Looking at the pace of mutual fund market, an IDFC leading AMC has launched a ChatBot technology called "Ask Bugs" which can resolve all your queries related to the scheme and will also help you transact in it.
 
Vishal Kapoor, CEO, IDFC AMC, said, "With ‘Ask Bugs’, existing investors will now have the additional choice of transacting through a Chat interface on the IDFC MF website, with the flexibility of multiple payment options."
 
This chatbot is available on both the Desktop and Mobile versions of the IDFC MF website.
 
The chat service relies on Natural Language Processing (NLP) which has a complex underlying algorithm that emulates human conversation.
 
Usually, Chatbot based  queries and transactions use the NLP engine to intelligently provide relevant data and interpret instructions and requests to execute transactions.
 
One can register on Ask Bugs a IDFC Mutual Funds by providing KYC details like Permanent Account Number (PAN) and mobile number. After registeration, a user based One Time Password (OTP) authentication can help you transact into a mutual fund market.
 
Resident individual investors including minors as well as Sole Proprietors can avail this facility.
 
Users can also 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.
 
According to the latest data of Association of Mutual Funds in India (Amfi), total infusion in mutual fund schemes reached Rs 3.8 lakh crore in the first eight months (April- November) of the current fiscal.
 
Generally an investor can make investment in mutual fund schemes by opening a demat account with Asset Management Companies (AMCs), but IDFC's chatbot eliminates this trouble and brings in simplified transaction experience, with minimal time and efforts.