WEALTH MANAGEMENT IS AMONG THE LEAST SOUGHT-AFTER FINANCIAL SERVICE S IN THE INDIAN MARKET. HOWEVER, THINGS ARE NOW SHAPING UP DUE TO ROBO ADVISORY.
From lending to saving, fintech companies are revolutionizing every service that the finance sector has on offer, and wealth management industry is not immune to this disruption. Robo advisors work with minimum human intervention as from financial planning to risk profiling to the recommendation and transaction everything is done digitally. Digitalization also reduces the cost of servicing the client, making it financially viable business model among fintech start-ups. About the opportunity in Indian market, Dinesh Rohira, CEO and founder of 5nance.com says that robo advisory services are still in their nascent stage in India, advisory itself is yet to take center stage. “Majority of the investment decisions are still driven by recommendations and tips from family and friendly connections. A structured, professional and systematic approach towards financial planning and advisory-led decisions are at a nascent phase in India. With about 5-6 percent penetration levels in India, the only way to services and drive higher adoption is with the help of technology, robo advisory is expected to play that role in the next five years,” he explains.
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