UCO Bank Partners with Fisdom for Wealth Management
Kolkata based UCO Bank has partnered with Fisdom, the wealth start-up operated by Finwizard Technology, for offering wealth management products to its clients. UCO Bank is one of the few surviving PSU banks after the spate of mergers that the government had piloted in the last 3 years. Fisdom is a wealth management products platform, which offers mutual funds, insurance and pension products along with research and content support.
The partnership will allow UCO Bank to offer the wealth management products on the Fisdom platform to its banking customers through the m-banking app. Customers of UCO Bank will have a more organized way to plan their finances with mutual funds and other financial products with the Fisdom platform integrated into the UCO banking application. In a way, it offers an integrated experience of banking and wealth nurturing.
For UCO Bank it becomes a product extension to the existing customer base. In the last two years, there has been a surge in equity and mutual fund investors with millions of new demat accounts and SIP accounts being opened. This agreement will allow UCO Bank to capitalize on this trend by offering the add-on wealth product offerings to banking clients.
With the number of banks reducing by merging into larger sized banks, the onus is on each bank to deepen their relationship with their existing customers to improve ROI. The digital nature of the product allows them to scale up their offerings at minimal cost.
For Fisdom, the partnership provides them the much needed banking partnership which is the key to offering wealth management products on a much wider platform. For Fisdom, this is an opportunity to offer a largely customized wealth management experience to the large mass of UCO Bank customers.
To begin with, it does look like a symbiotic relationship in which the bank gains from the customer deepening experience and the platform gains from the banking customer access.
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