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Innovations & Technology Based Initiatives in Mutual Fund International Journal of Innovative Technology and Exploring Engineering (IJITEE) ISSN: 2278-3075, Volume-9 Issue-2, December 2019 Innovations & Technology Based Initiatives in Mutual Fund Distribution Intermediation in India Dikkatwar Ramkrishna, De Tanmoy, Satya Prasad V K Indian financial services market. The one word which ABSTRACT: The world of financial services is changing in attracted center stage in these reforms was “financial ways that are more dramatic than we would have foreseen even inclusion”. five years ago. Taking a leaf from evolving ecosystem around On the flip side technology is pervasive throughout our mobile telephony, many financial institutions are using smart lives. Accenture’s report in digital consumer in 2013 found technology to remodel their branches into smarter point of sale. This has given a genesis to a terminology of “emerging that approximately one in three of these consumers access distribution intermediaries” in financial services. these sources at least half of the time through their mobile Mutual funds (MF) being the combiner of various savings phone or tablet device, much more so in emerging markets. instruments are regarded as the ideal investment vehicle for India today has one of the highest retail savings rates in the today’s complex and modern financial scenario. But its world but investors are still parking majority of their savings penetration is poor. One of the major levers to increase in physical assets like gold and saving. Penetration of penetration is innovations in distributing MF products. financial services is very shallow (Refer Table I). Considering this, Indian government & regulator have taken many policies reforms & IT initiatives towards increasing retail Table I - Retail Penetration of Financial services in India Retail participation in Mutual Funds and equity markets in recent past. Pension equity Bank deposit Bank credit Insurance (Pension Through this paper, researcher has attempted to critically (% of total (Deposits/GDP) (Credit/GDP) (Premium/GDP) AUM / analyze these initiatives. listed GDP) Apart from highlighting various innovations in MF equity) distributions, this paper will also highlight the present state of 68 52 4 1 4 Source: - [1] online Mutual Fund trading platforms. Further, the paper attempts to highlight the areas of concern, augmentation and Barring Banking products other financial services are not intervention in this space. able to make enough inroads in our country. One of the key Key words: Mutual Funds, Innovation, Distribution, financial services for retail investors is Mutual Funds as it Financial services combines various savings instruments. Indian Mutual fund industry has grown rapidly in recent years (refer Table II). I. INTRODUCTION OF STUDY Table II – Indian MF industry in terms of AUM (in crores) he world of financial services is changing in ways that AUM (in crore) T Year Y-o-Y growth are more dramatic than we would have foreseen even five as on 31st December years ago. Taking a leaf from evolving ecosystem around 2001 101822 mobile telephony, many financial institutions are using 2002 122600 20.41 smart technology to remodel their branches into smarter 2003 140093 14.27 point of sale. 2004 150537 7.46 Almost every type of financial activity - from banking to 2005 199248 32.36 payments to wealth management and more - is being 2006 323597 62.41 2007 549936 69.94 re-imagined by technology. The last two decades have seen 2008 615380 11.90 the Indian financial services sector underwent a 2009 794486 29.10 transformation. Liberalization and other government and 2010 675377 -14.99 regulatory reforms targeted at expanding and penetrating the 2011 681708 0.94 2012 786544 15.38 Revised Manuscript Received on December 05, 2019. 2013 876921 11.49 Dr. Dikkatwar Ramkrishna, Associate Professor, Symbiosis Institute of 2014 1051342 19.89 Business Management (SIBM) Survey Number 292, Off Bangalore Highway, 2015 1274834 21.26 Village: Mamidipalle, Mandal: Nandigama, District: Rangareddy, Near Hyderabad, Telangana, India, 2016 1646336 29.14 Dr. De Tanmoy, Assistant Professor, Symbiosis Institute of Business 2017 2236717 35.86 Management (SIBM) Survey Number 292, Off Bangalore Highway, Village: Mamidipalle, Mandal: Nandigama, District: Rangareddy, Near Hyderabad, 2018 2362038 5.60 Telangana, India, Source: - Data compiled from AMFI website Dr. Satya Prasad V K Assistant Professor, Symbiosis International (Deemed University) (SIU) Survey Number 292, Off Bangalore Highway, Village: Mamidipalle, Mandal: Nandigama, District: Rangareddy, Near Hyderabad, Telangana, India, Retrieval Number: B7215129219/2019©BEIESP Published By: DOI: 10.35940/ijitee.B7215.129219 Blue Eyes Intelligence Engineering 4747 & Sciences Publication Innovations & Technology Based Initiatives in Mutual Fund Distribution Intermediation in India 2007 Share of channel as on 36* percent 49* percent 33* percent 2018 Compiled from: [14] [15] *Total does not amounts to 100 as it was multi choice question in the study conducted by Investment Company Institute (ICI) USA. U.S. mutual fund distribution has been concentrated on personal or sales force channels comprising full-service broker-dealers, banks and agents. These sales force channels Figure 1 – Growth of Indian MF industry capable of penetrating the household or retail sector and MF industry has doubled is last three years. After 2012, which are compensated mainly on the basis of commissions. onwards industry has grown exponentially cloaking consist In recent years, discount brokers have made substantial double digit growth on year on year basis. presence in mutual fund distribution, compensating for For the first time in the history of Indian Mutual Fund reduced sales effort and limited investment advice by lower Industry in the month of January 2018 Average Assets Under fees and expenses. As evident in Table 3, since 2007 – 2018 Management (AAUM) has crossed 23 lakh crore. period it was seen that US households are increasingly Indian MF industry has witnessed various phases such as seeking help from direct channels such as discount brokers Phase 1 1964-87 was infancy stage, and NTF (Non Transaction Fee) supermarket [15], [14]. Phase 2 1987-93 was marked by emergence of Public Apart from USA, Europe is dominant region for Mutual sector players Fund Industry. The European countries like Luxemburg, Phase 3 1993 – 2003 was known for entry of private France, UK, Ireland and Italy are amongst top 10 countries in players. terms of Mutual Fund industry asset size. These five Phase 4 2003 onwards is consolidation and growth. countries together manage more than 1/4th of total mutual Digitalization of distribution channel. fund assets of the entire world. Simply, Indian MF industry is enjoying unprecedented Even in Europe due to cultural habits and the ban on growth. At this juncture researcher would like to delve into inducements have led to a noticeable shift towards Individual following questions – Financial Agents and online platforms in the United What are the innovations happened in MF industry Kingdom and Holland over the last few years [16]. especially in distribution? A closer look at United Kingdom shows that Investment Will these innovations be inclusive? Management Association (IMA) disaggregates Mutual Fund How these innovations can be further augmented to (referred as Unit Trusts) flow data by investor type and attract retail investors towards Mutual Funds? distribution channel into the seven Categories [17]. From retail investor’s perspective, IMA classifies distribution II. REVIEW OF LITERATURE channels into four types. 1) Direct investment from Mutual Fund Company Researcher found numerous research pertaining to 2) Independent Financial Advisor; behavior of mutual fund investors such as [2], [3], [4], [5]. 3) Tied sales force; Lot many researchers studied expenses and cost associated 4) Private clients - refers to portfolio management services with mutual fund investments viz [6], [7], [8]. Bulk of offered by banks, stockbrokers and law firms research has taken place about mutual fund manager’s Mutual fund distribution channel has been as a direct & portfolio decisions and performance like [9], [10], [11], [12], indirect distribution channel [18]. It was also observed [13]. distinction of channels in the developed markets as personal There are wide differences across the countries in terms of distribution systems and direct response systems [19]. how mutual funds are distributed. Let us start with mutual Personal distribution systems include all channels like fund distribution channels prevalent in USA. agencies of different models and brokerages, banc assurance, Mutual Fund distribution structure prevailing in USA is and work site marketing. Direct response distribution well described in various literatures. An official source for systems are the method whereby the client purchases the classifying Mutual Fund distribution intermediaries in USA insurance directly. This segment, which utilizes various is reports and various publications of Investment Company media such as the Internet, telemarketing, direct mail, call Institute (ICI). ICI classifies MF distribution channels into centers, etc., is just beginning to grow. three types as shown in Table III: - In a nutshell, when it comes to distribution channels Table III – Mutual Fund distribution channels in USA Employer or one-size does not fit all [20]. Multiple distribution channels Type of Retirement Sales force Channel Direct Channel are the key feature of insurance
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