Quote of the day

Wednesday, December 30, 2009

KARVY, CAMS launch `FINNET`

Computer Age Management Services (CAMS) & Karvy Computershare (KCPL), the two largest service providers of the mutual fund industry have joined hands to launch `FINNET`.

The product, designed for mutual fund distributors, will enhance the services to stakeholders in increasing geographical footprints, improve operational efficiencies and most importantly reduce cost significantly.

This is the first time that two the biggest registrar and transfer agents, who between them service 95% of the MF industry, have come together to offer a unified product. FINNET `is an all in one engine` product which facilitates transacting (order placement), execution and customer service on an integrated system. It will empower the distributors and individual financial advisors (IFAs) to cut across geographic barriers, access information relating to and transact on the schemes of nearly all the mutual funds through an internet enabled user interface.

Speaking at the launch, V Ganesh, country head, KCPL said, ``We are delighted to launch `FINNET` which will help create a strong value proposition amongst the distributors and eliminate duplicated efforts by distributors as well as investors. Distributors can aggregate their customer portfolio and provide a number of value added services with embedded CRM tools available in the product.``

The new model will facilitate multi-manager funds service support across mutual funds and better access to information than ever before. It will also empower the distributors to transact up to 3 pm from their offices without any geographical limitations. It will enable the distributors to generate consolidated account statements across all funds, thereby further strengthening client engagement and boosting customer service.

NK Prasad, executive director & chief operating officer CAMS said, ``This partnership will extend an all embracing management reporting and decision support ensuing better customer service at a fraction of cost and negligible risk.``

This initiative will go a long way in achieving substantial market penetration and in bringing in additional retail investors to participate in mutual funds.

CAMS is the largest service provider to Indian mutual fund industry providing comprehensive package of transaction processing and customer care.

KCPL is the largest integrated registrar and transfer agent in the country servicing more than 350 corporates and 23 domestic mutual funds.

Source: http://www.myiris.com/newsCentre/storyShow.php?fileR=20091229184401194&dir=2009/12/29&secID=livenews

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