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The Muthoot Group is a financial conglomerate with 20 diversified business divisions, 5330+ branches across India, a staff strength of 40,000+ employees serving over 2.5 Lac customers every day and served over 72 Crore customers till date, including repeat customers. Our global business spans across USA, UK, UAE, Costa Rica, Sri Lanka and Nepal. Muthoot Finance, our Group’s flagship Company posted a consolidated Net Profit increase from ₹2,103 Crore in FY19 to ₹3,169 Crore during FY20 – a historic increase of 51%. AUM during the said period grew by 22% to ₹46,871 Crore.

Abhinav Iyer is the General Manager – Marketing and Strategy at Muthoot Group. In an interaction with The Tech Pod, Abhinav speaks about the future of AI in the fintech industry. Read more!

Tell us something about yourself and what does your company do?

I have been with The Muthoot Group for nearly 7 years & serve as General Manager (Marketing & Strategy) based at Corporate Office, Delhi. Earlier, I was heading Marketing for Bank of Baroda’s UK Operations in London for many years and also led the Bank’s Business Transformation Project alongside McKinsey & Co.

The Muthoot Group is a financial conglomerate with 20 diversified business divisions, 5330+ branches across India, a staff strength of 40,000+ employees serving over 2.5 Lac customers every day and served over 72 Crore customers till date, including repeat customers. Our global business spans across USA, UK, UAE, Costa Rica, Sri Lanka and Nepal. Muthoot Finance, our Group’s flagship Company posted a consolidated Net Profit increase from ₹2,103 Crore in FY19 to ₹3,169 Crore during FY20 – a historic increase of 51%. AUM during the said period grew by 22% to ₹46,871 Crore.

What is the current scope of the Internet of Things (IoT) in India?

I feel India is fast growing as an IoT hub. Although our IoT journey began much later than many developed economies, our installed base of connected units is expected to grow at a much faster rate than them. According to a recent Deloitte report, IoT units in India are expected to see a huge growth of 32x to reach 1.9 billion units by end of this year. Having said that, while organisations expect IoT to increase automation & improve productivity; common consumers like us expect it to improve the overall quality of life such as better access to public services, reduced traffic congestion, environmental impact with lower pollution levels, better personal healthcare and improved safety & security for one and all.  Hope we are able to see much higher convenience at a consumer level soon.

How do you reach out to your clients?

We roll-out Quarterly integrated marketing campaigns across ATL, BTL and Digital mediums to reach out to our existing and prospective customers. In turn, interested customers can walk-into our branches or call our toll free numbers and get in touch with their nearest Muthoot Finance branch in no time.

How can AI help advertisers create more targeted and personalized ad campaigns

AI is making strong inroads into the world of advertising. From creating ads to targeting audiences to ad buying. Machine Learning – a core application of AI is increasingly being used in major ad platforms to find out and predict if you’ll even click on an ad. Furthermore, Brands are now using AI to identify and segment audiences, build creatives, improve performance and even optimize spends.

In what aspects has the lock-down crisis affected your business?   

For us at Muthoot Finance, Q1 was certainly challenging, especially April & May. However, June onwards we have made progressive recovery. Almost all our branches are now fully operational. Rising gold prices and the quick disbursal aspect of gold loans has helped it in emerging as a hero product during this crisis and in the post lockdown economic resurgence. Since June business has been good for us and hence we are quite positive of ending Q2 on a high note. Furthermore, our integrated marketing campaigns in Q1 & Q2 titled “Gold Loan is Good” and “Sunheri Soch” have helped us in a big way in opening up the gold loan market and presenting gold loans as a highly affordable, readily available loan product that can be availed to meet any family, individual or business objective.

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