Indian Wealth Management Forum 2019 - Highlights - Satheesh Krishnamurthy
Executive Vice President & Business Head - Affluent & NRI
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There are many opportunities in this industry led by the new wealth that is getting created. So, the wealth is getting created into two parts - The existing affluent customers are getting wealthier with every passing quarter; they are getting income through multiple asset classes, whether they invest in real estate in the past or gold. So, there is a lot of money that is getting created from their existing assets. So, that needs to be deployed. And there is a lot of new wealth that is getting created as entrepreneurs take strong foundational steps in our country. So, the entire gamut of products and services which consumers need to manage their wealth is really turning out to be a huge and ripe opportunity for us in this country. So, that is on the opportunity. The challenges that confront the industry today is on the people and the talent pool that we have today. I think there is an immense (amount of) work that is required to create enough talented, knowledgeable people who can live up to the expectations of consumers today, as they expect their wealth managers to be fully, thoroughly exposed to all the financial market product and the opportunity. So, I think that people, talent build out is a big challenge. We need to put a lot of energy on that. The second big challenge is applying technology around serving the needs of the customers. There are a lot of ad hoc technology service providers, but how do you actually make sense of that to make consumer life simple? I think that's the second big challenge.