IDFC Mutual Fund has introduced ‘Ask Bugs’, a chat interface, on its website to resolve queries as well as to transact. The fund house says that the facility is new not only to the mutual fund industry but also in the BFSI space, where only a handful of players currently offer such technology.
The ‘Ask Bugs’ chat service relies on Natural Language Processing (NLP) which has a complex underlying algorithm that emulates human conversation. ChatBot based queries and transactions use the NLP engine to intelligently provide relevant data and interpret instructions and requests to execute transactions. The interface helps in speedier processing while being very user-friendly. It also intelligently infers solutions and interprets requests which may or may not have been created previously. The end result is a simplified transaction experience, with minimal time and efforts.
The Ask Bugs facility is available on both the desktop and mobile versions of the IDFC MF website. There is no pre-registration required. The investor needs a PAN and mobile number and then based on OTP authentication, a transaction can be completed. Resident individual investors including minors as well as sole proprietors can avail of this facility. Investors can use this option for making purchases, redemptions and switches in their folio. Payment can be made using internet banking, UPI or the bank one-time mandate.
