Will bring down dependence on telemarketing calls: Sanjiv Bajaj of Bajaj Finance
Sanjiv Bajaj said that the company is going to upgrade its website and app and users will have an option where they can select the option to not be 'bothered again'
PremiumDiversified financial services group Bajaj Finserv has announced its plans for the group's ninth entity Bajaj Finserv Mutual Fund. The new entity will compete with 40 others in the sector, which together manage as much as ₹40 lakh crore of public money.
Also in an interaction with Moneycontrol, Sanjiv Bajaj, chairman and managing director of Bajaj Finserv has said that the group will aim to scale down the amount of loans that are pushed through phone or telemarketing to less than 10%. The MD of Bajaj Finance said,"Our aim would ideally be to bring this business down to 10 percent, and then to zero percent…so that our calls will only be service calls," as reported by Moneycontrol during an interaction with the media.
Sanjiv Bajaj said that the company is going to upgrade its website and app and users will have an option where they can select the option to not be "bothered again".
“We want to give people the right to be forgotten by us," said Bajaj to Moneycontrol.
Meanwhile, the group's latest entity Bajaj Finserv Mutual Fund will compete with 40 others in the sector, which together manage as much as ₹40 lakh crore of public money.
The group, with its existing eight subsidiaries, offers a suite of financial products to close to 70 million customers, and it wants to tap into the same customers for the new business, Bajaj said.
"Yes, we're a late entrant or you can say the last entrant. But we aren't worried about that. In fact, we want to tap into the advantages of being the late entrant that places us on a better footing.
"Because this late entry gives us the advantages of knowing what works and what doesn't work," Bajaj explained the rationale for the entry at a time when there is an unprecedented level of regulatory scrutiny on the sector.
Its chief executive Ganesh Mohan, who is from the group, said there is more than enough space for new players in an industry that has trebled in the past seven years in terms of AUM at ₹40 lakh crore.
"Is our MF industry too much cluttered? The tiny Singapore has more than 1,000 AMCs, and so is England, and when it comes to the US, the number is seven times more. So, in a vast country like ours, which is fast growing, there can be many more AMCs. I am confident if at all the industry grows at an earnings ratio, having grown three times in the past seven years, we can make it big," Mohan said.
*With agency inputs
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