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Nippon India Mutual Fund first to launch Voice-based Digital Technology

Globally, the adoption of voice technology has been much unlike any other digital technology we have seen in the past decade. In India, it’s only been almost two years since voice assistants like Google Assistant, Alexa, etc. have been launched. However, their adoption, usage and growth have been nothing short of phenomenal.

This proliferation is due to multiple factors. A very basic and simple reason is that a voice is the most natural and intuitive way for humans to interact with technology as compared to conventional touch, click or type interfaces on phones or computers. Such types of interactions have a learning curve while speaking to someone comes to us naturally. Voice technology has helped transcend all conventional barriers to technology adoption.

Global giants like Google, Amazon, Apple, etc. are focused in developing their respective voice-based product lines and pouring in billions of dollars to build the capability to localise and facilitate understanding of various Indian languages. Sundeep Sikka, ED and CEO of RNAM says: “We at RNAM have enabled voice led financial transactions, making way for conversational commerce in its truest avatar across the digital Indian economy. We are of a firm belief that going ahead voice is going to be the primary medium for bringing in digital inclusion across the masses. From the very moment that our conversational commerce product was shipped out of our digital lab into the market, its adoption rate has been spiking across our investor and consumer base by simplifying lives and giving birth to frictionless experiences.”

At Nippon India Mutual, we are looking at voice-based digital technology as our medium of choice to drive penetration in Real Bharat and give people an opportunity to create wealth and achieve financial prosperity.

We truly believe that voice-based technology has the power to break the barriers of visiting websites and downloading apps – these may soon be redundant as all a consumer would need to say is “OK Google, let’s invest some money in Nippon India Mutual” or “Alexa, can you tell me what my balance is?” or “Hey Siri! I need some money. Please redeem my Nippon India Mutual units”.

Being the pioneers in digital adoption, RNAM has already taken the first step to make all that happen, NOW. “Conversation Commerce is in line with our Digital’s INTEGRATED COMMERCE strategy for 2019 where Voice, Vernacular and Bharat will be a major focus area.”

In line with RNAM’s Digital DNA of pioneering new horizons and building tech capability for the future, we are introducing an AI-powered, cutting-edge solution for mutual fund transactions, built on a natural, simple, easy and intuitive medium – the human voice.

A ‘Conversational Interface’ built on Google Cloud Dialogflow will help new and existing NIMF investors ‘shop’ (register and transact) with NI​MF just by speaking to their smartphones/digital devices and following a series of prompts and voice commands that are secured and encrypted. Its biggest USP is its TRANSACTION ORIENTED INTERFACE and thus Commerce enabled via Conversation/Voice.

In phase 1, this functionality will be launched in Nippon India Simply Save app for use by our investors. Subsequently, it will be activated in the Google Assistant platform for access by all existing and potential investors. Nitin Bawankule, Country Director, Google Cloud India says: “Nippon India Mutual’s pioneering endeavour to bring voice-based transactions to the mutual fund space is very exciting, and it’s a great example of how voice search can create help enterprises create engaging, personal interactions with customers.”

You can download the Simply Save on Android or iOS to start investing using your voice.


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