IDFC Mutual Fund launches chat interface for resolving investor queries

IDFC Mutual Fund has launched a chat interface called ‘Ask Bugs’, on its website to resolve queries as well as to transact, a press release from the fund house stated.

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.

Commenting on the launch of ‘Ask Bugs’ Vishal Kapoor, Chief Executive Officer, IDFC Mutual Fund said, “Technology is evolving rapidly, and we are happy to bring relevant technology to help improve our services to customers. 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.

“IDFC Mutual Fund has been at the forefront in deploying facilities that simplify the investment process. We believe customers will be more comfortable using simple words rather than remembering pre-defined syntaxes to transact or working through traditional website formats that require site-navigation and selection from drop-down menus,” he said.

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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 (Permanent Account Number) and mobile no. 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.