India’s UCO Bank has joined forces with wealth-tech startup Fisdom to roll out wealth management products and services for its customers.
The Indian public sector lender will leverage the collaboration with Fisdom to facilitate large-scale facilitation and distribution of all mutual fund schemes through its network of over 3,000 branches and all digital platforms.
Go deeper with GlobalData
With this partnership, the bank aims to increase its customer value proposition by making wealth management services accessible.
Initially, the bank will offer mutual funds through its mBanking Plus App.
The customers can use the app to access and invest in funds, view relevant details, track fund performance in real-time and redeem their investments when required.
UCO Bank executive director Ishraq Khan remarked that the partnership is in line with the bank’s mission to offer all financial products and services in an affordable manner while maintaining transparency.
Fisdom co-founder and CEO Subramanya SV added: “We are delighted to partner with Uco Bank and enhance the wealth management experience for its customers.
“The evolved acceptance of the wealth products has created a systemic change among the customers to adapt the service and products we have to offer.”
Commenting on the development, UCO Bank managing director and CEO Atul Goel added: “Our aim has always been to continuously create greater values for our customers. With these new tie-ups we would now be offering a much wider range of wealth products.
“We intend to deliver greater value through customer beneficial offerings both in terms of ease of convenience, and their features.”
Recently, reports emerged about HSBC in advance talks to purchase L&T Finance’s mutual fund arm to bolster its asset management business in India.
