Customer Interview: The need for digitization services for investment
By CEQUENS Team
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With more than 18 years of sturdy operational performance behind it, Faysal Funds is an investment manager that delivers structured and customized professional investment solutions to its domestic and international clientele. Currently operating a structured product suite which comprises of 29 Collective Investment Schemes, the company capitalizes on the ever-shifting financial and real-economy dynamics within Pakistan as well as across international waters to generate that coveted investment alpha. We sat down with Nafees Imtiaz Malik, Chief Operating Officer at Faysal Funds to chat about their latest news, strategic plans, and how digital communication solutions fit into their agenda.
Can you tell us a bit about Faysal Funds and what it aims to achieve?
Faysal Funds is one of the fastest growing asset management companies in Pakistan that has achieved a milestone of reaching over PKR 100 billion Assets Under Management (AUMs) as of December 2022, having stood at just PKR 8 billion back in 2018. This phenomenal growth can be credited to the vision of enabling and empowering financial access to millions of Pakistanis by mobilizing digital transformation and creating innovative product schemes that make it simpler for everyone to achieve financial acumen and freedom.
What kind of digitization services for investment do you offer? Why do you feel that this part of digital transformation is imperative to the growth of this industry?
The digitization services which we offer include a mobile application and website portal that comprises of onboarding as well as a real-time portfolio view along with the ability to perform e-transactions which enables a seamless online customer experience. We also offer a Mini-App that is integrated with one of the top Mobile Wallets in Pakistan (Easypaisa), which is a first-of-its-kind partnership between the two industries. The purpose was to make investments easy and accessible for their +12 million users, allowing them to convert their savings into investments with a few taps. It is worth noting that we are aligned with digital distributors across the industry, which enables faster reach for us as an asset management company, and faster digital access for the customer by providing more investment options and a goal-oriented savings module.
Why do believe that digital transformation is imperative to the growth of the investment sector?
As a start, as of 2023, approximately 70% of the population is under the age of 34 which highlights how the young and tech savvy generation will play a key role in the growth of this country. Similarly, approximately 37% of the population are internet users, whereby 72% of web traffic is through mobile phones, and this continues to increase with improving broadband density and an upward boost experienced in the gig-economy.
On the other hand, out of the total adult population of Pakistan, the financially excluded population make up 53% as per the State Bank of Pakistan. Realizing this gap, not only does the work in improving digital access provide an opportunity for a sharp growth for financial services, it also provides a means for the financially excluded population to achieve its full potential through financial awareness.
What motivated you to choose omnichannel solutions as a next step?
Maximizing reach: integrating omnichannel solutions allows us to think far and wide in simplifying the end-to-end process for the customer, from portfolio access to e-transactions.
Improving awareness: it allows us to facilitate potential customers by providing a brief overview of our products and services after analyzing their risk profile through the automated omnichannel solution.
Stronger Integration: it provides a better opportunity to integrate our back-end system and to present financial/non-financial services with speed.
Why did you choose CEQUENS WhatsApp API?
CEQUENS WhatsApp API will enable an intact network through which customers can quickly avail clarity and awareness on key products provided by Faysal Funds, and also help them with the fastest route to more information regarding account-opening. WhatsApp API enhances the customer journey effortlessly with regards to value-added services linked with clients’ investment account. With its flexible and can-do attitude, CEQUENS team was able to adapt to our ever-changing needs, and despite the challenges faced, the support was endless and I am truly grateful for that.