Indian Bank, the seventh largest public sector bank, has partnered with wealth tech company Fisdom to offer wealth management products and services to the bank's 10 crore customers.
Fisdom's role encompasses the entire wealth management journey from origination to fulfilment and post-sale service. The partnership will focus on enabling large-scale facilitation and distribution of wealth products and services through Indian Bank's network of 6,000 branches and its digital properties, including the mobile banking application and internet banking portal.
The objective of this partnership is to enhance the bank's customer value proposition by making high-quality wealth management services accessible, affordable and truly digital, a statement from the bank said.
In phase one of the partnership, Indian Bank customers can now access and invest into any mutual fund of choice and the National Pension System through an intuitive yet robust digital experience delivered through Indian Bank's IndOASIS mobile banking application and its internet banking portal as well.
The experience offers customers the ability to view all details pertinent to funds transparently in order to make well-informed decisions, the bank said.
Customers will also be able to transact in investment schemes along with the ability to track mutual fund performance in real-time. Upcoming phases include introduction of more features enhancing user experience and more products to expand the offering suite.
Indian Bank Executive Director K. Ramachandran said: "The partnership is a key step in line with our mission to provide all financial products and services in an affordable manner while maintaining transparency. The partnership with Fisdom will enable us in offering our customers affordable and simplified digital access to essential financial products like mutual funds and pension funds. We intend to expand the product suite significantly in the time to come."
Fisdom co-founder and CEO Subramanya S.V. said: "We are thrilled to partner with Indian Bank to transform the way its customers experience wealth management. Considering our rich experience of working with a variety of banks and Indian Bank's commitment to delivering customer delight, we are confident that the partnership will be able to deliver great products, high quality service and a friendly wealth management ecosystem to customers."