The opening panel discussion started with the inference on how consumer behaviour has shifted from experimenting online and buying offline. Moderated by Narayan Krishnamurthy, editor, Outlook Money, the panellists included Tapan Singhel, MD and CEO, Bajaj Allianz Insurance, Ankur Thakore, national head, sales and distribution, L&T Mutual Funds, Atul Sahai, general manager, Oriental Insurance Company, and R.K. Chaudhary, field general manager, Union Bank of India.
The session opened with each of the panellists sharing their experience on the role of digital channels in their respective businesses. While Singhel detailed the beauty of simplicity, which is the hallmark of his company’s digital channel and its cost effectiveness, Chaudhary mentioned how the bank had transformed from branches to ATMs to digital wallets and apps.
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The challenge faced by financial services companies, unlike Amazon or Flipkart, which have drawn millions of Indians on to their platform, is the intangibility of what they have to offer compared to these portals. Thakore detailed how mutual fund sales were difficult for consumers because it is difficult for them to decide on a mutual fund scheme to invest in given the over 1,000 schemes across 40 AMCs. It was interesting to note Thakore’s comments detailing how the digital route is working well for them and is increasing efficiency.
What was heartening was the fact that the panellists felt that the quantum of business from digital channels is 15-20 per cent at present, which they anticipate will double over the next five years. The biggest challenge that financial product and service providers will always face is that financial products do not have the pull for investors to automatically come to them.
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