Aditya Birla Sun Life Mutual Fund

Investing in Mutual Funds Online through Apps

Jun 24, 2020
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A lot has changed in us and around us in the last few weeks and it is no stretch to say that the Covid19 crisis is a defining moment in our lives. As each of us are trying to navigate our way amidst all the uncertainties, the one thing that is certain in all this is the role of technology-enabled solutions and digital platform in almost all spheres of life and the mutual fund industry is no exception to this.

In the current situation carrying out mutual fund transactions the traditional way through physical submission of documents has become difficult, hence making a shift to digital platforms in these trying times would be ideal for investors to carry out their mutual fund investments seamlessly.

Various mutual fund apps have been around for a while and a growing number of investors have been actively managing their investments through digital apps even before the global pandemic owing to the ease and convenience of investing, managing, and tracking various investments through one platform. Digitalisation is the way forward and the current crisis has just accelerated the pace phenomenally of an already growing trend.

However, investors should be careful in selecting the app most beneficial for them and meeting their unique investment requirements.

Here are a few things to consider before selecting the right mutual fund app for yourself-

  1. Identify your unique investment goals

    Like all other things in life, when it comes to investments everyone has different goals and aspirations. Whether you are just starting your investment journey or already investing in mutual funds, it is important that you know your investment goals.

  2. What does the platform have in it for you?

    There is a wide range of services offered by various apps such as goal-based investing, risk profiling, investment advisory, research reports, and so on. As an investor, you should look for a platform that most meets your requirement. If you are a beginner, opting for a platform that provides you well-researched investment advisory services is recommended to help you select the right schemes for you.

  3. User-Friendly Interface

    The purpose of digital apps is to make the investment process easier for you as an investor. Thus, it is important to choose an app with a user-friendly interface which provides you quick login, ease of access for creation, redemption, switching your investments. Ease of access is of critical importance in the selection of the right app.

  4. Cyber Safety

    The safety of your investments and your financial information is extremely important. Two-factor authentication, auto log out after a specific time, etc are some of the important features the app should have.

  5. Customer Support

    One of the key aspects which you should consider at the time of choosing an investment platform is the level of customer support and the quick response to customer queries. As you are going to be using these apps on your own, it is important you opt for apps where you can post your queries and receive assistance in a stipulated time frame.

Aditya Birla Sun Life AMC Limited also has two mobile investment apps especially designed to provide investors ease and convenience for their mutual fund investments-

Fingo App

An extremely user-friendly app which allows investors to-

  • Do investments either lump sum or through SIPs, switch between different schemes of the AMC and even redeem their existing investments just with a simple click on the app.
  • Track their investments as the app allows the investors to view their portfolio on a real-time basis.
  • Plan their financial goals with its goal-based investing strategies
  • Post queries and service requests
  • Receive information on NFOs, dividends, and NAVs

Active Account App

This app allows investors to invest in its liquid fund with just one swipe thereby providing investors an opportunity to earn returns on their idle surplus cash. It. This app help investors in following ways:

  • Allows investors to invest as low as Rs.500
  • Gives them an estimate of their total idle money and it's earning potential
  • Investors can invest through either Internet Banking or UPI
  • Provides an option of 24*7 Instant withdrawal of upto Rs. 50,000/- or 90% of total investment value whichever is lower; per day & per PAN

Going forward the fintech apps will be the new normal and become a major part of our lives. The ongoing crisis because of the virus has just fuelled the shift. Moreover, as these apps allow investors to monitor their investments on a real-time basis and keep them informed about the events and news that can impact on the returns can be extremely beneficial in managing their investments.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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