Over the last few days, the COVID-19 pandemic and the resulting market volatility have created a difficult situation.
During these trying times where the nation is virtually under a shutdown, let us deal with the challenge together.
We have invited individual MFDs to share their experiences on how they are coping with this virtual shut down and keeping things going.
Here is how they are dealing with this challenging times,
Shrey Mehta, SMFS, Noida
Go completely paperless to better serve your clients
With COVID on the rise, the need to be financially prepared is even more pressing than before and we have been making sure that we help our customers stay on track with their financial goals.
We were one of the first few companies to facilitate completely paperless transactions. We went completely digital in 2017 for the utmost customer service making sure there is no need for the customer to leave the comfort of their homes. Our web portal allows clients to access their portfolio, generate reports and even transact on their own. Our mobile apps also provide all these functionalities at the customer’s fingertips.
Our team is working relentlessly to make all operations seamless without the need for physical presence. The entire team is a phone call away in case a customer needs any financial advice regarding their portfolio or insurance needs. This time, in addition to phone calls, we're also video conferencing with our clients to make sure everything can be done smoothly and without any physical presence.
Amit Trivedi, Author and Trainer, Karmayog Knowledge Academy, Mumbai
Don’t cut wages of your employees in this testing times
This is considered a rich men’s disease. In India, it has mostly spread through people who have traveled internationally. We have no idea if anyone in the lower strata of the society has contracted it. However, social distancing may prove to be a bigger problem for the economically weaker sections.
We have already started hearing stories of how daily wagers are losing their income. With the closure of public places like malls and movie theatres, many people working as security guards and housekeepers are losing their livelihood since the majority were temporary staff. It is ironic that those who haven’t lost their income are stocking grocery and soaps out of fear, and there is another class of people, who are not sure where the next meal would come from. These are not homeless destitute. These people had jobs, which they have lost suddenly.
My request to all: If you are in a position to take decisions, think twice before cutting down jobs of even the temporary staff. If one has to choose between large businesses making losses, and the stock prices nosediving versus millions losing their livelihood, it would pay to choose wisely.
