This post is about my defense for being “negative” and an “outsider”. Yes, I do have a perpetual problem with authority. And my parents would happily stand testimony to the above statement!
For new readers, the context is the following posts where I have taken pot shots at CEOs, Finance Minister and me too:
1. Financial Inclusion & Literacy: Intentions v/s Realities
2. Open Letter to CEO, Bajaj Allianz
3. Don’t Trust Me For Financial Advice
My Defense
Being negative is not always wrong.
I have often told my Boss that why his decisions may not work and that there could be better options. Some bosses have taken me as a negative character. But more often than not, my bosses look upto me for new ideas, ask for feedback when they want one and give me interesting & challenging assignments.
So, in a way, my boss listens to me. Instead of me sucking upto him! Isn’t this worthwhile? (Though not all bosses take to me that kindly!)
Black Hat Thinking Helps: In most Organizations, the way of doing a thing is to “refer to the old file”. If you question that, people protest that, “Hey, that’s how things are done around here”.
But things can be improved all the time. In fact I love the word Kaizen. And for any change you need to question the status quo. The questions are the fertilizers for innovation and change.
Nothing Personal: If I am saying negative things about anybody, it’s mostly about reminding him that he has the authority to change things.
Like as Amit Varma writes about our PM:
From a speech Manmohan Singh gave: “Are we encouraging crony capitalism? Is this a necessary but transient phase in the development of modern capitalism in our country? Are we doing enough to protect consumers and small businesses from the consequences of crony capitalism? [...] Do we have a genuine level playing field for all businesses? What should be done to inject a greater degree of competitiveness in the industrial sector?”
Amit asks, “One has to wonder, why on earth was he asking those questions? He’s the prime minister, no? “. I think Amit is not being personal, but prodding our Mr. PM to take upon himself to change things.
The Problems & Situation in Financial Services Industry:
IMO, the problems are real. And they are:
There is a huge information asymmetry in Financial Services industry where the sellers have much more information than the buyer.
This lack of transparency leads to uninformed financial decisions even by educated people.
We have lack of user friendly measurement tool to track our money before we even can start managing our money.
There’s information overload regarding financial data. And it is leading to “paralysis by analysis” instead of providing relevant wisdom tailored to individual situations.
Competition and active regulation has changed a lot of rules in the past few years. The rules of financial services are seeing a lot of disruptions. Examples of no entry load on Mutual Funds and the recommendations of the D Swarup Committee on doing away with commissions by 2011 come to mind. Mutual Funds being available on the NSE wef 30th November, 2009 is another example. Now even the IRDA is slowly waking up to actively regulate ULIPs.
So, that’s my defense for being negative. I challenge authority in the confidence that things can be better.
I know I speak to a very small audience. But I also know that my circle of influence will grow with time. What time will it take, only time will tell!
Don’t you think there is a unique opportunity to bring in personal financial services in tune with these changing times.
Join me. Thanks.
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If we do not question, we will never learn.
First step towards changing the status quo or learning is the ability to put forth a question, which may sometimes even be a foolish one.