Matter of attitude….that is all…
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…
mangoman
RBI panicked and rejected the bids for both sale & purchase of auctions in this week. When it signals monetary tightening for rates, it should have known that bond yields will increase. This is basic economics. I think they would have got some message from FM and FM would have got pressure from Indian Corporate Mafia.
Finally I think these jokers will see the downgrade very soon. I hope that happens as early as next month. Basic economic says you raise interest rates to save domestic currency. But RBI, India’s celebrated institution which is reduced to a sorry joker off late, is trying a novel method even Ben Bernanke would be envy. If RBI ploy had worked then it is lesson for all the central bankers to learn.
Already RBI officials made all the banks to close their short positions on Rupee/Dollar trade. Again when they say our aim to curb speculation on Rupee on RBI money, no fool will believe this. They should openly tell that we need to raise rates to save rupees. Otherwise allow Rupee to depreciate. dont be a comedy piece. People still look to RBI to save the country.
Krish
I see this attitude everywhere. This issue is more pronounced in the banking channels as well. At one hand you have sales team ready to go any extent and on the other hand, operational staff creating hurdles at every stage.
I recently saw one experience of how bank lost one of its biggest depositor with the branch with this kind of attitude issues.
EV
I don’t blame the backoffice team.
Have seen sales people grow egos, and send applications with a “chalta hai” attitude.
But if something goes wrong in the application, then the BO team will face the brunt of regulatory repercussions.
V Jayaraman
I have encountered same kind of problem with a mutual fund. Provided my deatails properly in my application form. However, they have updated my Pan details wrongly in my account statement. When I informed them to check my application and correct it, they have informed me to provide change application form with Pan photocopy !!!
Started an SIP and they have rejected with lame excuses twice. Informed these cancellations at the time of debiting my account. I have stopped and are losing opportunites.
Sale and Operations should work together. That is the problem most of the companies are facing. Operations team should realize that it is difficult to convert customers.
Paul
Files an application at local CAMS center for KRA. Called them up after 4 weeks as it was not done! Answer was – Application cannot be found!
Another fantastic thing is – You can start STP in Franklin Templeton MF through their webiste. But for stopping your STP, you need to send them application! Heck – just withdrew the funds from their debt fund and had failing STP`s. After 3/4 failures, they informed that the STP is going to be closed for lack of funds!
Mira D
I will not interact with a certain (chota bhai) mutual fund despite their performance because of the way they cheat investors on redemptions.