Neelesh Shah of Kotak Mahindra AMC emphasizes the need for a balanced approach to technology in the mutual fund industry, catering to both tech-savvy and traditional investors, while preventing digital exclusion and fraud.
He also advised the industry to avoid creating a digital environment that could lead to digital exclusion or trapping.
He further said there is a need to use technology but also with human touch in all models in India
“I have to create a balance where I am able to cater to both. Not everyone has a smartphone. Everyone is not legitimately smart. There exists both– India as well as Bharat. My technology should be such that it can work on both sides,” Shah, who was participating in a panel discussion at the Global Fintech Fest 2024 here, said.
He recommended avoiding the creation of a digital age where there will be digital exclusion or digital trapping. He emphasised that the industry must work to prevent digital trapping and fraud from occurring.
“Between this digital exclusion and digital trapping, I think we can survive,” he said.
Stating that there is a need to leverage technology so that one can cancel noise and provide wisdom, Shah said however knowledge alone is necessarily wisdom.
“We need to reach out to people, whatever one says, the opposite is also true. If there is a need for technology, there is also a need for human touch,” he said, adding that there are still those who prefer to fill application forms manually.
“Also, we will have to cover every segment of society through human touch, and through technology to ensure that every Indian becomes financially savvy,” he said.
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