{"id":536511,"date":"2022-06-28T12:23:01","date_gmt":"2022-06-28T11:23:01","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=536511"},"modified":"2022-06-28T12:23:01","modified_gmt":"2022-06-28T11:23:01","slug":"growth-of-indias-fintech-industry-interview-with-jitendra-dhaka-founder-banksathi","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/growth-of-indias-fintech-industry-interview-with-jitendra-dhaka-founder-banksathi\/","title":{"rendered":"Growth of India’s FinTech Industry: Interview with Jitendra Dhaka, Founder, BankSathi"},"content":{"rendered":"

\"Banksathi\"<\/a>BankSathi is a technology platform<\/a> that enables financial advisers to develop their digital presence and begin selling financial goods online. It does this by constructing a LIC layer that sits over each and every financial institution. Offers a selection of financial products and services, as well as information and digital processes, customer lead management, and complete insight into status.<\/p>\n

In conversation with IBS Intelligence<\/strong>, Jitendra Dhaka, Founder, BankSathi<\/strong> discusses the fragmented financial industry in India and the immense potential for FinTechs to grow and expand across the country.<\/p>\n

The idea behind launching BankSathi<\/strong><\/p>\n

The Indian FinTech industry has experienced tremendous expansion as a result of an increase in the number of people seeking investment opportunities and a rising enthusiasm and awareness among consumers to make use of FinTech products.<\/p>\n

However, just 10% of the population in India is currently familiar with the services offered by FinTech companies. The traditional model of FinTech that is followed by businesses in India places a heavy emphasis on the use of family or references as customers. Through the distribution of FinTech services and the generation of sales through financial advisers, BankSathi is attempting to change the business paradigm for the Indian FinTech industry.<\/p>\n

What sort of issue-solving does BankSathi engage in?<\/strong><\/p>\n

Through the use of the distribution channel, BankSathi is working to expand the amount of financial products that are brought into the market. According to the data provided by the bureau, more than 77% of financial goods are offered either through family relatives or through reference models. However, these individuals do not receive the appropriate education to carry out this function. In this context, the role that Banksathi advisors play in the marketing and distribution of various financial products is critical. Our advisers receive specialised training in order for them to successfully pitch to our consumers and present them with accurate information.<\/p>\n

At the moment, more than 80% of our customer base, which is comprised of banks and other financial institutions, is attempting to distribute its goods through our financial advisers.<\/p>\n

What are the problems you have observed and the solutions you are working on, given that you are present throughout the majority of India?<\/strong><\/p>\n

The Problem –<\/strong><\/p>\n