Traditional MF platforms come with technology from the 90s.
Age old mutual fund platforms come with several obstacles — no sandbox, poorly designed APIs, multiple errors and 45 days response time to queries. It’s time you switch to a modern fintech experience. Acquire customers, scale with zero ops, and retain clients with new use cases.
That was then. This is now.
Looking for alternatives to replace traditional mutual fund platforms? See what makes Fintech Primitives modern API experience so much better than legacy tools.
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Registration | Physical forms and signature required | 100% paperless |
| Account Opening Form | High rate of rejected transactions due to lack of AOF or wrong AOF | Not required. 100% paperless |
| CAN | Required for the offline era | 1 simple API to onboard users |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Video KYC enablement | Minimum investment of ₹ 5000 | Minimum investment of ₹ 100 |
| Video KYC integration | Not available (Redirection, with no control over experience) | 1 simple API, with full control over end user experience |
| Video KYC status | Not available | Easy status check |
| Cost | Anywhere between ₹ 500 - 3000 | Near zero costs |
| KYC type | Could be full or partial | Full KYC |
| First time KYC status check | Not available | 1 simple API for instant status check through PAN |
| Paperless KYC | Not available | 100% paperless Video KYC APIs |
| Flexibility to switch over to other KYC providers | Not available | Yes |
| Product Guides | Not available | Simple workflow guide to integrate the API |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Multiple modes supported | Not available | Yes |
| Exhanges / RTAs | Either one | Both the RTAs |
| AMCs | Not available | Yes (for use cases like instant redemption) |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| STP/SWP/Switch | Yes | Yes |
| Cut off times | Not communicated as orders are placed in batches | Same day NAV for orders placed upto 1 minute before cut off time |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Automated financial operations | Not available | Constantly being automated |
| Fallback mechanism for automated financial operations | Not available | Point of Contact that monitors issues & follows up with the respective partner company on behalf of the distributor |
| Customer support | Queries stay unresolved for more than 45 days | Realtime updates with different error states and reasons via APIs |
| Lumpsum order reconcilliations | Orders reconcilliation is not 100% available | Zero errors |
| SIP order reconcilliations | Cancelled SIPs remain marked as active, leading to confusion for investors | Zero errors |
| Offline cheque payment | Can take upto 15 days to process the cheque payment. 15 days is a long time in a volatile market. This hampers investors from moving their money into new schemes | Zero issues |
| Support for multiple mandate types | Not available | Mandate is on the distributor's name (in the case of RTAs) |
| Fund scheme master | Not updated or needs to be manually downloaded every morning at 9.30 AM with zero SLA's around consistency or accruacy of data | Updated every 2 weeks through AMCs, available in realtime through a simple API |
| Rejected orders | Multiple cases where order details were wrong due to various reasons, leading to rejected orders | Updated scheme master and automated reconcilliation brings down rejected transactions to near zero |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Virtual SIP, Pause SIP, Skip SIP | Not available | Yes |
| Instant redemption | Not available | Yes (Currently with 5 AMCs) |
| Rebalancing | Not available (Not possible as orders reconcilliation and match off is broken) | Yes |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Team | Hire, train and build a team as the business scales with more clients. | Zero Ops Team |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Choose your own payment gateway | Not available | Yes (Partnered with Razorpay and TechProcess) for RTA mode |
| Payments testing | Not available (Can only test in production) | Can simulate and test on sandbox (with all possible states), instead of directly on production |
| Payment recon | High failure rate as reconcilliation and match off are mssing | Zero payment errors |
| Payment Options | Limited | Multiple options including physical mandate, eMandate, eNACH using NPCI, debit card, UPI |
| Payments page issues | Grid to select the option of payment like netbanking, mandate, etc is not mobile responsive. Dropdown options are unclear and confuse the user | Zero issues |
| End user drop offs | Atleast 30% drop off rate observed | Zero drop offs |
| Netbanking page | Redirection to netbanking page fails multiple times | Zero redirection errors |
| Wait time | If there is a failure, there is a wait time of 15-30 mins before the user can try again, leading to user dropping off | Automated retries leading to zero wait time |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Data quality | Garbage in, Garbage out | Yes |
| Ability to customize and build beautiful visualizations | Not available | Yes |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Holdings, Capital Gains, XIRR and others | Not available | Yes |
| Scheme mergers | Not available | Automated |
| Folio consolidation | Not available | Automated |
| Transfer in/Transfer out | Not available | Automated |
| Migration of exsiting folios | Not available | Automated |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| All historical data | Not available | Yes |
| Ability to customize and build beautiful visualizations on top of the API | Not available | Yes |
| Calculated final holdings | Not available | Yes | Regular monitoring and updation of the CAS algorithm | Not available | Yes |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Fund performance data | Not available | Available through partner APIs |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Goal based recommendations | Not available | Available through partner APIs |
| Customize your own logic | Not available | Available through partner APIs |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Sandbox | Not available | Free to test and integrate all APIs. |
| Errors | API retruns one error status without any reasons for failure | Multiple states are provided with the appropriate reasons of failure |
| Product Guides | Not available (Requires consulting from companies who have already used it) | Simple workflow guide. Prior mutual funds knowledge not required. Any developer can start building a robo advisor. |
| Payments testing | Not available (Can only test in production) | Can simulate and test on sandbox (with all possible states), instead of directly on production |
| Onboarding data | Ask for the same data points repetitively | 1 API that is required to be used only once |
| Communication on API updates | No communication before changes. Have updated thrice in one year leading to breakdown in end user experience | Well informed in advance |
| API versions | None. If an update is made, the distributor has to adopt it or risk breaking their app | Properly versioned with continued support for older versions |
| API documentation | Shared in multiple PDFs with no clear versions | Updated documentation (with examples and explanations) that can be referred anytime |
| Features | Traditional MF Platforms | Fintech Primitives |
|---|---|---|
| Technical queries | Anywhere between 3-15 days to reply back | Within 24 business hours |
| Integration support | Not available | Technical guidance from the product and engineering team |
| New use cases | Not available | Guidance from the product and engineering team |
