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Jitendra Dhaka, Founder at BankSathi

Great Companies: How did you get your idea or concept for the business?

Jitendra Dhaka: Coming from a farmer family from a small town in Rajasthan, I became acutely aware of the significant knowledge gaps in financial planning and investment techniques early in my life.

While pursuing my engineering studies, I had the opportunity to spend a considerable amount of time working on multiple projects in rural areas of India. I observed that people were content with traditional savings accounts due to their lack of awareness about other investment options.

While we contemplated investment options that generated interest income. However, I faced a challenge of shifting their mind-set towards embracing new investment strategies.

I also noticed that the low industrial penetration in these areas contributed to the lack of adequate financial knowledge.

To bridge this gap, I decided to pursue a career in finance and secured a position as a digital marketer in the fintech industry. My goal was to raise awareness about the various financial products available, which have tremendous benefits.

Thus, I began connecting with people, with the vision of creating awareness and educating them about the variety of investment options available to them.

Great Companies: What are the various services provided by BankSathi?

Jitendra Dhaka: So BankSathi caters to two types of audience, 1) Financial/ Banking advisors and 2) Customers.

Banksathi advisors are crucial to this environment’s marketing and distribution of numerous financial products. Specialized training is provided to our advisors so they can interact with consumers and provide accurate information. We welcome totally digital process advisors to join us through our smartphone application. We have proudly introduced Strong Technology Platform for Super Advisors / Publishers that has Product Recommendation Algorithm. Since we constantly deepening relationship with FIs and introducing new products, we have witnessed a 3.5X growth in Training Content engagement among advisors.

Because of this, we are confirming an adviser’s KYC (Know Your Customer) details, such as their Aadhar card, PAN card, location, and address, as well as their bank account. Also, the advisor’s registration on the platform was successful. We first provide them with guidance on those items and inspirational sales and business-growth tactics. So, there are some things that we provide in both a live session and their recorded video training. As a result, we hold six to seven live training sessions per day for the advisers. After the training, they are capable of making any product recommendations.

Like advisor seeks to promote their products. Before displaying the things that are appropriate for the client based on their information, we first collect the customer’s information from their adviser.

The adviser’s main duty is to show the consumer the proper products, and all that is required is for the advisor to submit the relevant data so that our algorithm or engine can show the right products. The advisor can then share those qualifying items with the consumer, who can then discover every detail about them, including their features, benefits, and other specifics. As a result, there is one thing we are doing with technology purely as a model of support. We even give the consumer a thorough video about the aforementioned product. As a result, we are exchanging information with the customer after confirming that they are taking all the necessary procedures to buy the particular goods.

Great Companies: What makes BankSathi different from hundreds of other similar service providers?

Jitendra Dhaka: There are few distinctive features of BankSathi -

1. Telugu, Bengali, and Marathi are the newest languages to be introduced to BankSath’s platform. This move was made to assist and raise awareness for locals in order to bolster growth in a lesser-known financial arena.

2. Before being able to offer items to customers, their advisers are required to get sufficient training on the various financial products and the market that they are focusing on.

3. Because 80% percent of BankSathi’s customers come from Tier 3 and beyond cities, the majority of the company’s financial advisors come from Tier 3 and beyond cities as well. This allows for the establishment of a mutual trust prior to the establishment of a business connection.

Great Companies: What were the struggles and challenges you faced and how did you overcome them?

Jitendra Dhaka: The main or possibly the hardest problem we first faced was educating our advisers. It was difficult to create the content and deliver the right messaging because it also involved mind-set shifting, and we had to constantly update our training courses. As far as training goes, we are really aggressive. Building awareness before ability is our main objective while training the advisers.

Second, when we first approached the customers, they showed no interest at all and were actually very unwilling to discuss their money with us. We came to the conclusion that they will never become interested since they have never been explained the value of investing, how banks operate, or what the benefits of investing are. In order to demonstrate them and pique their curiosity, we produced video and audio content in local languages. Gradually, we began to receive interest and expand our clientele.

We currently have more than 50,000 subscribers to our YouTube channel, and we offer information through audio and images as well as original content. To properly answer questions like “What is a credit card?”, and “How do you use a credit card?” , These films are intended. Because our clients demand that we create a video that emphasises the core components of the financial solutions we provide. Their understanding of the fundamentals is aided by video content, and our advisors then take it a step further by explaining the investments and raising their awareness.

Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for BankSathi?

Jitendra Dhaka:BankSathi is constantly working to increase people’s understanding of the significance of having a basic understanding of personal finance, as well as the variety of financial products that are available to them and the extent to which they will use these products in the future. In addition, BankSathi is working to increase people’s understanding of the variety of financial products that are available to them.

When it comes to making any kind of purchase involving a financial product, the Banskathi platform will be the one that is both the most efficient and reliable option accessible to choose from. Over the whole of the process, clients will receive help from its tech-enabled advisors, beginning with the search for the ideal product and continuing through the phases of product selection and purchase, respectively. We want to make it possible for people in the “Real Bharat” to have access to a variety of financial products, and we also want to generate 10 million micro-entrepreneurs in the future years. Our goals are to make these things possible.

Great Companies: If you had one piece of advice to someone just starting out, what would it be?

Jitendra Dhaka: I believe every one of us has the unique ability to create something brilliant, as an entrepreneur, my two cents would be focus on solving a genuine problem is probably the one piece of advice while you are just getting started. In other words, finding a real need or pain point in the market and solving it are more important than just having a fantastic idea for a business.

This tip is crucial because it enables founders to avoid creating something that no one needs or wants. Many start-ups fail because they develop a product or service that, while it may appear intriguing or novel, does not genuinely solve a problem for their intended market. Founders should do extensive study to comprehend their target market, their pain areas, and the current remedies in order to identify a true problem.

Customer interviews, surveys, data analysis from industry reports, and other methods can all be used in this research. After a problem has been discovered, founders should concentrate on developing a straightforward, practical solution that is user-friendly and offers genuine value to their clients. Until they identify the best answer, this may entail prototyping, testing, and iterating. A supportive team and network of mentors and advisers who can offer guidance and aid in navigating the difficulties of beginning and expanding a firm are also recommended by the founder.

In conclusion, the most crucial advice for someone who is just beginning their entrepreneurial journey is to concentrate on fixing a real need rather than merely coming up with something fascinating or new. They can boost their chances of success and provide a good or service that genuinely changes the world by doing this.



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