We are moving into the age of educated customer, says Yateesh Srivastava, CEO, AEGON Religare Life Insurance. Outlook Money Digital Dialogues, March 2015.
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NewsTranscript
00:00 We are moving into the age of what we call the educated customer.
00:12 Now where that customer chooses to buy, as Nitin said, you know, research online, purchase
00:17 offline.
00:18 I don't know how many of you have been to an electronics retail store recently, but
00:23 if you see the phenomena of people looking physically at the products, then going on
00:27 to their mobile device to compare prices, then ask very very smart questions to the
00:32 salesman on the floor, is a complete, you know, seamless integration of what is really
00:40 happening today.
00:42 And this digital revolution and the affordability of technology has ensured that customers are
00:46 more often than not ahead of manufacturers and service providers, right.
00:51 I think Anup touched upon it when he spoke.
00:55 Customers have seamlessly melded their online and offline lives, you know.
01:00 So you can see a family watching television, the kid will be on an iPad, the father will
01:05 be probably looking at his mobile phone checking out the news while mom watches television
01:10 or some sort of a serial.
01:12 And there seems to be absolutely no dichotomy or no kind of discomfort in this sort of behavior.
01:18 I remember a time when, you know, when we were young, to be sent out to your room was
01:23 a punishment.
01:24 Today, being sent to your room is actually a yay moment for kids, right, because then
01:27 they have access to everything that they want to kind of look at.
01:32 And as a result of which, as manufacturers, as service delivery providers, we are actually
01:38 struggling really really strongly with what we call in a jargonized way the omni-channel
01:44 experience, right.
01:45 Because your best customer whom you can recognize online might walk into your store or a bank
01:51 branch and be totally unrecognized.
01:54 And how are we going to deal with things like that and how is technology going to, you know,
01:59 help us to deal with this is what we are all grappling with at this point in time.
02:06 But really what we're moving towards and in this case is the area of what I call digital
02:10 disruption.
02:11 It's the ability to use data to understand and even predict in some cases what the customer
02:17 may want or need and then delivering it at a lower cost with a faster response time and
02:23 a better customer experience.
02:25 And that is going to create the entire digital landscape.
02:27 And it doesn't matter where you buy from.
02:29 And I completely agree with what Nitin said right in the beginning, is that the Indian
02:34 ecosystem today is such that there are what I call the digital nascents, people who are
02:39 just kind of entering the space at this point in time.
02:41 And please remember that almost 75% of them are entering on a mobile first platform.
02:48 That means they're never going to use a desktop and never going to use a PC for sure or a
02:53 laptop to ever get on to the digital space.
02:56 They're going to be seamlessly integrated with the digital space through their mobile
03:00 device.
03:01 And that's really speeding up the, you know, adoption of digital technology by consumers.
03:10 [Music]