| | JANUARY 202519that enable them to repay comfortably and thrive. This client-centric approach has made us one of the most flexible financial institutions in the country. Our flexibility and understanding of client needs have built significant goodwill over the years, resulting in a loyal customer base that spans multiple generations. This success is not just about offering financial products but about genuinely empowering our clients. We design our financial products to ensure that clients are not only able to repay their loans but also to achieve their dreams and objectives.Muthoot has been at the forefront of setting customer experience benchmarks, even in urban settings. How would you describe the approach behind this?As far as the approach is concerned, we have to talk about technology. Technology plays a crucial role in our operations at Muthoot Finance, especially given the physical nature of gold loans. Traditionally, clients brought their gold collateral to the bank to secure a loan. However, with the rise of delivery culture and the convenience of mobile technology, we have adapted our approach to meet modern expectations.For instance, we now offer a "loan at home" service, allowing clients to obtain loans from the comfort of their homes or offices. Our team visits the client, assesses the gold, and processes the loan digitally, with funds transferred directly into their bank account. Clients can manage their loan accounts and repayments through our digital app, ensuring a seamless experience.This digital transformation caters to both our traditional clients, who prefer in-person interactions, and the newer generation, including Millennials and Gen Z, who value convenience. We also offer a "credit builder" product to help young clients establish their credit scores, enabling them to qualify for larger loans in the future, such as housing or vehicle loans.In addition to gold loans, we are diversifying our portfolio to include personal loans, vehicle loans, home loans, loans against property, and business loans. This expansion transforms us from a gold loan company into a comprehensive financial services provider. By leveraging AI and technology, we ensure that we meet the needs of all client segments and continue to innovate in the financial sector.Tell us about your leadership approach.I can boil it down to two words. My leadership approach revolves around "planned redundancy". The essence of this approach is to empower my team members to take charge and make decisions, rather than relying on me as the sole decision-maker. I believe that if someone can do a better job than I can at a particular instance, they should be given the opportunity. By making myself redundant, I can focus on exploring new aspects of the business.My goal is to ensure that everyone on the team is capable of making decisions and taking responsibility. This contrasts with organizations where bosses are constantly asked for their decisions. I acknowledge that I am not infallible and can make mistakes. Therefore, this planned redundancy methodology ensures that the entire team shares responsibility and accountability, contributing their ideas and expertise. This way, I am not the only one driving the organization forward.You are also well-known for your philanthropic initiatives. How would you define your approach to CSR?The Indian government mandates that companies spend 2 percent of their net profits on CSR activities, a regulation in place since 2013. However, our company has always believed in giving back to society, long before CSR became a formal term. We view it as a fundamental human quality to contribute to societal growth, recognizing that no organization or individual can thrive in isolation.Today, with branches across the country, we ensure our employees are actively involved in CSR activities. Although we occasionally collaborate with NGOs, about 90 percent of our projects are executed in-house to ensure direct benefits to the recipients without intermediaries. We believe in hands-on involvement, regularly monitoring and conducting impact studies to ensure the effectiveness of our initiatives. Beyond CSR, we also promote Individual Social Responsibility (ISR). We encourage our workforce to participate in both corporate and personal community activities.Despite the government's 2 percent mandate, we often exceed this percentage in our CSR efforts. I advocate for increasing this requirement to 4 percent, believing that the corporate sector can do much more for the community development. What would be your advice to budding leaders in the financial sector?If you're going to do something, do it with passion. Leadership is not just about leading, it's also about creating leaders within your team. This aligns with my concept of planned redundancy.Consider the example of wild geese flying in a V formation. The lead goose creates a slipstream, making it easier for the others to follow. When the leader gets tired, it moves to the back, and another goose takes the lead. Similarly, in leadership, we must be willing to follow as well as lead.
< Page 9 | Page 11 >