The land of 400 million sparks!
According to a report on demographics as by published by UN-Habitat, the median age of the Indian population is projected to be around 29 years, by 2020. Youth population in the country is expected to soar to a whopping 464 million by 2021. Around the same time, 64% of the population will be in the employable age group, deeming India home to the highest percentage of young workforce in the world. This demographic potential of India could contribute to a significant growth in its GDP, provided all things go well.
Leveraging the youth demography
A large section of the teeming young Indian population are bolstered by high ambitions, particularly those who have access to commendable tertiary education and employment opportunities. They dream of growth and achievement, in terms of career and wealth acquisition. However, their wealth management skills are found wanting, thanks to widespread sentiments on playing safe with matters of money, also dubbed the ‘conservative middle class tendency’.
Investment habits among young Indians cannot be deemed the best, yet. In this untapped space, lies a huge potential, but the foremost element of inventiveness lies in building a platform that will lure the youth into systematic investing habits. It has to be trendy, pragmatic, easy, smooth and quick, or in other words, digital!
Mutual Fund investing has proven to be a long term route for wealth creation. CAMS, as an integral part of the Indian Mutual Fund industry, has rolled out several innovations to make MF investing as easy as it could be.
Aligned to SEBI’s vision of enabling Aadhaar based e-KYC, the CAMS eKYC is a digital process that uses OTP authentication, making instant Mutual Fund account opening a reality. Practically completed in a matter of few minutes, the investors are presented with the convenience of paperless transaction and hassle-free processing through myCAMS, available as a mobile app as well as a web-based platform.
KYC completion, a mandatory requirement for investing in Mutual Funds, hitherto involved submission of paper forms, address and id proofs and in- person verification. The CAMS eKYC process is visibly transforming the investor on-boarding experience, bringing speed and simplicity.
Young investors with Aadhaar Number and PAN in their possession can now complete KYC process in just 3 simple steps via CAMS eKYC and set up a Mutual fund account in minutes, without having to endure long drawn processes of form submission and in-person verification (IPV).
Designed to delight the young
Mr N K Prasad, President & CEO, CAMS said: “Embracing eKYC, online account opening and online payment brings simplicity and speed and will have far reaching benefits to make Mutual Funds an accessible investment category. Younger generation who prefer digital experience can start investing with a complete digital solution for instant account opening.”
Aadhaar number and mobile number, required to be submitted for validation with Aadhaar/UIDAI database, are among the most likely possessions of any prospective young investor.
On successful authentication through OTP, investors can start investing in participating funds through myCAMS. SEBI currently permits investment of Rs.50000 in a financial year per Mutual Fund for investors using eKYC using OTP based authentication, presenting new opportunities to create and manage wealth in a fast, smart and pragmatic way that the young would readily identify themselves with.
To know more, visit : https://www.camsonline.com/MyCAMS/ekyc-services.aspx
Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading insurance companies, banks, NBFC’s and alternate investment funds. To know more visit www.camsonline.com