How to select best Mutual Fund App

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The concept of mutual funds may seem intimidating to many people. For better understanding, it is best to go through the simplified version. In simpler terms, a mutual fund is a compilation of money pooled by many investors and managed by asset management companies. A professional fund manager manages these funds. Deciding on the best mutual fund app is quite an essential and critical decision. The investors investing in stocks and bonds together make up the large pool of money.

The portfolio design of mutual funds is maintained so that it matches the investment motives specified in the prospectus. Through mutual fund apps, individual investors can professionally manage their portfolios of bonds, equities, hybrid, and other assets. Different mutual funds apps offer multiple options to investors who want to allocate resources among different asset classes like equity, debt, hybrid, gold, etc. Investment in mutual funds can be made through investment apps in India. Let us now understand how to select the best mutual fund app.

Integration with Emerging Technologies

There are many mutual funds apps that use the emerging technologies such as dashboards, power BI, data science, artificial intelligence etc. You need to be sure about your requirements and expectations with respect to mutual fund app features and the solution it provides. The best mutual fund app integrates other technologies and provides portfolio insights and reports to investors on a periodic basis. The new genre mutual funds app provides all the customized and tailored solutions as per your requirements and you need to choose the best amongst them.

Providing Customization and Report Formatting

The best mutual fund app helps you to provide detailed reporting by selecting headers of your choice and provides them with all the relevant information at a go. You can see recommendations based on the risk appetite of individuals as well as all information pertaining to KYC. Mutual funds app can provide detailed reports on holdings, purchase, and sales of mutual funds units readily to investors. It also provides customization based on your requirements. While selecting the best mutual funds app you need to take this important consideration as it minimizes human intervention.

Control, Compliance, and Execution

Mutual funds app should calculate all the capital gains tax for investors without a need for tax experts. Present tax structures with respect to mutual funds should be well programmed and designed in a mutual funds app so that clients can see their capital gains tax every time they decide to sell units of mutual funds. The mutual funds app should provide complete compliance requirements with respect to tax liability as well as any changes required with respect to KYC. The mutual funds app must be well integrated with other websites like CAMS which readily takes all information of the client by just giving PAN/Aadhar card details. If the KYC has been complied with then the investors can directly go to the mutual funds’ app and start investing immediately.

Meeting Diverse Needs Based on Goals, Risk Tolerance, and Asset Allocation

Mutual fund apps should go beyond performance reporting and give an insight into the actual exposure you are taking.  A mutual fund app should generate the fact sheet related to funds by highlighting the exposure in companies, sectors, equity, credit quality, and instruments that the portfolio has taken. The application must be updated for all price and scheme master-related information from asset management companies’ servers on a daily basis so that you get up-to-date information on valuation.

Merging the Analysis Based on Data Science and Artificial Intelligence

The mutual funds app must allow you to automatically pull all your investments into a single dashboard, enabling you to have a real-time view of all your investments. The latest mutual funds app comes with data science and artificial intelligence enables features that help you to get real-time embedded information based on search history, asset profiling, etc that even integrates with social media platforms.

The Bottom Line

The selection of a prospective mutual fund app may sound like a formidable task. Good research work and better concept understanding can make this task easier. When investing via investment apps in India, it is crucial to focus on the points mentioned earlier to boost the chances of success.

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