WhatsApp accounts. From starting Systematic Investment Plans (SIPs) to redeeming units and checking Net Asset Values (NAVs), the bot streamlines investment management on a single platform.
Additional features
'Mr. Simple' handles various requests
Apart from investment transactions, 'Mr. Simple' also handles requests like updating bank details and downloading account statements. The service can be accessed by sending "Hi" to +91 70457 48282 on WhatsApp. This comes after the launch of Tata AMC's mobile app, which provides a single view of investments as part of the company's efforts to expand its digital services.
Company profile
Tata AMC manages over 60 lakh folios across India
Founded in 1994, Tata AMC offers a wide range of mutual fund products such as equity, debt, and hybrid schemes. The company manages over 60 lakh folios across India as of May 31, 2023. The introduction of 'Mr. Simple' is part of Tata AMC's efforts to leverage technology and enhance customer experience in the ever-evolving financial services landscape.
Industry trend
SBI Mutual Fund also launched an AI-powered WhatsApp assistant
Notably, Tata AMC isn't the only one to embrace this trend. Earlier this week, SBI Mutual Fund launched SmartAssist, an AI-powered conversational assistant on WhatsApp.The tool is designed to simplify mutual fund investing through a chat-based interface and is available 24/7. It uses natural language processing (NLP) technology to understand and respond to user queries efficiently.