CitiConnect_API_Case_Study_Book

12 In the highly competitive world of asset management, speed to market and the ability to provide the best possible service may make the difference between profit and loss. The company was looking to differentiate itself against its competitors by providing its customers in both the retail and institutional space with instant redemptions of mutual funds. By doing so, the company would be able to position itself as a preferred investment service provider. Customers may use the redeemed proceeds immediately to invest in other products, which promotes greater trading activity and cross-selling of the company’s suite of investment products. To address these challenges, the company is able to tap onto CitiConnect API to facilitate instant mutual fund redemptions in a way that fits its workflow yet provides superior client experience: The solution is powered by the following CitiConnect APIs: STEP 1 Investor (retail or institutional) logs on to company’s website STEP 2 Investor provides bank account details for the crediting of proceeds STEP 3 Investor chooses mutual fund units to redeem STEP 4 Company processes redemption and investor’s account is credited instantaneously upon successful redemption • Increase rate of customer growth and asset under management (AUM) for the company • Key marketing differentiator against competitors in market share and customer stickiness • Significant improvement of customer experience Authentication of company instruction Payment initiation via Immediate Payment Service (IMPS) in India Payment status inquiry to confirm that payment is successfully credited • Enable payments to virtual beneficiary details, such as email address, mobile number, and state identification numbers, where the capability exists for selected countries • Expansion of solution to countries that progressively support real-time payments • Extension of solution to other services where instant disbursements may be a competitive advantage such as insurance claims with minimal proof requirements, or non-life insurance policy redemptions Instant Mutual Fund Redemption The Company One of the world’s largest asset management companies that provides mutual fund investments for institutional, retail, and high-net-worth investors. The Challenge The Solution The Benefits Potential Uses Seamless Client Experience | API Playbook