Nilesh Shah: There is a need to create a balance between technology and human contact in the mutual fund sector

It is necessary to create a balance catering to both tech-savvy investors and those who prefer physical interaction on the Mutual fund space, Managing Director of Kotak Mahindra Asset Management Company Nilesh Shah On Thursday, he also advised the industry to avoid creating a digital environment that could lead to exclusion or digital capture.

He also said that it is necessary to use technology but also with human touch on all models in India.

“I have to create a balance where I can cater to the needs of both. Not everyone has a smartphone. Not everyone is really smart. There are both – India and Bharat. My technology should be such that it can work on both sides,” said Shah, who participated in a panel discussion at the Global Fintech Fest 2024 here.

He recommended avoiding the creation of a digital era in which digital exclusions or traps occur. He stressed that the sector must work to prevent digital traps and frauds from occurring.

“Between this digital exclusion and this digital trap, I think we can survive,” he said.

Shah said technology needs to be leveraged to cancel out noise and provide wisdom, but knowledge alone is necessarily wisdom. “We need to reach out to people, whatever they say, the reverse is also true. If you need technology, you need human touch as well,” he said, adding that there are still those who prefer to fill out application forms manually.

“Furthermore, we will have to reach out to every segment of society through human contact and technology to ensure that every Indian becomes financially savvy,” he said.