Nilesh Shah, MD, Kotak Mahindra Asset Management, speaks on how technology is helping revamp the industry on a whole and more.
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NewsTranscript
00:00 I think technology will be an enabler rather than a disrupter.
00:14 We are not a homogeneous country, we are a heterogeneous country.
00:20 In Gujarati there is a proverb which says that "Baar gaon mein boli badlai" - you
00:24 travel 12 gaon and the language changes.
00:29 So we have a country where we will need advisors to reach out to customers, to make them sign
00:35 physical forms, to get them a cheque to it and then come and drop into our office.
00:41 We also have a young crowd who will say physical applications, boom, I am out.
00:47 I only want to deal with you if you are available on a mobile application.
00:52 I don't want to see your face, I don't want to hear anything from you.
00:55 I will decide and use that app and invest according to my choice.
00:59 Now I have to meet both these customers' aspirations and technology will be a great
01:04 enabler.
01:05 Today most of our communication is in English.
01:09 Now how many people in India understand English from a financial point of view?
01:14 Certainly a guide who serves me in Udaipur or Jodhpur, he can speak English but can he
01:22 understand English from a financial language point of view?
01:25 I doubt.
01:27 So there is necessity to convert this English message into regional languages.
01:33 That's where we will require technology.
01:35 I also need to reduce the cost of distribution.
01:39 Today if I have to service everyone by reaching out physically to them, it's going to take
01:43 hell of a lot of money.
01:45 Technology will help me reach out to more number of people and reduce the cost of transaction.
01:50 The third is the ease of transaction.
01:53 Now in the financial products we are fighting non-level playing field.
01:58 You want to buy gold, just walk into any jeweler's office, pay money and move out, your job is
02:03 done.
02:04 You want to do that with a mutual fund, we will ask you where is your KYC.
02:08 If you have done KYC, we will say where is your fatka.
02:11 If you have done your fatka, there could be something else.
02:14 So I have to use technology to ensure that all these necessary things which are required
02:22 from a safety point of view, which are required from the safety of financial market point
02:26 of view, doesn't result into impediments for investors to join our industry.
02:33 So technology will be an enabler.
02:35 It will help me reach more people.
02:37 It will help me reach people in their language, in their communication.
02:42 It will help me reduce the cost.
02:45 Technology will be a great enabler for us.
02:47 [Music]