A

SUMMER INTERNSHIP PROJECT

ON
“A study on HNI Investors’ Preference about Digital Technology for
Wealth Management in Surat City”
Submitted to
S.R. LUTHRA INSTITUTE OF MANAGEMENT
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
In
Gujarat Technological University
UNDER THE GUIDANCE OF

Faculty Guide: Company Guide:

Ms. Esha Pandya Mr.Jagdish Savani
Assistant Professor (IIFL Securities-Branch Manager)

Submitted by
Mr.Monil Panwala [Batch No. 2018-20, Enrolment No. 187500592072]

MBA SEMESTER III

S.R. LUTHRA INSTITUTE OF MANAGEMENT – 750

MBA PROGRAMME
Affiliated to Gujarat Technological University,
Ahmedabad
 PREFACE

As we know that in today’s competitive global area only theoretical knowledge can’t
work anymore. Today in every sector, research is needed to understand the on-going
scenario, changing situation and to go to the depth of the problems so that adequate
knowledge about that area can be developed. Research work is finding the new ways
of adding value to that area and giving contribution to that particular area. Further
research work enhances depth knowledge of particular area. And it helps to
researcher in developing models and also helps to society at large.

The main focus and study was on “A study on HNI Investors’ Preference about Digital
Technology for Wealth Management in Surat City.”

I have put up my best efforts and enumerated each possible information after
observing the activities carried over there, to make this report a satisfactory report.

It was a great opportunity and memorable experience interacting with people

working there, collecting information regarding their job and acquiring knowledge.

A survey was conducted to determine investors’ attitudes, behaviours, and

preferences for digital technology in their existing relationships, as well as their
expectations for the future.
 ACKNOWLEDGEMENT

It gives me immense pleasure to acknowledge the valuable assistance and co-

operation I received from the people around me for the successful completion of my
project.

I am thankful to Gujarat Technological University who gave me chance to undertake

this research as part of my curriculum of Master degree in Business Administration. I
am also thankful to S.R. Luthra Institute of Management to give me this
opportunity. I deeply acknowledge support of our respected Director Dr. Jimmy
Kapadia. I would like to thank Ms. Esha Pandya who helped and guided me
throughout the development of the project. Her support and full-fledged guidance,
encouragement, and valuable suggestion were instrumental in making this project.

For completion of project, I would like to express my gratitude to the IIFL Securities
for giving me the opportunity to work. I earnestly express my gratitude to Mr.
Jagdish Savani (Branch Manager) and other staff members of the IIFL Securities,
Surat of my project by giving their precious time and information about their
organization.

I am highly indebted for their guidance and consultant supervision as well as for
providing necessary information regarding the project and also for their support in
completing the project.
 Executive Summary

The report title is “A study on HNI Investors’ Preference about Digital Technology for
Wealth Management in Surat City”. We have very good memories with IIFL
Securities.

First chapter of the report consists of the detailed description of research topic and
need of research to be done.

Second chapter of the report explain the in-depth current status of wealth
management at global, national and state level. Apart from that the external factors
like political, social and technological which affects broking industry and the brief
explanation about current trends and major players of wealth management.

Further the report consist the structure, market position and SWOT analysis of IIFL
Securities.

Final section of the report includes the most vital element of the study i.e. research
methodology which includes the problem statement of the study, research design,
data analysis and interpretation, and findings & conclusions.
 Chapter 1 Introduction

HNI- High Net Worth Individual

High Net worth Individual (HNI) is a person who is having large investable surplus.
Anyone with over 5 lacs, some organization prefer to as HNI. Some prefer to classify
individuals with over 25 lacs as HNIs. In the Indian context, HNIs are those who are
having over Rs. 2 crore investible surplus are considered while the one with
investible wealth falling in the range of Rs. 25 lac - Rs. 2 crore are said to be
Emerging HNIs.

For the second straight year, the number of high net worth individuals in India has
grown immensely.

India's HNI population grew at 20.8% to 1.53,000 in 2010 compared with 1,26,700 in
2009, according to the 2011 Asia-Pacific Wealth Report by Merrill Lynch Global
Wealth Management and Capgemini. The cumulative wealth of Indian HNIs grew by
22% in 2009-10 to Rs 28,60,000 crore from a year ago.

Growth of HNI in India

India was globally the fastest-growing market in terms of high net-worth individual
(HNI) population and wealth in 2017. By growing HNI population by 20.4 per cent
and HNI wealth by 21.6 per cent, India also inched up to the 11th position in the list
of countries with HNI population.

In 2017, the high net-worth individual population in India went up to 2,63,300 from
2,18,600 in 2016. Their cumulative wealth grew to USD 1067.1 billion in 2017 from
USD 877 billion in the previous year, according to the Capgemini‟s World Wealth
Report 2018.
Preference

Preferences refer to an individual's attitude towards a set of objects, typically reflected

in an explicit decision-making process. The term is also used to mean evaluative
judgment in the sense of liking or disliking an object. It does not mean that a
preference is necessarily stable over time. Preference can be notably modified by
decision-making processes, such as choices. Preference can be affected by a person's
surroundings and upbringing in terms of geographical location, cultural background,
religious beliefs, and education. These factors are found to affect preference as
repeated exposure to a certain idea or concept correlates with a positive preference.

Investors

An investor is any person or other entity (such as a firm or mutual fund) who
commits capital with the expectation of receiving financial returns. Investors utilize
investments in order to grow their money and/or provide an income during retirement,
such as with an annuity. With early investors, a preference is a great way to reflect
management's confidence in (and fairness towards) future prospects for the company.
Raising angel money is a very difficult task. A well-constructed investor
preference can help minimize investor risk in a creative way that helps attract start up
funding.

A wide variety of investment vehicles exist including (but not limited to)
stocks, bonds, commodities, mutual funds, exchange-traded funds (ETFs), options,
futures, foreign exchange, gold, silver, retirement plans and real estate. Investors
typically perform technical and/or fundamental analysis to determine favourable
investment opportunities, and generally prefer to minimize risk while maximizing
returns. An investor typically is made distinct from a trader. An investor puts capital
to use for long-term gain, while a trader seeks to generate short-term profits by buying
and selling securities over and over again. Investors typically generate returns by
deploying capital as either equity or debt investments. Equity investments entail
ownership stakes in the form of company stock that may pay dividends in addition to
capital gains. Debt investments may be as loans extended to other individuals or
firms, or in the form of purchasing bonds issued by governments or corporations
which pay interest in the form of coupons.

How investors’ work?

Investors are not a uniform bunch. They have varying risk tolerances, capital,
styles, preferences and time frames. For instance, some investors may prefer very
low-risk investments that will lead to conservative gains, such as certificates of
deposits and certain bond products. Other investors, however, are more inclined to
take on additional risk in an attempt to make a larger profit. These investors might
invest in currencies, emerging markets or stocks. A distinction can be made between
the terms "investor" and "trader" in that investors typically hold positions for years to
decades (also called a "position trader" or "buy and hold investor") while traders
generally hold positions for shorter periods. Scalp traders, for example, hold positions
for as little as a few seconds. Swing traders, on the other hand, seek positions that are
held from several days to several weeks.

Institutional investors are organizations such as financial firms or mutual

funds that invest in stocks and other financial instruments and build sizable portfolios.
Often, they are able to accumulate and pool money from several smaller investors
(individuals and/or firms) in order to take larger investments. Because of this,
institutional investors often have far greater market power and influence than
individual retail investors.

Passive and Active Investors

Investors may also adopt various market strategies. Passive investors tend to
buy and hold various market indexes, and may optimize their allocation weights to
certain asset classes based on rules such as Modern Portfolio Theory's (MPT) mean-
variance optimization. Others may be stock pickers who invest based on fundamental
analysis of corporate financial statements and financial ratios. One example of this
would be the "value" investors who seek to purchase stocks with low share prices
relative to their book value. Others may seek to invest long-term in "growth" stocks
that may be losing money at the moment but are growing rapidly and hold promise for
the future. Passive (indexed) investing is becoming increasingly popular, where it is
expected to overtake active investment strategies as the dominant stock market logic
by the year 2020. The growth of low-cost target-date mutual funds, ETFs and robo
advisors are responsible for this surge in popularity.

Wealth Management

Definition

Wealth management combines both financial planning and specialized

financial services, including personal retail banking services, estate planning, legal
and tax advice, and investment management services.

Wealth management is an investment-advisory discipline which

incorporates financial planning, investment portfolio management and a number of
aggregated financial services offered by a complex mix of asset managers, custodial
banks, retail banks, financial planners and others. There is no equivalent of a stock
exchange to consolidate the allocation of investments and promulgate fund pricing
and as such it is considered a fragmented and decentralised industry. High-net-worth
individuals (HNWIs), small-business owners and families who desire the assistance of
a credentialed financial advisory specialist call upon wealth managers to
coordinate retail banking, estate planning, legal resources, tax professionals
and investment management. Wealth managers can have backgrounds as
independent Chartered Financial Consultants, Certified Financial
Planners or Chartered Financial Analysts (in the United States), Certified
International Investment Analysts, Chartered Strategic Wealth Professionals (in
Canada), Chartered Financial Planners (in the UK), or any credentialed (such
as MBA) professional money managers who work to enhance the income, growth and
tax-favored treatment of long-term investors.

Private wealth Management

Private wealth management is delivered to high-net-worth investors. Generally

this includes advice on the use of various estate planning vehicles, business-
succession or stock-option planning, and the occasional use of hedging derivatives for
large blocks of stock. Traditionally, the wealthiest retail clients of investment firms
demanded a greater level of service, product offering and sales personnel than that
received by average clients. With an increase in the number of affluent investors in
recent years, there has been an increasing demand for sophisticated financial solutions
and expertise throughout the world. The CFA Institute curriculum on private-wealth
management indicates that two primary factors distinguish the issues facing individual
investors from those facing institutions:

1. Time horizons differ. Individuals face a finite life as compared to the

theoretically/potentially infinite life of institutions. This fact requires
strategies for transferring assets at the end of an individual's life. These
transfers are subject to laws and regulations that vary by locality and therefore
the strategies available to address this situation vary. This is commonly
known as accumulation and decumulation.
 2. Individuals are more likely to face a variety of taxes on investment returns that
vary by locality. Portfolio investment techniques that provide individuals with
after tax returns that meet their objectives must address such taxes.

The term "wealth management" occurs at least as early as 1933. It came into
more general use in the elite retail (or "Private Client") divisions of firms such
as Goldman Sachs or Morgan Stanley , to distinguish those divisions' services from
mass-market offerings, but has since spread throughout the financial-services
industry. Family offices that had formerly served just one family opened their doors to
other families, and the term Multi-family office was coined. Accounting firms and
investment advisory boutiques created multi-family offices as well. Certain larger
firms have "tiered" their platforms – with separate branch systems and advisor-
training programs, distinguishing "Private Wealth Management" from "Wealth
Management", with the latter term denoting the same type of services but with a lower
degree of customization and delivered to mass affluent clients. At Morgan Stanley,
the "Private Wealth Management" retail division focuses on serving clients with
greater than $20 million in investment assets while "Global Wealth Management"
focuses on accounts smaller than $10 million.

In the late 1980s, private banks and brokerage firms began to offer seminars
and client events designed to showcase the expertise and capabilities of the
sponsoring firm. Within a few years a new business model emerged – Family Office
Exchange in 1990, the Institute for Private Investors in 1991, and CCC Alliance in
1995. These companies aimed to offer an online community as well as a network of
peers for ultra high-net-worth individuals and their families. These entities have
grown since the 1990s, with total IT spending (for example) by the global wealth
management industry predicted to reach $35bn by 2016, including heavy investment
in digital channels.

Wealth management can be provided by large corporate entities, independent

financial advisers or multi-licensed portfolio managers who design services to focus
on high-net-worth clients. Large banks and large brokerage houses create
segmentation marketing-strategies to sell both proprietary and non-proprietary
products and services to investors designated as potential high-net-worth clients.
Independent wealth-managers use their experience in estate planning, risk
management, and their affiliations with tax and legal specialists, to manage the
diverse holdings of high-net-worth clients. Banks and brokerage firms use advisory
talent-pools to aggregate these same services. The Great Recession of the late 2000s
caused investors to address concerns within their portfolios. For this reason wealth
managers have been advised that clients have a greater need to understand, access,
and communicate with advisers about their situation.

Family Wealth Management

The wealth of a family can be defined as the human and intellectual capital of
the family, with financial capital being used to support the growth of the family‟s
human and intellectual capital. A major concern for wealthy families is passing on
wealth.

The four dimensions of family wealth

1. Human: The skill sets, talents, and emotional maturity of everyone in the
family.
2. Cultural: The overall identity of a family, including communication skills,
collective values, and how decisions are made together.
3. Social: How a family is connected to its community, and the overall mission
of how they‟ll contribute to the world.
4. Financial: Assets and financial strategy that make up the family‟s portfolio
and resources for the future.

The 3 Forces of Family Wealth Management

1. Wealth Creators – usually the first generation patriarch or matriarch who

through their entrepreneurial efforts created the money that is the basis of the
family fortune and legacy.
2. Wealth Inheritors – those family members who are not direct wealth creators,
such as a surviving spouse, children, extended family members, and other
beneficiaries.
3. Various Wealth Advisers – those involved in the planning and execution of
investment strategies, tax strategies, trust and estate strategies and
management, and day-to-day transaction tracking and cash management.
 With a constant increase in the number of high net-worth investors (HNIs), Indian
markets have moved up the ladder of the digital wealth management world. 42% of
wealth managers believe that a mix of digital and offline ways of communicating is
ideal. Wealth managers should be able to adapt to the changing digital ecosystems of
these HNIs who are still under-served by traditional wealth management institutions
and yet keep a balance between the two schools of wealth management.

This change in requirements of the HNIs has not emerged overnight, but is a result of
changing market conditions and various other factors in the economy.

How digitalization is changing wealth management

Today‟s young tech savvy generation looks to conduct all their interactions and
transactions online with the help of their smart phones. Digital presence in the
investment world has changed the way investors function. It has enabled them to take
riskier yet quick decisions with the help of technology. Such an efficient working
culture has led to the following changes in the wealth management world:

 Efficiency boost – Digitalization has benefited both, the wealth manager as well as
the investor. It has streamlined the process of communication of investment idea
between both the parties, helping the investors hold a better and more dynamic
portfolio at all times. Up to date information and quick analysis tools have freed many
resources from the daily tiring routine to be used elsewhere in more important
activities. Regular electronic audits have reduced errors as well as helped track
investments with minimum efforts, increasing transaction activities and in turn,
boosting efficiency.

 Structured Data – Digitalization of data enables one to access large amount of

information relating to not only the current year but also many previous years. With
wealth managers using sophisticated tools like cloud computing, social media and
mobile applications, these tools help them fulfil their services faster through more
number of interactions with the client yet at lower costs. Structured data also gives the
 investors transparency of information, where they can take intelligent investment
decisions based on high end data researches.

 Digital Quotient – In order to build an investor‟s profile, wealth managers have

started giving importance to understanding their client‟s digital quotient. It is easy to
adopt new technologies, however, what one should look into first is the rate of success
of these technologies in relation to a particular HNIs investment structure. Investment
strategies based on high end technological tools, which are difficult for the investors
to interpret, may not yield the desired results. So, digitalization and technological
know-how should be directed towards improvement as well as personalization of an
investor's investment process, keeping the goal based investing concept in mind.
Fascinating a client with big terms and jargons is very easy, but blending them to
generate high rate of return is all the more important.

 Information Overload – An investor seeks detailed research on their investment

options from the wealth manager. Information overload can either overwhelm or
confuse an investor. Customer integration with the clients, be it digital or personal,
plays an important role in making the investor comfortable with
his investment decision. It is very important to provide the investor with the correct
information for their portfolios at the right time. Advice that best suits their
investment horizon as well as risk appetite is necessary. Digital means help a wealth
manager to enrich their clients, engage them and thereby help them to implement
investment strategies efficiently at every step rather than only delivering content.

 Various Roles – Digitalization has changed a wealth manager's role completely. They
are no longer an investor‟s main sources of information. For information, investors
today rely on various websites, research papers available online or videos of company
management etc. Thousands of sources provide immeasurable data across the globe
within minutes. The role of wealth managers has risen from routine administrative
tasks to more sophisticated advisory activities, where they are directly responsible for
addressing an investor's needs and concerns.
 Essence of Time – Time is a key factor in investment. Investing money in an rising
asset at the right time can lead to phenomenal profits, while doing the same at a time
not suitable for that particular asset may lead to heavy losses. So is the case with
adaptation. Investors who adapt to digital tools and digitally equipped wealth
managers run ahead of time, capturing each opportunity available at their nascent
stages, yielding higher than expected returns. Today, with the advancement in digital
technology, the wealth management industry is evolving from a channel for financial
products to a channel for financial advice.
 Chapter 2 Industrial Profile
What is Wealth Management?
Figure 2.1 wealth management

Source: https://www.financialteam.com/financial-planning/index
Wealth management is an investment advisory service that combines other financial
services to address the needs of affluent clients. It is a consultative process whereby
the advisor gleans information about the client's wants and tailors a bespoke strategy
utilizing appropriate financial products and services.

The CFA Institute programme on wealth management indicates that two primary
factors differentiate the issues facing individual investors from those facing
institutions:

1. Time horizons differ. Individuals face a finite life as compared to the

academically infinite life of institutions. This fact requires plans for moving
assets at the end of an individual's life. These transfers are subject to laws and
regulations that differ by locality and therefore the plans available to address
this conditiondiverge. This is commonly known as accumulation and
decumulation.
 2. Individuals are more likely to face a diversity of taxes on investment returns
that differ by locality. Portfolio investment methods that provide individuals
with after tax returns that encounter their purposes must address such taxes.

9 Golden Rules for wealth management to generate best returns

1. Know your real worth

2. Spend less than your income
3. Invest wisely with proper knowledge about the product
4. Don‟t put all your eggs in one basket
5. Be patient
6. Monitor your investments periodically
7. Be safe, be insured
8. Plan your taxes
9. Plan for retirement

Global Scenario
Figure 2.2 Global Household Wealth

Source: Statista (2018)

A look at individual markets discloses that more than half of global NIA growth
through 2021 stalks from the top five ranking countries. The US and China, account
for over 45%. Another 10% of the increase is credited to Russia, Brazil and India,
which rank three to five. It is worth noticing that the next 15 countries are not far
behind India, however, gist that the 18 countries ranking below the US and China
(including Russia, Brazil and India) structure around 38% of global growth.
Today‟s market for net investable assets (NIA) already exceeds US$55,000 billion.
Global NIA will grasp US$69,607 billion by 2021, increasing by almost one-quarter
of the current capacity, or at an annual growth rate of 4.7% through 2021.

From a local viewpoint, North America is likely to have the largest growth in NIA.
Although this region can be seen as anestablished and well-built market, with growth
of around 4.4% likened with global growth of 4.7%, its shared market and common
language make it extremely striking nevertheless. The mission of personal success
and a healthy risk desire are fixed in a corporate culture that energies innovation and
contributes to private wealth accumulation.

With predictable above-average growth of 5.9% and a high surge in NIA, nations in
Asia-Pacific can be observed as speedily developing and weighty co-players, adding
to the region‟s request. Centers of innovation, such as Singapore, are seen as
interesting for companies because of their operative infrastructure and state support.

Entrepreneurship is flourishing, nurtured by access to financing options, an educated

workforce and an exceptional work ethic. The growth is creating regional investment
chances for HNI+ and lashing growth. Moreover, double taxation treaties, free-trade
agreements and investment treaties are making foreign trade cooler. One exemption
here is Japan, which is expected to see negligible annual growth of 0.4%. However,
the country remains anmotivating market with absolute NIA growth of more than
US$140 billion.

Figure 2.3 Regional distribution of growth in NIA of HNWI

Source: EY Global Wealth Model 2018

 National Scenario
Individual wealth in India is calculated by considering only wealth held by
individuals and HNIs across various asset classes.

India was the fastest growing market globally in 2017 with a 20.4% HNI population
reaching 2,63,000 in FY17.

In FY18 the individual wealth in India grew to Rs.392.44 lakh crore: a increase of
14.02% Y-O-Y basis, beside a growth of 10.91% in FY17. Financial assets had a
60.22% share in complete individual wealth base in FY18. Share of financial asset
in individual asset is progressively representing shift in liking for investment and
savings. Financial assets sustained to maintain the lead in FY18 with a 17.42%
growth rate and physical assets raised by 9.24%.

Table 2.1 Total Individual wealth in India

Category FY18 (Rs. Crore) FY19 (Rs. Crore) Y-O-Y % change

Fianacial asset 2,36,34,730 2,01,28,861 17.42

Physical asset 1,56,10,118 1,42,89,371 9.24

Total 3,92,44,848 3,44,18,233 100

Source: Statisa (2018)

The steady macroeconomic scenario in India, better corporate success and landmark
reforms like GST, RERA application and Insolvency and Bankruptcy Code coupled
with ease of doing business in India and placing down of superior infrastructure had
rested faith of individual investors in the Indian economy. The outcome of the
positives can be pictured in the fact that a large proportion of household savings has
started flowing into the financial assets than before. Individual wealth in financial
assets witnessed an increase of 17.42%, and rose to Rs.236 lakh crore in FY18
related to Rs.201 lakh crore. Around 73.2% of the assets believed by individual
were held in direct equity, fixed deposits, insurance, saving bank deposits and cash
in FY18. Direct equity and Fixed deposits have been the constructive asset classes
followed by Insurance.

Figure 2.4 HNWI liquid assets as % of GDP in India

Source: World Bank, Data monitor

The viewpoint looks bright for banks to venture into wealth management business the
wealth management market in India was earlier controlled by unorganized players,
whose share was 1.5 times that of the organized market (financial institutions, banks,
etc.). However, a organizational change is taking place and organized players are
depicting clients away from the unorganized players.

State Scenario
The personal wealth business viewed a significant increase of 20% in its client base in
9M FY19 as compared to 9M FY18 in Gujarat. This development is primarily due to
the customised and impartial advisory provided to clients by allowing them with
technology stands like EMT and Trader Extreme 3 (TX3) for investment and trading
in financial markets.

Edelweiss has observed a radical increase in acceptance of technology and our app
Edelweiss Mobile Trader (EMT) has seen a noteworthy growth of 148% across India
and 58% in Gujarat in relation of investing in 9M FY19 in comparison to 9M FY 18.
Out of the complete usage in Gujarat, 61% are from Ahmedabad, 45% Surat and 51%
Baroda. The habit of mobile applications by millennials has increased meaningfully
and overall around 18% of the customers in Gujarat are millennials.
PESTEL Analysis

Figure 2.5 PESTEL Analysis

Source: http://www.mindmapsoft.com/pestle-analysis-mindmap/

PESTEL is one of the strategic tools used by the management for business analysis on
a broader aspect. This is applied when the organization intends to expand the
business. PESTEL is an acronym coined by Francis Aguilar, a Harvard Professor, in
1967. The study evolved initially as PEST analysis, in which P stands for Political, E
for Economic, and S for Social and T for Technological. Later on the Environmental
and Legal (E&L) factors were added to make it a six-factor analysis. It is a framework
which helps to identify the different external factors in the macro environment.

Political:

In order to encourage investor‟s participation, government / regulators are enhancing

investor‟s confidence to partake in equity / debt market by increased attention on
client centricity, fiduciary responsibility and compliance. Regulatory have been more
severe in their necessities regarding advisor qualifications, infrastructure, risk
profiling and suitability standards. To improve the diffusion of mutual funds in the
country, SEBI thought to increase the sales in the B15 location through the
commission structure. In 2011, SEBI proposed a self-regulatory organization (SRO)
for the Indian wealth management sector that would help regulate business and serve
as a medium for SEBI to implement various wealth management initiatives. In
September 2012, SEBI allowed fund houses to charge an additional 30 basis points on
daily net assets in the total expense ratio, should the new inflows from B15 cities be at
least 30% of the gross new inflows in the scheme or 15% of the average assets under
management, whichever is higher.

Economic:

India‟s long-term economic leads, positive demographics, rising income levels and
current low diffusion. India has the key elements of a high-growth wealth
management market, specifically driven by a very large and young mass prosperous
segment; an increase in the wealth of global Indians; the Indian government‟s push to
control unlawful channel of funds and more forcefully to regulate the capital markets.

As publicised in Union Budget 2017-18, Finance Minister focus on offering budget to

arouse growth with an aim to implement government incentives to provide relief to
the middle class, provide inexpensive housing, reduce black money, digitize the
economy, increase clearness in political financing and streamline the tax
administration in the country. Eventually such helpful initiatives have attracted many
foreign companies to establish their facilities, increasing the manufacturing sector of
the Indian economy and increasing the purchasing power of a normal Indian
consumer. Strong macroeconomic basics, including low external debt, less reliance on
product exports, robust private and public expenditure and risinginfrastructure
investment, friendly government modifications and increase in urbanization with
young middle class will auxiliary contribute fast growth of India‟s GDP.

Social:

Social factors include the culture features and compriseof health consciousness,
population growth rate, age distribution, career outlooks and focus on safety. Trends
in social factors would shake the financial services industry. For example, an aging
population may indicate a smaller and less-willing work-force, more investment in
risk free avenues, etc. additionally, mediators in the financial services industry may
have to change various management policies to adopt to these social trends (such as
recruiting older workers).
Technology:

Technology and the internet in specifichas and will continue to allow for increasing
public access to another investments. Interned based mass funding platforms will
allow for large groups of small investors to fund investments that would previously go
unfunded. Technology will allow substitute investing to become more routine.

Technology is composed to change the nature and distribution of financial advice in

some important ways, much as it has transformed other industries such as tax
preparation, taxi booking, and housings, to mention just a few. In the last five years, a
number of “robo advisors” have arisen. These firms influence client survey data into
complex procedures that produce customized financial plans and asset provisions.

Legal:

Legal factors include discrimination law, consumer law, antitrust law, employment
law, and health and safety law. These features can affect how mediators in the
financial services industry operate, their costs, and the demand for the products and
services offered by them. Laws involvingaccounting standards, definitions,
incorporation rules, bankruptcy, solvency, and transparency all have an influence on
the financial services industry.

Distinctive brokerages are only permitted to sell securities that have passed
widespread regulation. This basically limits what they can advise and sell to their
clients. A typical financial adviser or brokerage cannot sell or advocate for a wide
collection of alternate investments or private equity. This creates a problem to change
for this financial service. It also creates opening for alternative investment guarantors
to fascinate investors.

Environmental:

The participating environment is changing. As previously discussed, the 20th century

environment is doubtful to be repeated going forward. Yields will be lower.
Consumer assurance is somewhat shaken by the economic chaos of the past decade.
There has been a counterattack against Wall Street. Investors are looking for
something else.
Current Trends:

10 Wealth Management Trends

1) Fees will continue to be compressed.

2) Strategic product partnerships are changing.

3) Home-life models come into focus.

4) Millennials (and others) take sustainable investing seriously.

5) Retirement planning and decumulation gain prominence.

6) Digital is considered firm-wide and strategic.

7) The hybrid model is defined and refined.

8) Data as a differentiator takes center stage.

9) The AI road entices, confuses and elicits glee.

10) Application programming interfaces inflict system change.

Total wealth held by Individuals in India has grown by 14.02% to Rs.392 lakh crore.
Individual wealth in financial assets grew by 17.42% while that in Physical asset grew
by 9.24%. The share of financial assets in total individual wealth is expected to grow
to 68% in FY23. Total individual wealth is expected to grow at a CAGR of 14.19% to
reach 762 lakh crores by FY23. An increase is posted in the individual wealth of
30.32% and looking at this it is said that high growth is likely to increase. There is a
clear shift towards equity as real estate has increased by 2.8% in India. Speedy growth
has been seen in HNI population in India, which is grown-up to 20% from 9.5%. Even
there is an increase in HNI population. Direct equity which has increased to 20.72%
has come over FD and bonds, which had 17.81% share. This was seen as most
preferred class, reversal in trend is deen in past 2 years. Growth of Mutual fund is
noticed by 34.5%. There was an increase of 36.83% in unlisted equity, which is one
of the favourite assets class among HNI's including higher risk. Double digit wealth
growth is seen in financial assets which is now at constant rise of 60.22% of total
individual wealth in India. There was a consistent rise in domesy investors due to
subsidize SIP plans which was backed by strong equity market and performance.

2.7 Major Players

Table 2.2 Major players in wealth management industry

Rank Wealth management Type AUM(2017)

Kotak Wealth
1 Domestic 29.6
Management

IIFL Wealth and Asset

2 Domestic 17.7
Management Company

Edelweiss wealth
3 Domestic 13.3
management

Axis bank wealth

4 Domestic 12.7
management

BNP Paribas Wealth

5 Foreign 12.4
Management

6 ICICI Private Banking Domestic 11.2

 Standard Chartered
7 Foreign 10.7
Private Bank

8 Juilis Baer Foreign 9.1

9 Citi Private Bank Foreign 8.0

10 HDFC Private Bank Domestic 7.8

 Chapter 3 Company Profile

About IIFL Group

IIFL(Indian Infoline Limited) is a financial services conglomerate w hich was

started by a group of passionate entrepreneurs in 1995. The genesis of IIFL lies
in the power of believing in your dreams and dreaming big.
With 4% share of daily cash turnover, IIFL is a key player in both retail as well
as institutional segments. Our strength is to continuously innovate and reinvent
ourselves with strong and effective digital footprint. Since inception, company
is a leading player in the broking industry with more than a million accounts
being opened. The company provide execution, advisory and research service
across products like equity, F & O (Futures and Options), Commodity &
Currency and Mutual Funds. The company is one of the top distributors of
mutual funds and AIF (Alternative Investment Fund) products.
The company is continuously building on its strengths to deliver excellent
service to its expanding customer base and served more than 4 million
satisfied customers across various business segments.
 CHAIRMAN NIRMAL JAIN
GROUP MANAGING R
DIRECTOR VENKATARAMAN
HEADQUARTERS MUMBAI,INDIA
NET WORTH 5953 Cr.
WORKFORCE 20,000+
BRANCHES 1900+
STOCK UNDER RESEARCH 500+
CUSTOMERS 40,00,000+

VISION, MISSION AND VALUES:

Vision:

To be the most respected financial service company in India.

Values:

 Fairness
Fairness is our transactions with all stakeholders including vendors ,
employees and customers , bereft of fear or favour.
 Integrity
Honesty and integrity of the utmost nature, in spirit, in letter and in all
our dealings with people , internal or external.
 Transparency
Transparency in all our dealings with investors, stakeholders , public
and media at large.

Mission:

 Doubling
- IIFL‟s mission is to 2x Revenue, 2.5x Net Profit over 2016-2020 and
target to raise ROE from 17.3% to 24%.
- Margin Improvement

 Durability
- Reducing cyclicality and volatility of earning in all business
- Focus on advisory stickiness
- Online Retail Broking and Research Driven Institutional
  De-risking
- By focusing on financial services diversifying revenue sources
- Geographically well spread diversified asset mix
- Best in class risk management framework
- Scale and digitisation to bring costs down

Types of Products and Services:

IIFL provides different types of products and services which includes :

1. Demat Account.
2. Mutual Funds.
3. Gold Loan.
4. Home Loan.
5. Business Loan.
6. Personal Loan.
7. Commercial Vehicle Loan.
8. Loan against Property.
9. Trading Platform.
10. Equity Funds.
11. Wealth Management.
12. Asset Management.
13. Institutional Equities.
14. Investment Banking.
 SWOT Analysis:
(Table 3.1 SWOT Analysis)

India Infoline (IIFL) SWOT Analysis

Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT)

Analysis of India Infoline (IIFL). Strengths are:
1.Wide range of financial products
2. Successful implementation of “Insurance broking” model
3. Online portal‟s successful branding as “5paisa.com”
4. Have over 2500 offices in India in over 500 cities
5. First Indian brokerage house to get membership of Singapore
Exchange
6. IIFL has been awarded the „Best Broker, India‟ , „Most improved
Strengths brokerage, India‟ , „Fastest Growing Equity Broking House‟

Here are the weaknesses in the India Infoline (IIFL) SWOT Analysis:
1. High risk exposure as seen by conservative population
Weaknesses 2. Less emphasis on advertising causes lack of brand visibility

Following are the Opportunities in India Infoline (IIFL) SWOT

Analysis:
1. High income Urban families
Opportunities 2. More penetration into the growing cities

The threats in the SWOT Analysis of India Infoline (IIFL) are as

mentioned:
1. Stringent Economic measures by Government and RBI
Threats 2. Entry of foreign finance firms in Indian Market

(Source:- https://www.mbaskool.com/brandguide/banking-and-financial-services/1254-
indiainfoline-iifl.html#strengths)
Organogram of IIFL Securities:

Executive Associate Assistant

V.P.
V.P. V.P. V.P.
Fan Back
channel Office
head head
HR head D.P. head

Account
President
dept. head
Research Activation
head head
M.D.
Marketing FACT
RMS head dept.
Dept. Product
Chairman CSH
head
COO
CEH
Operation
Dept. Complianc
e Dept.
Divisions and Departments:
1. Risk Management System Department
2. Product Department
3. Activation Department
4. Operation Department
5. DP Department
6. FACT Department
7. Compliance Department
8. Back Office Department
9. Fan Channel Department
10. Customer Service Department
11. Customer Experience Department
12. Human Resource Department
13. Marketing Department
14. Research Department
15. Account Department

Awards and Recognition:

1) Best Private Banking Services overall in India-
2017(Euromoney)
2) ET Best BFSI Brands Recognition.
3) Digital Innovation Champion Award-CIO Crown 2016.
4) Euromoney awards IIFL for Best Private Banking Services -
India, 2017.
5) ET NOW - Dealing Room Heroes 2017.

Market Position:
IIFL is ranked amongst the top independent financial services firm in India in terms of
market capitalisation and the top seven financial conglomerates in India.
Chapter 4 Review of Literature
1. According to Martin Gilbert (2017) in “Digitisation of asset and wealth
management: promise and pitfalls” concluded that some clients are
seeking better online service and greater choice via multi-channels. For
them, robo advisor platforms are offering low fees, attractive self-
assessment tools, rapid enrolment and widespread facility for portfolio
rebalancing. The majority of clients, however, will continue to prefer a
bricks and mortar presence, offering a human touch. Robo advisor is
set to democratise wealth management, but it will remain a gradual
process.
2. EY (2015) in its report “Digital disruption and the game-changing role
of technology in global wealth management” stated that Instant
messaging, email, web portals and social networks provide a cost-
effective solution to handling client queries. Web portals can be used
to capture know-your-customer data and provide clients with a
platform for 24/7 account management. Use of widespread web
conferencing facilities and video calling channels such as Skype can be
used as a replacement for client travel and face-to-face meetings,
whilst offering clients the flexibility of “anytime, anywhere” support.
3. Daily fintech(2015) advisors in their report published in “The golden
key to digital wealth management” said that end users increasingly use
all financial products and all investment strategies, and want to be
served at the same point of sale. The same individual can be passive
and active, conservative and opportunistic, long-term and short-term,
conservative and innovative – often on the same day. Customer-centric
thinking does not pigeonhole people into pre-defined product
categories. As a result, companies will be heading towards an
integration of capital markets that will focus on serving the demanding
expectations of an increasingly tech savvy and tech empowered end
user.
4. Lauri Piirainen (2016) in “Digitalization of the financial sector and
change management” said that digitalization, automatization and
deployment of robots are not seen as threats that are diminishing
human workers, but as beneficial tools and ways on how the workforce
can perform their work faster and easier. Also, during the last few
years‟ digitalization might have been acknowledged as an inevitable
factor and the employees are not resisting against it anymore.
5. Cisco(2017) report published in “Digital Transformation for Wealth
Management Learning to Drive the New CAR (Clients, Advisors, and
Robots)” software advisors will not replace human advisors, it does
anticipate a probable shift to self-service and assisted self-service
channels and platforms, not dissimilar to what is occurring in retail
banking. Investors have higher expectations for service, ethics,
knowledge, and certifications. At the same time, they want providers to
offer more personalized advice geared to their financial and life goals.
If they don‟t get it, almost half of investors are ready to switch to a
new provider. A similar model presents an opportunity for established
wealth firms who offer a fee scale that spans from “freemium” to full-
service offerings. They will need to reimagine their differentiation and
value-add, develop new products and services, and offer flexible fee
structures that meet the new price elasticity curves that result from
increased competition and low-cost digital offerings.
6. EY(2017) in its report published on “Customer experience: innovate
like FinTech” found that customers would like banks to emulate some
features, especially a simplified and tailored purchase and service
experience. Ironically, digital customers find that banks are lacking in
digital capabilities, while branch users feel pushed toward digital
channels. This suggests that bank offerings and cross-channel
experiences are not yet sufficiently tailored to customer needs.
7. Harrison Stewart (2017) in “Data security and consumer trust in
FinTech innovation in Germany” concluded that the number of mobile
users in Germany is rapidly increasing; yet the adoption of FinTech is
extremely sluggish. It is intriguing to reckon that 99 per cent of
 respondents had mobile devices, but only 10 per cent recognized
FinTech. Further, it is significantly discouraging to perceive that only
10 of the 209 respondents had ever used FinTech services, representing
under 1 per cent of the surveyed respondents. It is obvious that the
FinTech incubators and banks offering FinTech services need to
persuade their customers regarding the usefulness and value added
advantages of FinTech. This study has been carried out to determine
the key factors that influence and provoke FinTech adoption.
8. Ameritrade Financial Innovation & Technology (2018) by Logica
Research on “The Tech Effect: How the Digital Age Is Changing
Investing” found that most investors are completely fine with
technology using previous behaviors and information about them to
make recommendations (79%). They also find the recommendations
based on their past behaviors useful (with 58% saying usually useful
and 34% saying occasionally useful). Most investors prefer a
computer‟s ability to use all of their data to make the best
recommendations. They want greater integration and are open to
companies using their information to develop unique strategies. They
also believe computers do a better job at providing quick, simple,
tailored analyses, optimizing returns and minimizing taxes, and
customizing portfolios with regular updates. But when investors have
questions or investment concerns, more than three-fourths prefer
talking to a person. They feel, in those cases, humans can provide a
better investment experience.

9. PWC (2018) who carried a research on Digital Wealth Management

the frontier to informed financial investments concluded that a growing
number of potential customers uses social networks as a primary
channel of information for financial investments. In social investing
platforms users share their investment strategies and achieve positive
returns based on how many other investors decide to adopt their
strategies. Given the ongoing transformation, industry players cannot
 afford to ignore these digital channels to reach their clients, especially
when it comes to young generations (18-21) and small investors

10. Sumit Kamra (2014) in “Digital transformation in banking- The future

of banking” concluded that an omni-channel strategy brings all the key
parameters – online and offline channels, data and technology,
customer behavior and experience – all, onto one platform. Today‟s
customers are more sophisticated and tech savvy, and to cater to their
specific needs, each customer needs a unique experience from banking.
They want the companies to understand their unstated needs as well as
their likes. So, it should come as no surprise that these customers are
expecting similar kind of response and service from banking
institutions too.
11. Accenture(2014) in its report on “Digital Disruptions in Investment
Banking” concluded that The changes that digital technologies will
catalyze in the financial services industry will likely create
cannibalization of traditional channels and business models. Deciding
to risk cannibalizing one‟s own business – to be an early adopter –
can be costly; however, losing market share permanently to a faster-
moving competitor may be worse. Investment banks will need to
create and manage competing „attacker‟ business models within their
same firm, to ensure that they stay on top of the changes expected
from digitalization.
12. Capgemini(2016) in its report on “Wealth Management in Digital
Age” concluded that for any firms digital success, cloud based
technologies play a key role as it rebuilds the digital capability of the
firm given the need for both new revenue opportunities as well as cost
control. In this report it was also founded that agility, flexibility and
scalability are the three most important pillars for any wealth
management firm to gain success in today‟s highly disrupted industry.
It also concluded that cloud based technologies helps the firm to
easily collaborate with the clients and can also collaborate internally
 as well as integrate with existing applications such as portfolio
management tools and many others.
13. Chyan Yang (2011) in his research paper on “The Role of Investment
Searches in Investment Choice Variation” finding suggests that the
strongest determinant is the risk aversion as compared to information
search aspects. It was concluded that heuristics have significantly
positive and large impact on individual‟s preferences towards
investment, as well as the ethical policies related to the behaviour of
both firm and investors should be promoted as specially for those
investors who are risk averse.
14. Cocca(2016) in his research paper on “Potential and Limitations of
Virtual Advice in Wealth Management” finding suggests that
technological development and customer preferences are changing in
a way that interaction between customer and advisors can be done
through certain virtual advisory models which was offered by some
wealth managers appears to be more promising in wealth
management. It was concluded that a person still trust to interact with
the human or advisor more than the machine, older persons prefer
human interaction then relying on machine, more wealthier the person
prefers more human interaction than machines, younger clients prefer
online services and interaction.
15. KPMG(2018) in their research survey on “Refocus on the Customer”
concluded that the wealth management sector as a whole is not
famous for any sort of its innovation or agility. After analysing the
customers‟ expectations, resolution, time and efforts they found that
what succeeded the firm in past will not be the same in future. It was
found that service excellence and building long term relationship are
likely to be the key to their success.62% felt that face to face
interaction with the client remain essential and serves as a primary
form of customer communication.
16. Crisil in its report of digital dawn (2018) concluded that in the two
years ended March 2018, the volume of digital payments via mobile
increased over 100% on an annualised basis. While payments through
Immediate Payment Service (IMPS) grew 106%, mobile wallets and
 mobile banking volumes increased over 120% each. In comparison, the
volume of payments through both debit and credit cards – the more
mature digital payment systems – logged 15% annual growth.
17. According to Taseem subhan (2016) in “Digitalization improved the
banking services with special reference to HDFC bank” concluded that
bank should educate the customers about the usage of digital banking
services and also about their advantages. This would prompt the
customers to shift from traditional brick and mortar channel.

18. According to Mahalakshmi Santaram (2016) in “The Dawn of Digital

Customer Experiences in the Indian BFSI Sector” said that Global
presence and technologically advanced customer expectations has
urged the BFSI sector to come out of their traditional ways of customer
relationship management to the digital forefront. The modern BFSI
scenario has invested in creating and maintaining a solid digital
architecture. Banks and Financial Institutions impress customers in this
digital era by means of Customer experience enhancement, Omni
channel, User experience, Security. It is easier to have digital
personalisation for multiple stakeholders across multiple touch points
to make real-time decisions.
19. According to Michael Perera (2017) in “Wealth Management: How
digital and learning algorithms advance holistic advice” concluded that
the analysis focused on the 84% of respondents who fall in the under
45 age cohort, the majority of whom self-describe as technology early
adopters. He believes this group of advisors will set the roadmap and
lead the adoption of digital and AI in their practices. Early adopters
don‟t see data and analytics as a threat but as an opportunity and a tool
to augment their practice. Thematically, the opportunities they cited
fall into two areas: customer acquisition via deeper analytics and more
directed communications, and customer experience via greater self-
service and digital collaboration. A deeper examination, however, of
data highlights four prominent use cases client segmentation and needs
analysis, client on boarding, goal planning and portfolio creation, and
client communications.
20. EY (2015) in its report “Digital disruption and the game-changing role
of technology in global wealth management” stated that Instant
messaging, email, web portals and social networks provide a cost-
effective solution to handling client queries. Web portals can be used
to capture know-your-customer data and provide clients with a
platform for 24/7 account management. Use of widespread web
conferencing facilities and video calling channels such as Skype can be
used as a replacement for client travel and face-to-face meetings,
whilst offering clients the flexibility of “anytime, anywhere” support.
21. Daily fintech advisors in their report published in 2015 “The golden
key to digital wealth management” said that end users increasingly use
all financial products and all investment strategies, and want to be
served at the same point of sale. The same individual can be passive
and active, conservative and opportunistic, long-term and short-term,
conservative and innovative – often on the same day. Customer-centric
thinking does not pigeonhole people into pre-defined product
categories. As a result, companies will be heading towards an
integration of capital markets that will focus on serving the demanding
expectations of an increasingly tech savvy and tech empowered end
user.
22. According to Lauri Piirainen (2016) in “Digitalization of the financial
sector and change management” said that digitalization, automatization
and deployment of robots are not seen as threats that are diminishing
human workers, but as beneficial tools and ways on how the workforce
can perform their work faster and easier. Also, during the last few
years‟ digitalization might have been acknowledged as an inevitable
factor and the employees are not resisting against it anymore.
23. According to cisco report published in 2017 on “Digital
Transformation for

Wealth Management Learning to Drive the New CAR (Clients,

Advisors, and
 Robots)” software advisors will not replace human advisors, it does
anticipate a probable shift to self-service and assisted self-service
channels and platforms, not dissimilar to what is occurring in retail
banking. Investors have higher expectations for service, ethics,
knowledge, and certifications. At the same time, they want providers to
offer more personalized advice geared to their financial and life goals.
If they don‟t get it, almost half of investors are ready to switch to a
new provider. A similar model presents an opportunity for established
wealth firms who offer a fee scale that spans from “freemium” to full-
service offerings. They will need to reimagine their differentiation and
value-add, develop new products and services, and offer flexible fee
structures that meet the new price elasticity curves that result from
increased competition and low-cost digital offerings.

24. Harrison Stewart (2017) in “Data security and consumer trust in

FinTech innovation in Germany” concluded that The authors
demonstrated that the number of mobile users in Germany is rapidly
increasing; yet the adoption of FinTech is extremely sluggish. It is
intriguing to reckon that 99 per cent of respondents had mobile
devices, but only 10 per cent recognized FinTech. Further, it is
significantly discouraging to perceive that only 10 of the 209
respondents had ever used FinTech services, representing under 1 per
cent of the surveyed respondents. It is obvious that the FinTech
incubators and banks offering FinTech services need to persuade their
customers regarding the usefulness and value added advantages of
FinTech. This study has been carried out to determine the key factors
that influence and provoke FinTech adoption.
25. Accenture (2014) in its report “Reimagining wealth management for
the digital age: Empowerment, Engagement, Agility” concluded that
the digital revolution is customer-driven in wealth management, as in
other industries. Generation D clients believe that their financial future
is largely in their own hands. They use technology to seek out
engaging, educational experiences across multiple channels, 24/7. Also
 Generation D research found them to be less trusting and often more
risk averse than those without such capabilities. More than half have
sought financial advice from friends and family, for example; some
(notably Millennials) say they would never take a financial advisor‟s
advice before consulting other channels; and significant numbers
already actively invest through alternative channels.
26. Ameritrade Financial Innovation & Technology (2018) a survey
was conducted by Logica Research on “The Tech Effect: How the
Digital Age Is Changing Investing” where they found that most
investors are completely fine with technology using previous
behaviors and information about them to make recommendations
(79%). They also find the recommendations based on their past
behaviors useful (with 58% saying usually useful and 34% saying
occasionally useful). Most investors prefer a computer‟s ability to use
all of their data to make the best recommendations. They want greater
integration and are open to companies using their information to
develop unique strategies. They also believe computers do a better job
at providing quick, simple, tailored analyses, optimizing returns and
minimizing taxes, and customizing portfolios with regular updates.
But when investors have questions or investment concerns, more than
three-fourths prefer talking to a person. They feel, in those cases,
humans can provide a better investment experience.
 Chapter 5 Research Methodology

Need for research

Digital emergence offers various opportunities to connect, collaborate,

conduct business, and build bridges between people. It impacts the basis of
business functionality and determines the way business is managed today.
There is a major shift in what investors expect from, and how they interact
with, their finances because of how technology is being ingrained into
everyday life. Investors currently use a financial advisor or wealth manager, or
plan to utilise one in the future. This survey is conducted to determine
investors‟ preferences for digitization in their existing relationships, as well as
their expectations for the future.

Research problem

The research problem is “To understand the HNI investors‟ preference about
using digital technology for wealth management”.

Research objectives

1. To study the preference of investors for using digital technology for

investment activities.

2. To understand problems faced by investors while using digital technology.

3. To study influence of demographic factors towards using digital

technologies.
5.4 Sampling plan

5.4.1 Target population:

HNI individuals who are investing in financial instruments.

5.4.2 Sample population:

HNI individuals who are investing in various financial instruments.

5.4.3 Sampling area:

Different areas of Surat City.

5.4.4 Sample size:

Total 299 HNI respondents.

5.4.5 Sampling method:

The sampling method used in research is non-probability convenience sampling.

5.5 Data collection tool

5.5.1 Primary data collection

Instrument: Questionnaire

Type of questionnaires: Open and Close ended.

As per the need of this research, close ended and open ended questions have been
asked. Abstract information of all types has been collected through pre-designed
questions.
Type of Scale: Rating scale –Multiple choice single response scale, 5 point Likert
Scale.
5.5.2 Secondary data

For the secondary data, use of the available literature and other relevant publications
has been made to find out the theoretical framework and also to know what early
research mentioned regarding the given topic.

5.6 Data analysis method

The statistical tools analyzing this study we include:

1. Frequency distribution
2. Non parametric test - Mann-Whitney U test
3. Non parametric test - Chi square test
4. Non parametric test - Kruskal - Wallis H test

Data analysis and interpretation have been conducted by using Statistical software
SPSS version 21.

5.7 Limitations of the study

 The study was restricted to HNI investors of Surat city only.

 Limitation of respondent: The size of respondents is small (300 respondents)
due to time limit.
 Many of respondents might not have answered the questionnaire with
complete seriousness and may discriminate while answering.

 The information given by the investors may be biased due to use of

questionnaire.
5.8 Benefits of the study

 From this study we came to know regarding the HNI investors preference for
using digital technology for investment activities.
 We came to know regarding the reasons as to why investors prefer digital
technology and why investors do not prefer digital technology for wealth
management.
 We came to know the influence of demographic factors towards using digital
technologies .
 Chapter 6 Data Analysis and Interpretation

“A study of demographical information of respondent”

1. Demographic Detail
Table 6.1 Respondent‟s Profile

Gender
Male Female
Count Count
18-30 years 54 19
31-45 years 80 23
Age
46-60 years 78 17
>60 years 22 6
Student 14 9
Self employed 134 7
Salaried 73 17
Occupation
Housewife 0 27
Retired 12 5
Other 1 0
500000-1000000 129 39
Annual family
1000001-2000000 85 20
Income
2000001 or above 20 6
12th pass or less 30 5
Bachelor 128 39
Master 62 21
Education
Diploma 9 0
Doctor 3 0
C.A. 2 0
 2. Gender

Table 6.2 Gender

Frequency Percent
Male 234 78.3
Female 65 21.7
Total 299 100.0
Figure 6.1 Gender

Gender
Male Female

22%

78%

Interpretation:
From the above table 6.2, it can be interpreted that there are 78.3% of male
respondents and 21.7% of female respondents are included in this study.
3. Age
Table 6.3 Age

Frequency Percent
18-30 years 73 24.4
31-45 years 103 34.4
46-60 years 95 31.8
>60 years 28 9.4
Total 299 100.0

Figure 6.2 Age

Age
18-30 years 31-45 years 46-60 years >60 years

9%

24%
32%
35%

Interpretation:
From the above table 6.3, it can be interpreted that there are 24.4% of the
respondents fall under the age gap between 18-30 years, 34.4% of the
respondents fall under age gap between 31-45 years, 31.8% of respondents fall
under the age gap between 46-60 years and 9.4% of respondents fall under the
age above 60 years are included in this study.
 4. Occupation
Table 6.4 Occupation

Frequency Percent
Student 23 7.7
Self employed 141 47.2
Salaried 90 30.1
Housewife 27 9.0
Retired 17 5.7
Other 1 .3
Total 299 100.0

Figure 6.3 Occupation

Occupation
Student Self employed Salaried
Housewife Retired Other
6% 0%

8%
9%

30% 47%

Interpretation:
From the above table 6.4, it can be interpreted that there are 7.7% of the
respondents are students, 47.2% of the respondents are self employed, 30.1% of the
respondents are salaried, 9% of the respondents are housewife, 5.7% of the
respondents are retired and 0.3% falls under other category are included in this study.
 5. Annual Family Income
Table 6.5 Annual Family Income

Frequency Percent
500000-1000000 168 56.2
1000001-2000000 105 35.1
2000001 or above 26 8.7
Total 299 100.0
Figure 6.4 Annual Family Income

Annual Family Income

500000-1000000 1000001-2000000 2000001 or above

9%

35%
56%

Interpretation:
From the above table 6.5, it can be interpreted that there are 56.2% of the
respondents have annual family income in the range of 500000-1000000,
35.1% of the respondents have family income in the range of 1000001-
2000000 and 8.7% of the respondents have family income in the range of
2000001 or above are included in this study.
 6. Education
Table 6.6 Education

Frequency Percent
12th pass or less 35 11.7
Bachelor 167 55.9
Master 83 27.8
Diploma 9 3.0
Doctor 3 1.0
C.A. 2 .7
Total 299 100.0
Figure 6.5 Education

Education
12th pass or less Bachelor Master Diploma Doctor C.A.

3% 1%0%

12%

28%

56%

Interpretation:
From the above table 6.6, it can be interpreted that 11.7% of the respondents
have education level of 12th pass or less, 55.9% of the respondents are having
education level of Bachelor, 27.8% of the respondents are having education level of
Master, 3% of the respondents are having education level of Diploma, 1% of the
respondents are having education level of Doctor and 0.7% of the respondents are
having education level of C.A. are included in this study.

A Study on HNI Investors’ Preference about Digital Technology for Wealth

Management in Surat City.

Q - 1) Do you prefer digital technology for investment activities?

Table 6.7 Do you prefer digital technology for investment activities?

Frequency Percent
Yes 134 44.8
No 165 55.2
Total 299 100.0

Figure 6.6 Do you digital technology for investment activities?

Do you prefer digital technology for

investment activities?

Yes No

45%
55%

Interpretation:
From the above table 6.7, it can be interpreted that there are 44.8% of the
respondents who prefer digital technology for their investment activities and 55.2% of
the respondents who don‟t prefer digital technology for their investment activities are
included in the study.
Q - 2) Why do you prefer to use digital technology?

Table 6.8 Why do you prefer to use digital technology?

Frequency Percent

Better online experience and 19 6.4

functionality
Access to different products and 23 7.7
services
Personalized and customized 37 12.4
Time saving 29 9.7
Better quality of service 12 4.0
Real time Notifications and Alerts 14 4.7
Total 134 44.8
Missing System 165 55.2
Total 299 100.0

Figure 6.7 Why do you prefer to use digital technology?

Why do you prefer to use digital technology?

37
29
23
19
12 14

Better online Access to Personalized Time saving Better quality Real time
experience different and of service Notifications
and products and customized and Alerts
functionality services
Interpretation:
From the above table 6.8, it can be interpreted that 6.4% of the respondents
prefer to use digital technology as they feel that it can give them Better online
experience and functionality, 7.7% of the respondents prefer to use digital technology
as they feel that it can give them Access to different products and services, 12.4% of
the respondents prefer to use digital technology as they feel that it can give them
personalised and customized settings, 9.4% of the respondents prefer to use digital
technology as they feel that it can be helpful for time saving, 4% of the respondents
prefer to use digital technology as they feel that it can give them Better quality of
service and 4.7% of the respondents prefer to use digital technology as they feel that it
can give them alerts and real time notifications are included in the study.
 Q – 3) For which activities of wealth management, digitization is
preferable?

Table 6.9 For which activities of wealth management, digitization is preferable?

Frequency Percent

Retail banking services 43 14.4

Retirement planning 31 10.4
legal and tax advice 20 6.7
Investment Management services 40 13.4
Total 134 44.8
Missing System 165 55.2
Total 299 100.0

Figure 6.8 For which activities of wealth management, digitization is preferable?

For which activities of wealth

management, digitization is preferable?
43 40
31
20

Retail banking Retirement legal and tax Investment

services planning advice Management
services

Interpretation:
From the above table 6.9, it can be interpreted that 14.4% of the respondents
feel that digitization is preferable for retail banking services, 10.4% of the respondents
feel that digitization is preferable for retirement planning, 6.7% of the respondents
feel that digitization is preferable for legal and tax advice and 13.4% of the
respondents feel that digitization is preferable for Investment Management services
are included in this study.
 Q – 4) How do you feel about managing finances with technology as
compared to advisor?

Table 6.10 How do you feel about managing finances with technology as compared to
advisor?

Frequency Percent

Simpler 56 18.7
More complex 23 7.7
The same 35 11.7
Can‟t say 20 6.7
Total 134 44.8
Missing System 165 55.2
Total 299 100.0

Figure 6.9 How do you feel about managing finances with technology as compared to
advisor?

How do you feel about managing finances with

technology as compared to advisor?
56

35

23
20

Simpler More complex The same Can’t say

 Interpretation:
From the above table 6.10, it an be interpreted that 18.7% of the respondents
feel simpler to manage finances with technology as compared to advisor, 7.7% of the
respondents feel more complex to manage finances with technology as compared to
advisor, 11.7% of the respondents feel the same to manage finances with technology
as compared to advisor and 6.7% of the respondents feel that they can‟t say to manage
finances with technology as compared to advisor are included in the study.

Q – 5) Digitization is Suitable for which Investment Activities?

Table 6.11 Digitization is Suitable for which Investment Activities?

Strongly Strongly
Agree Agree Neutral Disagree Disagree
Discussing future investment strategies with my
financial advisor 21 95 14 3 1
Getting help with questions regarding my current
investments 15 97 18 4 0
Executing trades 19 74 31 10 0
Making changes to my investments or asset
allocation 20 84 20 8 2
Customize portfolio 23 82 22 5 2
Learning about new products or services 24 74 26 10 0
Monitoring performance against plan 29 83 14 7 1
Looking up basic information about my accounts 24 80 22 8 0
Researching new funds or investment products 19 82 20 9 4
 Figure 6.10 Digitization is Suitable for which Investment Activities?

Digitization is Suitable for which Investment

Activities?
Discussing future investment strategieswith my financial advisor
Getting help with questions regardingmy current investments
Executing trades
Making changes to my investmentsor asset allocation
Customize portfolio
Learning about new products or services
Monitoring performance against plan
Looking up basic informationabout my accounts
Researching new funds orinvestment products

9597
8482 838082
74 74

29 31
211519202324 2419 2226 2220
1418 20 14 10 10
34 85 789 100220104

Strongly Agree Agree Neutral Disagree Strongly Disagree

Interpretation:
From the above table 6.11, it can be interpreted that 21 respondents strongly
agree and 95 respondents agree that digitization is suitable for investment activities
mainly discussing future investment strategies with their financial advisor while 15
respondents strongly agree and 97 respondents agree that is digitization suitable for
investment activities in getting help with questions regarding their current
investments.
 Q – 6) Attitudes towards new ways of managing finances

Table 6.12 Attitudes towards new ways of managing finances

Strongly Strongly
Parameters Agree Agree Neutral Disagree Disagree
I‟m less reliant on established financial
services companies and banks these days, as
there are more options to self-manage my
finances. 12 103 14 2 3
I‟m excited about the emergence of new
online platforms that manage my finance 15 82 35 2 0
I would not hesitate to change my financial
services provider if I found one with a much
better online/digital experience 17 75 34 8 0
I would like to use 100% Digital advisor or
Robo advisor 10 70 36 13 5

I want to handle my urgent matters digitally 20 79 25 8 2

Figure 6.11 Attitudes towards new ways of managing finances

Attitudes towards new ways of managing finances

Strongly Agree Agree Neutral Disagree Strongly Disagree

103
82 75 79
70
35 34 36
17 20 25
12 14 15 8 10 13 8
2 3 2 0 0 5 2

I’m less reliant on I’m excited about the I would not hesitate to I would like to use 100% I want to handle my
established financial emergence of new online change my financial Digital advisor or urgent matters digitally
services companies and platforms that manage my services provider if I found Roboadvisor
banks these days, as there finance one with a much better
are more options to self- online/digital experience
manage my finances.
Interpretation:
From the above table 6.12, it can be interpreted that 12 respondents strongly
agree and 103 respondents agree that they are less reliant on established financial
companies and banks these days, as there are more options to self manage their
finances while 15 respondents strongly agree and 82 respondents agree that they are
excited about the emergence of new online platforms that manage finance.
 Q – 7) Mark the level of challenges faced while using digital technology
for investment activities?

Table 6.13 Mark the level of challenges faced while using digital technology for
investment activities?

Strongly Strongly
Challenges faced Agree Agree Neutral Disagree Disagree
Lack of knowledge to use digital
technology 37 168 58 33 3
Difficult to trust 85 138 60 14 2
Poor connectivity 16 102 122 52 7
Poor software design 21 96 119 57 6

Figure 6.12 Mark the level of challenges faced while using digital technology for
investment activities?

Mark the level of challenges faced while using

digital technology for investment activities?
Lack of knowledge to use digital technology Difficult to trust
Poor connectivity Poor software design
168
138 122 119
102 96
85
58 60 52 57
37 33
16 21 14 3 2 7 6

Strongly Agree Agree Neutral Disagree Strongly Disagree

Interpretation:
From the above table 6.13, it can be interpreted that 37 respondents strongly
agree and 168 respondents agree that they face challenges due to lack of knowledge to
use digital technology for investment activities while 85 respondents strongly agree
and 138 respondents agree that they face challenge of difficult to trust digital
technology for investment activities.
 Mann-Whitney U test:

1. Mann-Whitney U test between gender and attitude towards new ways of

managing finance :

H0: There is no significant difference between gender and attitude towards new ways
of managing finance.

H1: There is significant difference between gender and attitude towards new ways of
managing finance.

Table 6.14 Mann-Whitney U test between gender and attitude towards new ways of
managing finance

Interpretation:
In case of attitude towards new ways of managing finance, all the factors have
the p values greater than 0.05, which means that H0 fails to reject hence there is no
significant difference between gender and attitude towards new ways of managing
finance.
 2. Mann-Whitney U test between gender and digitization is suitable for
which investment activities:
H0: There is no significant difference between gender and digitization is suitable for
which investment activities.
H1: There is significant difference between gender and digitization is suitable for
which investment activities.

Table 6.14 Mann-Whitney U test between gender and digitization is suitable for
which investment activities.
Interpretation:
In case of digitization is suitable for which investment activities, the factor
discussing future investment strategies with my financial advisor is having p value
less than 0.05 which means that H0 is rejected hence there is significant difference
between gender and digitization is suitable for which investment activities, all other
factors have p values greater than 0.05 which means that H0 fails to reject hence there
is no significant difference between gender and digitization is suitable for which
investment activities.
 3. Mann-Whitney U test between gender and the level of challenges faced
while using digital technology for investment activities:

H0: There is no significant difference between gender and the level of challenges
faced while using digital technology for investment activities.
H1: There is significant difference between gender and the level of challenges
faced while using digital technology for investment activities.

Table 6.15 Mann-Whitney U test between gender and the level of challenges faced
while using digital technology for investment activities.

Interpretation:

In case of the level of challenges faced while using digital technology

for investment activities, all the factors have p values greater 0.05 which means that
H0 fails to reject hence there is no significant difference between gender and the level
of challenges faced while using digital technology for investment activities.
 Kruskal - Wallis H Test:

1. Kruskal - Wallis H Test between education and the level of challenges

faced while using digital technology for investment activities:

H0: There is no significant difference regarding the level of challenges faced

while using digital technology for investment activities across education.
H1: There is significant difference regarding the level of challenges faced while
using digital technology for investment activities across education.
Table 6.16 Kruskal - Wallis H Test between education and the level of challenges
faced while using digital technology for investment activities
Interpretation:

In case of the level of challenges faced while using digital technology for
investment activities, all the factors have p values less than 0.05 which means that H0
is rejected hence there is significant difference regarding the level of challenges faced
while using digital technology for investment activities across education.

2. Kruskal - Wallis H Test between occupation and the level of challenges

faced while using digital technology for investment activities:

H0: There is no significant difference regarding the level of challenges faced

while using digital technology for investment activities across occupation.
H1: There is significant difference regarding the level of challenges faced
while using digital technology for investment activities across occupation.

Table 6.17 Kruskal - Wallis H Test between occupation and the level of
challenges faced while using digital technology for investment activities.
Interpretation:

In case of the level of challenges faced while using digital technology for
investment activities, factors lack of knowledge to use digital technology and
difficult to trust have p values less than 0.05 hence H0 is rejected. So, there is
significant difference across occupation categories regarding lack of knowledge and
trust. Factors - poor connectivity and poor software design have p values greater than
0.05 hence H0 fails to reject.

3. Kruskal - Wallis H Test between occupation and digitization is suitable for

which investment activities:

H0: There is no significant difference regarding digitization is suitable for

which investment activities across occupation.
H1: There is significant difference regarding digitization is suitable for which
investment activities across occupation.
 Table 6.18 Kruskal - Wallis H Test between occupation and digitization is
suitable for which investment activities

Interpretation:

In case of digitization is suitable for which investment activities: getting help

with questions regarding my current investments has p value less than 0.05
which means that H0 is rejected hence there is significant difference between
occupation and getting help with questions regarding current investments
while all other activities have p value greater than 0.05 which means that there
is no significant difference between occupation and digitization is suitable for
which investment activities.
4. Kruskal - Wallis H Test between education and digitization is suitable for
which investment activities:

H0: There is no significant difference regarding digitization is suitable for

which investment activities across education.
H1: There is significant difference regarding digitization is suitable for which
investment activities across education.

Table 6.19 Kruskal - Wallis H Test between occupation and digitization is

suitable for which investment activities
Interpretation:

In case of digitization is suitable for which investment activities, all

activities have p value greater than 0.05 which means that H0 fail to rejects
hence there is no significant difference regarding digitization is suitable for
which investment activities across education.

5. Kruskal - Wallis H Test between education and attitude towards new

ways of managing finances:

H0: There is no significant difference regarding attitude towards new ways of

managing finances and education.
H1: There is significant difference regarding attitude towards new ways of
managing finances and education.

Table 6.20 Kruskal - Wallis H Test between education and attitude towards
new ways of managing finances.
Interpretation:

In case of attitude towards new ways of managing finances, all the

factors have p values greater than 0.05 which means that H0 fails to reject
hence there is no significant difference regarding attitude towards new ways of
managing finances and education.

6. Kruskal - Wallis H Test between occupation and attitude towards new

ways of managing finances:

H0: There is no significant difference regarding attitude towards new ways of

managing finances and occupation.
H1: There is significant difference regarding attitude towards new ways of
managing finances and occupation.

Table 6.21 Kruskal - Wallis H Test between occupation and attitude towards
new ways of managing finances.
Interpretation:

In case of attitude towards new ways of managing finances, all the factors
have p values greater than 0.05 which means that H0 fails to reject hence there is no
significant difference between occupation and attitude towards new ways of managing
finances.

7. Kruskal - Wallis H Test between age and attitude towards new ways of
managing finances:

H0: There is no significant difference regarding attitude towards new ways of

managing finances across age.
H1: There is significant difference regarding attitude towards new ways of
managing finances across age.

Table 6.21 Kruskal - Wallis H Test between age and attitude towards new
ways of managing finances.
Interpretation:

In case of attitude towards new ways of managing finances, all the

factors have p values greater than 0.05 which means that H0 fails to reject
hence there is no significant difference regarding attitude towards new ways of
managing finances across age.

8. Kruskal - Wallis H Test between age and the level of challenges faced
while using digital technology for investment activities:

H0: There is no significant difference regarding the level of challenges faced

while using digital technology for investment activities across age.
H1: There is significant difference regarding the level of challenges faced
while using digital technology for investment activities across age.
 Table 6.21 Kruskal - Wallis H Test between age and the level of challenges
faced while using digital technology for investment activities.

Interpretation:

In case of level of challenges faced while using digital technology for

investment activities, factors namely lack of knowledge to use digital technology and
difficult to trust have p value less than 0.05 which means that H0 is rejected so there
is significant difference across age groups regarding these two aspects. The other two
challenges, namely poor connectivity and poor software design have p value greater
than 0.05 which means that H0 fails to reject.

9. Kruskal - Wallis H Test between age and digitization is suitable for which
investment activities:

H0: There is no significant difference regarding digitization is suitable for

which investment activities across age.
H1: There is significant difference regarding digitization is suitable for which
investment activities across age.
Table 6.22 Kruskal - Wallis H Test between age and digitization is suitable for
which investment activities.
Interpretation:
In case of digitization is suitable for which investment activities, all
other activities except getting help with questions regarding my current
investments, all have p values greater than 0.05 which means that H0 fail to
reject hence there is no significant difference between age and these
investment activities while activity namely getting help with questions
regarding my current investments has p value less than 0.05 which means that
H0 is rejected hence there is significant difference across age groups regarding
this particular investment activity.
 Chi Square Test:
1. Chi Square Test between occupation and preference of digital
technology for investment activities:
H0: There is no significant association between occupation and preference of
digital technology for investment activities.
H1: There is significant association between occupation and preference of
digital technology for investment activities.

Table 6.23 Do you prefer digital technology for investment activities? * Occupation Cross
tabulation
Count
Occupation Total

Student Self employed Salaried Housewife Retired Other

Do you prefer digital Yes 15 57 54 4 3 1 134
technology for investment 8 84 36 23 14 0 165
No
activities?
Total 23 141 90 27 17 1 299

Table 6.24 Chi-Square Tests between occupation and

preference of digital technology
Value df Asymp. Sig. (2-
sided)
a
Pearson Chi-Square 29.492 5 .000
Likelihood Ratio 31.659 5 .000
Linear-by-Linear Association 5.014 1 .025

N of Valid Cases 299

a. 2 cells (16.7%) have expected count less than 5. The minimum expected
count is .45.

Interpretation:
Hence from the above test summary the Chi-Square value is 29.492
and asymptotic value is 0 which is less than 0.05 so H0 is rejected which means that
there is significant association between occupation and preference of digital
technology for investment activities.
 2. Chi Square Test between annual family income and preference of
digital technology for investment activities:
H0: There is no significant association between annual family income and
preference of digital technology for investment activities.
H1: There is significant association between annual family income and
preference of digital technology for investment activities.

Table 6.25 Do you prefer digital technology for investment activities? * Annual family
Income Cross tabulation
Count
Annual family Income Total
500000-1000000 1000001- 2000001 or above
lac 2000000 lac
Do you prefer digital Yes 84 41 9 134
technology for investment 84 64 17 165
No
activities?
Total 168 105 26 299

Table 6.26 Chi-Square Tests between annual family income

and digital technology for investment activities

Value df Asymp. Sig. (2-

sided)
a
Pearson Chi-Square 4.332 2 .115
Likelihood Ratio 4.361 2 .113
Linear-by-Linear Association 4.110 1 .043

N of Valid Cases 299

a. 0 cells (0.0%) have expected count less than 5. The

minimum expected count is 11.65.
 Interpretation:
Hence from the above test summary the Chi-Square value is 4.332 and
asymptotic value is 0.115 which is greater than 0.05 so H0 fails to
reject which means that there is no significant association between
annual family income and preference of digital technology for
investment activities.
3. Chi Square Test between occupation and reason for using digital
technology:
H0: There is no significant association between occupation and reason for
using digital technology.
H1: There is significant association between occupation and reason for
using digital technology.

Table 6.27 Why do you prefer to use digital technology? * Occupation Cross tabulation
Count
Occupation Total

Student Self Salaried Housewife Retired Other

employed

Better online experience 3 6 8 1 0 1 19

and functionality

Access to different 3 13 6 1 0 0 23
products and services
Why do you prefer to Personalized and 2 16 17 1 1 0 37
use digital technology? customized
Time saving 3 13 11 0 2 0 29
Better quality of service 2 3 7 0 0 0 12
Real time Notifications 2 6 5 1 0 0 14
and Alerts
Total 15 57 54 4 3 1 134
 Table 6.28 Chi-Square Tests between occupation and
reason for using digital technology
Value Df Asymp. Sig. (2-
sided)
Pearson Chi-Square 19.979a 25 .748
Likelihood Ratio 19.567 25 .769
Linear-by-Linear Association .047 1 .829

N of Valid Cases 134

a. 25 cells (69.4%) have expected count less than 5. The minimum expected
count is .09.

Interpretation:
Hence from the above test summary the Chi-Square value is 19.979
and asymptotic value is 0.748 which is greater than 0.05 so H0 fails to
reject which means that there is no significant association between
occupation and reason for using digital technology.
 4. Chi Square Test between annual family income and reason for using
digital technology:
H0: There is no significant association between annual family income and
reason for using digital technology.
H1: There is significant association between annual family income and
reason for using digital technology.

Table 6.29 Why do you prefer to use digital technology? * Annual family Income Cross tabulation
Count
Annual family Income Total
500000-1000000 1000001-2000000 2000001 or above
lac lac
Better online experience and 12 5 2 19
functionality
Access to different products and 12 10 1 23
services
Why do you prefer to use digital
Personalized and customized 24 12 1 37
technology?
Time saving 19 6 4 29
Better quality of service 7 5 0 12
Real time Notifications and 10 3 1 14
Alerts
Total 84 41 9 134
 Table 6.30 Chi-Square Tests between annual family income
and reason for using digital technology
Value Df Asymp. Sig. (2-
sided)
a
Pearson Chi-Square 8.338 10 .596
Likelihood Ratio 8.856 10 .546
Linear-by-Linear Association .317 1 .574

N of Valid Cases 134

a. 8 cells (44.4%) have expected count less than 5. The minimum expected
count is .81.

Interpretation:
Hence from the above test summary the Chi-Square value is 8.338 and
asymptotic value is 0.596 which is greater than 0.05 so H0 fails to
reject which means that there is no significant association between
annual family income and reason for using digital technology.
 5. Chi Square Test between occupation and activities preferred using
digitization:
H0: There is no significant association between occupation and activities
preferred using digitization.
H1: There is significant association between occupation and activities
preferred using digitization.

Table 6.31 For which activities of wealth management, digitization is preferable? * Occupation Cross tabulation
Count
Occupation Total
Student Self employed Salaried Housewife Retired Other
Retail banking services 5 19 17 0 1 1 43

For which activities of Retirement planning 3 13 13 2 0 0 31

wealth management, legal and tax advice 0 9 8 1 2 0 20
digitization is preferable? Investment Management 7 16 16 1 0 0 40
services
Total 15 57 54 4 3 1 134

Table 6.32 Chi-Square Tests between occupation

and activities preferred using digitization.

Value Df Asymp. Sig. (2-

sided)
a
Pearson Chi-Square 15.801 15 .395
Likelihood Ratio 18.005 15 .262
Linear-by-Linear Association .281 1 .596

N of Valid Cases 134

a. 16 cells (66.7%) have expected count less than 5. The minimum expected
count is .15.
 Interpretation:
Hence from the above test summary the Chi-Square value is
15.801 and asymptotic value is 0.395 which is greater than 0.05
so H0 fails to reject which means that there is no significant
association between occupation and activities preferred using
digitization.

6. Chi Square Test between annual family income and activities

preferred using digitization:
H0: There is no significant association between annual family income and
activities preferred using digitization.
H1: There is significant association between annual family income and
activities preferred using digitization.

Table 6.33 For which activities of wealth management, digitization is preferable? * Annual family Income
Cross tabulation
Count
Annual family Income Total
500000-1000000 1000001-2000000 2000001 or above
lac lac
Retail banking services 26 16 1 43

For which activities of wealth Retirement planning 23 7 1 31

management, digitization is legal and tax advice 12 5 3 20
preferable? Investment Management 23 13 4 40
services
Total 84 41 9 134
 Table 6.34 Chi-Square Tests between between annual
family income and activities preferred using digitization.
Value Df Asymp. Sig. (2-
sided)
Pearson Chi-Square 6.883a 6 .332
Likelihood Ratio 6.826 6 .337
Linear-by-Linear Association 1.286 1 .257

N of Valid Cases 134

a. 4 cells (33.3%) have expected count less than 5. The minimum expected
count is 1.34.

Interpretation:
Hence from the above test summary the Chi-Square value is 6.883 and
asymptotic value is 0.332 which is greater than 0.05 so H0 fails to reject which
means that there is no significant association between annual family income
and activities preferred using digitization.
 7. Chi Square Test between occupation and how do they feel about
managing finances with technology as compared to advisor:
H0: There is no significant association between occupation and how do
they feel about managing finances with technology as compared to
advisor.
H1: There is significant association between occupation and how do they
feel about managing finances with technology as compared to advisor.

Table 6.35 How do you feel about managing finances with technology as compared to
advisor? * Occupation Cross tabulation
Count
Occupation Total

Student Self Salaried Housewife Retired Other

employed

Simpler 10 23 21 0 1 1 56
How do you feel about
More 2 11 9 0 1 0 23
managing finances with
complex
technology as compared
The same 0 18 12 4 1 0 35
to advisor?
Can‟t say 3 5 12 0 0 0 20
Total 15 57 54 4 3 1 134
 Table 6.36 Chi-Square Tests between occupation and how
do they feel about managing finances with technology as
compared to advisor
Value Df Asymp. Sig.
(2-sided)
Pearson Chi-Square 24.882a 15 .052
Likelihood Ratio 28.540 15 .018
Linear-by-Linear 1.641 1 .200
Association
N of Valid Cases 134
a. 15 cells (62.5%) have expected count less than 5. The
minimum expected count is .15.
Interpretation:
Hence from the above test summary the Chi-Square value is 24.882 and
asymptotic value is 0.052 which is greater than 0.05 so H0 fails to reject
which means that there is no significant association between occupation
and how do they feel about managing finances with technology as
compared to advisor.

8. Chi Square Test between annual family income and how do they feel
about managing finances with technology as compared to advisor:
H0: There is no significant association between annual family income and
how do they feel about managing finances with technology as compared to
advisor.
H1: There is significant association between annual family income and
how do they feel about managing finances with technology as compared to
advisor.
Table 6.37 How do you feel about managing finances with technology as compared to advisor?
* Annual family Income Cross tabulation
Count
Annual family Income Total
500000-1000000 1000001-2000000 2000001 or above
lac lac

How do you feel about Simpler 43 9 4 56

managing finances with More complex 14 9 0 23

technology as compared to The same 19 13 3 35
advisor? Can‟t say 8 10 2 20
Total 84 41 9 134

Table 6.38 Chi-Square Tests between annual family income

and how do they feel about managing finances with
technology as compared to advisor
Value Df Asymp. Sig. (2-
sided)
Pearson Chi-Square 13.244a 6 .039
Likelihood Ratio 15.217 6 .019
Linear-by-Linear Association 7.249 1 .007

N of Valid Cases 134

a. 4 cells (33.3%) have expected count less than 5. The minimum expected
count is 1.34.

Interpretation:
Hence from the above test summary the Chi-Square value is 13.244
and asymptotic value is 0.039 which is less than 0.05 so H0 is rejected
which means that there is significant association between annual
family income and how do they feel about managing finances with
technology as compared to advisor.
 9. Chi Square Test between occupation and reasons for not using
digitization.
H0: There is no significant association between occupation and reasons for
not using digitization.
H1: There is significant association between occupation and reasons for
not using digitization.

Table 6.39 If no then why? * Occupation Cross tabulation

Count
Occupation Total
Student Self employed Salaried Housewife Retired
I will lose access to my 1 3 1 0 0 5
financial advisor
There is a risk of privacy 1 22 7 5 4 39
with which I'm becoming
more uncomfortable.
It will decrease face-to-face 2 10 10 4 2 28
contact with my advisor
To take up a new product 2 28 7 6 2 45
If no then why? or get advice, it is better to
visit a branch or call a real
person.
Technology has made some 1 14 4 2 3 24
of my favourite activities
harder
Miss-selling of financial 0 7 7 6 3 23
products
7 1 0 0 0 0 1
Total 8 84 36 23 14 165
 Table 6.40 Chi-Square Tests between occupation
and reasons for not using digitization.

Value Df Asymp. Sig. (2-

sided)
a
Pearson Chi-Square 39.609 24 .024
Likelihood Ratio 26.922 24 .308
Linear-by-Linear Association 1.637 1 .201

N of Valid Cases 165

a. 23 cells (65.7%) have expected count less than 5. The minimum expected
count is .05.

Interpretation:
Hence from the above test summary the Chi-Square value is
39.609 and asymptotic value is 0.024 which is less than 0.05 so
H0 is rejected which means that there is significant association
between occupation and reasons for not using digitization.
 10.Chi Square Test between annual family income and reasons for not
using digitization.
H0: There is no significant difference between annual family income and
reasons for not using digitization.
H1: There is significant difference between annual family income and
reasons for not using digitization.

Table 6.41 If no then why? * Annual family Income Cross tabulation

Count
Annual family Income Total
500000-1000000 1000001-2000000 2000001 or above
lac lac
I will lose access to my 1 2 2 5
financial advisor
There is a risk of privacy with 20 16 3 39
which I'm becoming more
uncomfortable.
It will decrease face-to-face 18 8 2 28
contact with my advisor
If no then why? To take up a new product or get 20 19 6 45
advice, it is better to visit a
branch or call a real person.
Technology has made some of 13 7 4 24
my favourite activities harder
Miss-selling of financial 11 12 0 23
products
7 1 0 0 1
Total 84 64 17 165
 Table 6.42 Chi-Square Tests between annual
family income and reasons for not using
digitization.

Value Df Asymp. Sig. (2-

sided)
a
Pearson Chi-Square 14.451 12 .273
Likelihood Ratio 15.502 12 .215
Linear-by-Linear Association .275 1 .600

N of Valid Cases 165

a. 11 cells (52.4%) have expected count less than 5. The minimum expected
count is .10.

Interpretation:
Hence from the above test summary the Chi-Square value is
14.451 and asymptotic value is 0.273 which is greater than 0.05 so H0 fails
to reject which means that there is no significant difference between
annual family income and reasons for not using digitization.
 Chapter 7 Findings

 On the basis of gender group most of the respondents (78%) are male.
 On the basis of age most of the investors (35%) fall under 31-45 years.
 On the basis of occupation most of the respondents (47%) are self employed.
 On the basis of annual family income most of the respondents (56%) fall
under range of Rs 5,00,000 to Rs 10,00,000.
 On the basis of education most of the respondents (56%) are bachelors.
 It has been observed that 55% of total respondent prefers to use digital
technology for investment activities.
 It has been observed that most of the respondent (27.61%) prefers to use
digital technology as it can be personalized and customized.
 It has been observed that most of the respondent (32%) feels that digitization
is preferable for retail banking services of wealth management.
 It has been observed that most of the respondent (41.79%) feels simpler about
managing finances with technology as compared to advisor.
 It has been observed that most of the respondent (56%) face challenges due to
lack of knowledge to use digital technology.
 It has been observed that most of the respondents (39.46%) feel that
digitization is suitable for discussing future investment strategies with
financial advisor.
Table 7.1 Kruskal - Wallis H Test between occupation and digitization is suitable for which
investment activities
Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Discussing future investment
H0 fails to
Occupation strategies with my financial 0.267 0.05
reject
advisor
Getting help with questions H0 is
Occupation 0.042 0.05
regarding my current investments rejected

H0 fails to
Occupation Executing trades 0.365 0.05
reject
Making changes to my H0 fails to
Occupation 0.141 0.05
investments or asset allocation reject

H0 fails to
Occupation Customize portfolio 0.162 0.05
reject
Learning about new products or H0 fails to
Occupation 0.404 0.05
services reject

Monitoring performance against H0 fails to

Occupation 0.508 0.05
plan reject

Looking up basic information H0 fails to

Occupation 0.289 0.05
about my accounts reject

Researching new funds or H0 fails to

Occupation 0.354 0.05
investment products reject

It is found that there is significant difference between:

Occupation and getting help with questions regarding my current investments.
Table 7.2 Kruskal - Wallis H Test between education and digitization is suitable for which
investment activities
Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Discussing future investment
H0 fails to
Education strategies with my financial 0.334 0.05
reject
advisor
Getting help with questions H0 fails to
Education 0.458 0.05
regarding my current investments reject

H0 fails to
Education Executing trades 0.122 0.05
reject
Making changes to my H0 fails to
Education 0.753 0.05
investments or asset allocation reject

H0 fails to
Education Customize portfolio 0.054 0.05
reject
Learning about new products or H0 fails to
Education 0.208 0.05
services reject
Monitoring performance against H0 fails to
Education 0.382 0.05
plan reject
Looking up basic information H0 fails to
Education 0.405 0.05
about my accounts reject

Researching new funds or H0 fails to

Education 0.069 0.05
investment products reject

It is found that there is no significant difference between:

Education and digitization is suitable for which investment activities.

Table 7.3 Kruskal - Wallis H Test between education and attitude towards new ways of
managing finances
Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
I‟m less reliant on established
financial services companies and
H0 fails to
Education banks these days, as there are more 0.409 0.05
reject
options to self-manage my
finances.
I‟m excited about the emergence
H0 fails to
Education of new online platforms that 0.614 0.05
reject
manage my finance
I would not hesitate to change my
financial services provider if I H0 fails to
Education 0.348 0.05
found one with a much better reject
online/digital experience
I would like to use 100% Digital H0 fails to
Education 0.65 0.05
advisor or Rob advisor reject

I want to handle my urgent matters H0 fails to

Education 0.131 0.05
digitally reject

It is found that there is no significant difference between:

Education and attitude towards new ways of managing finances.

Table 7.4 Kruskal - Wallis H Test between age and attitude towards new ways of managing
finances
Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
I‟m less reliant on established
financial services companies and
H0 fails to
Age banks these days, as there are more 0.178 0.05
reject
options to self-manage my
finances.
I‟m excited about the emergence
H0 fails to
Age of new online platforms that 0.119 0.05
reject
manage my finance
I would not hesitate to change my
financial services provider if I H0 fails to
Age 0.704 0.05
found one with a much better reject
online/digital experience
I would like to use 100% Digital H0 fails to
Age 0.055 0.05
advisor or Rob advisor reject

I want to handle my urgent matters H0 fails to

Age 0.608 0.05
digitally reject

It is found that there is no significant difference between:

Age and attitude towards new ways of managing finances.

Table 7.5 Kruskal - Wallis H Test between age and the level of challenges faced while using
digital technology for investment activities

Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Lack of knowledge to use digital H0 is
Age 0.001 0.05
technology rejected
H0 is
Age Difficult to trust 0.002 0.05
rejected
H0 fails to
Age Poor connectivity 0.636 0.05
reject

H0 fails to
Age Poor software design 0.09 0.05
reject

It is found that there is no significant difference between:

Age with: poor connectivity, poor software design.

Table 7.6 Kruskal - Wallis H Test between age and digitization is suitable for which
investment activities

Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Discussing future investment
H0 fails to
Age strategies with my financial 0.35 0.05
reject
advisor
Getting help with questions H0 is
Age 0.017 0.05
regarding my current investments rejected
H0 fails to
Age Executing trades 0.461 0.05
reject
Making changes to my H0 fails to
Age 0.796 0.05
investments or asset allocation reject
H0 fails to
Age Customize portfolio 0.459 0.05
reject
Learning about new products or H0 fails to
Age 0.838 0.05
services reject
Monitoring performance against H0 fails to
Age 0.209 0.05
plan reject

Looking up basic information H0 fails to

Age 0.569 0.05
about my accounts reject

Researching new funds or H0 fails to

Age 0.304 0.05
investment products reject

It is found that there is significant difference between:

Age and getting help with questions regarding my current investments.

Table 7.7 Findings from the Chi Square Test

Chi
Significant
Demographics Particular Square Conclusion
value
(p Value)
Preference of digital technology H0 is
Occupation 0.000 0.05
for investment activities Rejected

Annual Family Preference of digital technology H0 fails to

0.115 0.05
Income for investment activities reject

Preference for using digital H0 fails to

Occupation 0.748 0.05
technology reject

Annual Family Preference for using digital H0 fails to

0.596 0.05
Income technology reject

For which activity of wealth

H0 fails to
Occupation management digitization is 0.395 0.05
reject
preferable
For which activity of wealth
Annual Family H0 fails to
management digitization is 0.332 0.05
Income reject
preferable
How do they feel about managing
H0 fails to
Occupation financing with technology as 0.052 0.05
reject
compare to adviser
How do they feel about managing
Annual Family H0 is
financing with technology as 0.039 0.05
Income Rejected
compare to adviser
H0 is
Occupation Reasons for not using digitization 0.024 0.05
Rejected
Annual Family H0 fails to
Reasons for not using digitization 0.273 0.05
Income reject
It is found that there is significant difference between:

Occupation with: Preference of digital technology for investment activities,

Reasons for not using digitization.

Annual family income with How do they feel about managing financing with
technology as compare to adviser.
Table 7.8 Mann-Whitney U test between gender and attitude towards new ways of managing
finance
Mann-
Whitney Significant
Demographics Statements Conclusion
U test value
(p value)
I‟m less reliant on established
financial services companies and H0 fails to
Gender 0.325 0.05
banks these days, as there are more reject
options to self-manage my finances.
I‟m excited about the emergence of
H0 fails to
Gender new online platforms that manage 0.983 0.05
reject
my finance
I would not hesitate to change my
financial services provider if I found H0 fails to
Gender 0.415 0.05
one with a much better reject
online/digital experience
I would like to use 100% Digital H0 fails to
Gender 0.253 0.05
advisor or Rob advisor reject
I want to handle my urgent matters H0 fails to
Gender 0.317 0.05
digitally reject

It is found that there is no significant difference between:

Gender and attitude towards new ways of managing finance.
Table 7.9 Mann-Whitney U test between gender and digitization is suitable for which investment
activities
Mann-
Whitney Significant
Demographics Statements Conclusion
U test value
(p value)
Discussing future investment H0 is
Gender 0.045 0.05
strategies with my financial advisor rejected
Getting help with questions H0 is
Gender 0.422 0.05
regarding my current investments rejected
H0 fails to
Gender Executing trades 0.343 0.05
reject
Making changes to my investments H0 fails to
Gender 0.61 0.05
or asset allocation reject
H0 fails to
Gender Customize portfolio 0.721 0.05
reject
Learning about new products or H0 fails to
Gender 0.626 0.05
services reject
H0 fails to
Gender Monitoring performance against plan 0.972 0.05
reject
Looking up basic information about H0 fails to
Gender 0.466 0.05
my accounts reject
Researching new funds or H0 fails to
Gender 0.17 0.05
investment products reject

It is found that there is significant difference between:

Gender with: Discussing future investment strategies with my financial
advisor, Getting help with questions regarding my current investments.
Table 7.10 Kruskal - Wallis H Test between education and the level of challenges faced while
using digital technology for investment activities

Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Lack of knowledge to use digital H0 is
Education 0.005 0.05
technology rejected
H0 is
Education Difficult to trust 0.000 0.05
rejected
H0 is
Education Poor connectivity 0.022 0.05
rejected
H0 is
Education Poor software design 0.005 0.05
rejected

It is found that there is significant difference between:

Education and the level of challenges faced while using digital technology for
investment activities.
Kruskal - Wallis H Test between occupation and the level of challenges faced while using digital
technology for investment activities

Kruskal
Significant
Demographics Statements Wallis Conclusion
value
(p value)
Lack of knowledge to use digital H0 is
Occupation 0.023 0.05
technology rejected
H0 is
Occupation Difficult to trust 0.015 0.05
rejected
H0 fails to
Occupation Poor connectivity 0.298 0.05
reject
H0 fails to
Occupation Poor software design 0.123 0.05
reject

It is found that there is significant difference between:

Occupation with: Lack of knowledge to use digital technology, Difficult to

trust.
 Conclusion

From the above analysis and findings, it can be concluded that that all ages
and wealth strata are ready for digital capabilities in some way, shape, and
form. All age groups except baby boomers prefer digital technology for
investment activities. Most of the respondents do not prefer digital
technology as they feel there is privacy risk followed by preference to take
new products or service it is better to visit branch or call a person. Majority
respondents have a positive attitude towards digitization.

Over 24% of respondents were 18 to 30 years of age, and the majority were
identified as technology adopters. This Gen X are tech-savvy digital natives,
comfortably in the digital world. If they don’t get it, almost they are ready to
switch to a new provider.
 Bibliography

 Website
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disruption-in-wealth-management.html
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that-will-change-your-life
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 https://www.businesstoday.in/moneytoday/perspective/india-high-networth-hni-
population-grows-by-20-per-cent/story/19634.html
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management.html
 List of Periodicals:

 Digitalization improved the banking services with special reference to HDFC

bank.
 Digital dawn (Crisil)
 Digitisation of asset and wealth management: promise and pitfalls
(http://investmentnews.co.nz/wp-content/uploads/2017
DigitisationofAssetandWealthManagement.pdf)
 Wealth Management: How digital and learning algorithms advance holistic
advice (https://www.cognizant.com/whitepapers/wealth-management-how-
digital-and-learning-algorithms-advance-holistic-advice-codex3825.pdf)
 Digital disruption and the game-changing role of technology in global wealth
management (https://www.ey.com/Publication/vwLUAssets/EY-Download-
PB-IT-Study-2014/$FILE/EY-Download-PB-IT-Study-2014.pdf)
 The golden key to digital wealth management
(https://www.refinitiv.com/content/dam/marketing/en_us/documents/white-
papers/digitization-of-wealth-management-europe-white-paper.pdf)\
 Digitalization of the financial sector and change management
(https://www.theseus.fi/bitstream/handle/10024/123538/Piirainen_Lauri.pdf?s
equence=1)
 Digital Transformation for Wealth Management Learning to Drive the New
CAR (Clients, Advisors, and Robots)
(https://www.cisco.com/c/dam/en_us/solutions/industries/docs/finance/wealth
-management.pdf)
 Preliminary Study on Consumer Attitude towards FinTech Products and
Services in Malaysia
(https://www.sciencepubco.com/index.php/ijet/article/view/13310)
 Customer experience: innovate like a FinTech
(https://www.ey.com/Publication/vwLUAssets/ey-gcbs-customer-
experience/$FILE/ey-gcbs-customer-experience.pdf)
 Data security and consumer trust in FinTech innovation in Germany
(https://www.emeraldinsight.com/doi/abs/10.1108/ICS-06-2017-0039)
 Reimagining wealth management for the digital age: Empowerment,
Engagement, Agility
(https://www.accenture.com/t20150523T024807__w__/usen/_acnmedia/Acce
nture/Conversion-
Assets/DotCom/Documents/Global/PDF/Dualpub_2/Accenture-Digital-
Wealth-Management.pdf)
 The Tech Effect: How the Digital Age Is Changing Investing
(https://s1.q4cdn.com/959385532/files/doc_downloads/research/2018/TDA_F
inTech_ebook.pdf )
 Wealth Management Digitalization changes client advisory more than ever
before
(https://www2.deloitte.com/content/dam/Deloitte/de/Documents/financial-
services/Wealth%20Management%20Digitalization.pdf)
 Annexure
Part A

Q.1 Do you prefer digital technology for investment activities? (If YES then answer

From Q.3 and if NO then answer Q.2 and Q.8)

( ) Yes

( ) No

Q.2 If no then why?

( ) I will lose access to my financial advisor.

( ) There is a risk of privacy with which I‟m becoming more uncomfortable.

( ) It will decrease face-to-face contact with my advisor.

( )To take up a new product or get advice, it is better to visit a branch or call a real
person.

( ) Technology has made some of my favourite activities harder.

( ) Miss-selling of financial products.

() Others (specify) ____________
If your answer to Q.1 is Yes then fill up below questions

Q.3 Why do you prefer to use digital technology?

( ) Better online experience and functionality

( ) Access to different products and services

( ) Personalized and customized

( ) Time saving

( ) Better quality of service

( ) Real time Notifications and Alerts

( ) Other (Specify) ___________

Q.4 For which activities of wealth management, digitization is preferable?

( ) Retail banking services

( ) Retirement planning

( ) Legal and tax advice

( ) Investment Management services

( ) Others (specify) ____________

 Q.5 How do you feel about managing finances with technology as compared to
advisor?

( ) Simpler

( ) More complex

( ) The same

( ) Can‟t say

Q.6 Digitization is Suitable for which Investment Activities?

(Note: 1= Strongly Disagree, 2= Disagree, 3= Neutral, 4= Agree, 5= Strongly Agree)

Strongly Strongly
Activities Agree Neutral Disagree
Agree Disagree
Discussing future investment
strategies with my financial
advisor
Getting help with questions
regarding my current investments

Executing trades

Making changes to my
investments or asset allocation

Customize portfolio

Learning about new products or

services
Monitoring performance against
plan
Looking up basic information
about my accounts
Researching new funds or
investment products
Attitudes towards new ways of managing finances:

Q.7 Mark the following

(Note: 1= Strongly Disagree, 2= Disagree, 3= Neutral, 4= Agree, 5= Strongly Agree)

Strongly Strongly
Parameters Agree Neutral Disagree
Agree Disagree
I‟m less reliant on
established financial
services companies and
banks these days, as there
are more options to self-
manage my finances.
I‟m excited about the
emergence of new online
platforms that manage my
finance
I would not hesitate to
change my financial
services provider if I found
one with a much better
online/digital experience
I would like to use 100%
Digital advisor or Robo
advisor
I want to handle my urgent
matters digitally
Q.8 Mark the level of challenges faced while using digital technology for investment
activities?
(Note: 1= Strongly Disagree, 2= Disagree, 3= Neutral, 4= Agree, 5= Strongly Agree)

Challenges Strongly Strongly

Agree Neutral Disagree
Faced Agree Disagree
Lack of
knowledge to
use digital
technology
Difficult to
trust
Poor
connectivity
Poor software
design
 Part B

Personal Details:

Name: _____________________________

Area: ______________________________

Contact No: _________________________

Gender:

( ) Male ( ) Female

Age:

( ) 18-30 years ( ) 46-60 years

( ) 31-45 years ( ) Above 60 years

Occupation:

( ) Student ( ) Housewife

( ) Self employed ( ) Retired

( ) Salaried ( ) Other

Annual Family Income (in Rupees):

( ) 5-10 lac

( ) 10-20 lac

( ) 20 or above
Education:

( ) 12th pass or less ( ) Diploma

( ) Bachelor ( ) Others (Specify) __________

( ) Master