When you deal with many companies, there is a tendency to compare their attitudes.
Let me narrate how 2 mutual funds react to the same problem. I will obviously not name them. At one level both have good fund managers – and this allows the back end (operations) team to be arrogant (i still do not understand the logic, but just stating the facts!).
Take the same situation;
A client has lodged a SIP along with a SIP form, with all the details in the month of May 2013….and the first debit has to happen in July 2013, for an amount of Rs. 20,000 per month. Process the application, and realise that the amount is not mentioned in the SIP form, but the main application form is complete in all respects.
Mutual fund A:
Calls the IFA multiple times and says : “Sir this application for Rs.20,000 – the SIP form does not mention the amount, should I assume that it is Rs. 20,000?’, and the IFA confirms that the amount is Rs. 20k. Application processed successfully.
Mutual fund B:
No communication with the client, or the IFA. Suddenly in July the client tells the IFA that July debit has not happened. So the client sends an email to the fund house. They tell him ‘the amount was not mentioned in the form so the SIP has not been registered’.
In one mutual fund operations works with an attitude of :
Sales is important, we need to sell more if we are to do well. They are what we call ‘sales oriented’ in their attitude. They feel that if one sale does not go through, it is bad. They realise that in a country where mutual funds are looked at so suspiciously, attitude towards sales is very important.
The other mutual fund (bigger) works with an attitude of:
I am in operations, and have to work AGAINST the sales team. It is my duty to ensure that I find as many objections in the form as possible. If there is a delay in the processing of a form, it is the sales guy’s fault, I am not to be blamed….
Will you believe that in the statement that has gone to the client the first debit says ‘amount debited as SIP…’ LOL.
Just a matter of attitude…that is all…
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