We are well versed with the importance and need for technology in setting up a resilient business model. Ease of conducting daily operations, turnaround time reduction and seamless customer service are some of the many advantages that technology offers. Riding on the back of technology Hitesh Kakkad, Moneyplus Financial and Investment Services LLP, Jalgaon created a base of around 3000 clients and an AUM of more than Rs. 160 crore.
In conversation with Sunil Subramaniam, MD, Sundaram MF, Hitesh addressed his fellow MFDs on leveraging technology. Sunil rightly addressed Hitesh Kakkad as MS Dhoni the champion of small-town India (B30 cities). Here are some of the key learnings from the session that was held on the first day of Cafemutual Ideas Fest 2021.
- Human capital and technology go hand in hand
Technology aids in reducing costs, automating repetitive tasks and increasing productivity and accuracy. Hitesh acknowledged how technology empowered him to achieve clients not just in Jalgaon but also in other parts of India. Having said this human capital is imperative too.Collaboration between human capital and technology can take the business to newer heights.
- Using small tools can yield large benefits
Use collaborative tools to assist every team member to be on the same page. Trello is one such tool that Hitesh recommends. He shared that it helped them experience real-time collaboration despite the team working remotely. And, this gave clear insights about the latest status of various business activities.
While collecting data over the phone or through WhatsApp may sound convenient, Hitesh emphasized the significance of accumulating data online. He recommended an onboarding process where the client can share the requisite details. It aids in avoiding instances of disagreements around disclosures in the future and is also necessary as businesses grow and scale-up.
- Online transactions are the key to business growth
The use of technology is not limited to WhatsApp or social media. Shifting the transaction processes online must be closely taken up. Talking about its necessity, Hitesh shared some interesting statistics. On the strength of online transactions, he clocked an AUM of around Rs 10-11 cr in the first seven years of operations which augmented manifold times to Rs 160-170 cr in the next seven years.
The session was highly informative. Thanks to technology you can hear Hitesh speak by clicking here. This link is also a gateway to the inspiring stories of other three renowned MFDs.
