No duplication allowed
Cholamandalam AMC manages mutual funds for retail and institutional
investors. Managing a large customer base, consolidating it and avoiding duplication
were the companys imperatives. The company opted for a Customer Interaction
Management (CIM) solution to sort out these issues.
Market Driven Needs
Faced with the challenge of attracting and retaining customers in a fiercely
competitive market, CAMC felt the need for a reliable and consolidated database.
The companys transaction processing is handled by Computer Age Management
As per the companys guidelines certain procedures had to be followed.
For example, details like name, folio number, calls or e-mail had to be categorised
into a finite set of options. Apart from that, they needed to fulfil some of
the customer redressal and reporting requirements mandated by SEBI.
CAMC needed a solution that would give it a 360 degree view of its customers.
The company also wanted to track investor queries more efficiently. Sashi Krishnan,
Chief Executive, Cholamandalam AMC informs, We wanted to know our investors
better so that we could address their needs within a given time period. We also
wanted to track the time that we took to resolve investor grievances.
Identifying each investor as a unique stakeholder irrespective of his investments
in different schemes is quite a complex. Take the example of a customer who
registers under different funds. At the time of registering for different funds,
he might register under slightly different namesAshish Kapoor one time
and Ashish V Kapoor on another occasion. Due to these differences, the company
may face problems in locating the relevant records the next time Mr Kapoor gives
it a call. Database consolidation was undertaken to avoid such issues and track
Finding the Right Partner
The company needed a service provider who could offer customisation and understood
the mutual fund business. After comparing our companys requirements
with various solutions from different companies, we found that Talisma matched
our requirements, Says Krishnan.
CAMC is currently using Talismas modules from its CIM suiteTalisma
Service, Talisma Sales, Talisma Campaign and Talisma E-mail Response Management.
A Phased Approach
Started in April 2005, the project took four months to complete and it was implemented
in two phases. The first phase was divided into three steps. The first step
was a system study of CAMC conducted by the Talisma Team. Using de-duplicating
algorithms, engineers removed errors and folio-duplications in the companys
In the second step, the companys specifications were finalised and frozen.
They came up with a detailed specifications document, which was signed off by
CAMC and Talisma. After the data clean up, database consolidation was performed
to create a single folio number for each customer.
In the final step, a detailed user acceptance and stress level testing
was conducted by the project team, consisting of the sales and the service functions
at Talismas premises in Bangalore, adds Krishnan. After this phase,
sales and service users started using the data at a few locations.
Going Live Throughout
In the projects second phase, data was tested and imported into Talismas
system. Initially the data was uploaded day wise and then compared with the
database maintained in the register. After this the system went online and it
was extended to more locations. Talisma provided necessary feature upgrades
from time to time for CAMC.
One of the challenges for CAMC was that each investor of Cholamandalam
needed unique identification since various investments are classified under
different folios, Says Krishnan. Another challenge was to identify an
investor even if he does not quote his folio number at the time of the call.
Talisma solutions helped CAMC handle its customers better by tracking their
transactions with the company. By deploying Talisma solutions we are able
to track all our customer interactions, says Krishnan.
Krishnan feels that with regards to sales, it has helped the company manage
potential sales leads at various stages. On the marketing front, the company
has benefited by its capability to send regular personalised mailers to investors.