Jitendra Dhaka, Entrepreneur & Founder of BankSathi, A new edge Digital Advisory Platform

Jitendra Dhaka - Founder BankSathi

Interview with Jitendra Dhaka, Entrepreneur & Founder of BankSathi, A new edge Digital Advisory Platform

BankSathi helps both customers and financial institutions get the results they want from their business practises.

This platform gives customers a set of options based on their preferences, limitations, and basic information. This helps them choose the best one and takes them to the financial institutions that offer what they need.

Founded by Jiendra Dhaka, Banshathi’s goal is to help people take control of their finances and come up with simple rules for maintaining financial security.

Behind this goal are things like easy navigation to different sets of options, filters based on needs and criteria, and cost management, all of which save a lot of time in the end.

What made us start this business

Inspiration is to give people in “Real Bharat” access to financial products and services. India has a very small market for financial products compared to other Asian countries and developed countries.

People don’t know enough about financial products to use them well. Our goal is to teach people about financial services and make them aware of them.

The company has been around since 2020 and is based in Bangalore having 4 main branches right now. The head office is in Bangalore, and the others are in Jaipur, Gurgaon, and Mumbai.

Market overview– Research shows that only 10% of the Indian population is aware of fintech products at the moment.

The traditional model that businesses in India use for Fintech is heavily based on relatives or references.

It has advisors from 17000 pin codes all over India at the moment. If it’s about users, we’re focusing on quality advisors like insurance agents, financial analysts, retired bankers, housewives, small shop owners, and mostly people who want to make some extra money and also earn their livlihood.

The company’s goals and plans

Vision: By 2030, we want to have 10 million advisors in our family. Raise the living standards and make people better with their money.

Mission: Our ambitious goal is to become a Hybrid-fin by developing effective ways to handle money. Through our advisor-based model, we want to bring customers and financial products to the same level and connect the different ways they are sold.

We want to make sure that everyone has access to financial products because many people still carry cash and don’t know “why,” “how,” “which,” or the financial product they need to buy. We have trained 700,000 advisors so far, and our goal is to have one for every 100 families.

Their goal is to give the “Real Bharat” access to financial products, and our vision is to make 10 million micro-entrepreneurs.

Their customers and advisors from tier-2 and tier-3 cities make up 80% of our business. They have a presence in 90% of all pin codes in the India.

Kunal Shah, the founder of CRED, CP Toshniwal, the CFO of Future Group, and Hem Angles all contributed to the seed round.

Business model and revenue model –

• BankSathi is a fintech platform that helps financial advisors start selling financial products online and build their digital presence.

We give advisors a place to keep track of their customers, leads, sales, etc. It gives content for training and marketing to advisors.

• Business model: The BankSathi platform is free for both advisors and customers, and it will always be free. We are charging financial institutions for getting customers to buy their products.

Can you tell us about your background and how you got started in the financial industry?

Jitendra Dhaka: I’ve always had very high expectations for myself, and all my life I’ve been motivated by the successes of individuals who have prepared the road for me to follow in their footsteps.

Growing financially was more important for me and my family because I am a farmer’s son. My degree has provided me with a pandora’s box of opportunities.

I got the chance to spend a significant amount of time working on a number of projects in the more rural regions of India while I was an engineering student.

I first became vividly aware of the severe knowledge gaps about financial planning and investment in rural India while I was on one of these visits.

The main reason was that people were not aware of the investment opportunities the banks were offering.

People in rural India were content with straightforward savings accounts because they were unaware of the other possibilities, whereas we thought about investments that generate interest income.

There has not yet been a significant industrial penetration because of people’s ignorance. I obtained a position as a digital marketer in the fintech industry because I wanted to raise awareness about various financial products.

I was given the chance to pursue a career in finance because to this experience, which is something I have been enthusiastic about for as long as I can remember.

And the first thing I realise is that in order to close the gap between us and introduce them to a variety of investment options, I need to get in touch with these people about a range of financial products. As a result, the idea for “BankSathi” emerged.

What inspired you to start your own financial advisory company?

Jitendra Dhaka: Due to the fact that people in rural India were unaware of the various other options open to them, they were content with keeping their money in straightforward savings accounts.

In contrast to this way of thinking, we typically consider investments to be profitable if they provide interest payments.

As a result of the vast majority of people’s lack of knowledge regarding the subject, the industry hasn’t been able to penetrate the market all that deeply up to this point.

As a result of my desire to educate more people about the plethora of different financial products that are on the market, I decided to get a career in the financial technology industry working as a digital marketer.

Because of this experience, I was given the opportunity to pursue a career in finance, which is a field that has always interested me and about which I have been enthusiastic for as long as I can remember.

Because of this experience, I was able to pursue a career in finance, which is a field that has always interested me.

And the first thing that I realise is that I need to contact these people about a range of financial products in order to bridge the gap between us while also making them aware of a number of different types of investments.

In other words, the first thing that I realise is that I need to contact these people about a range of financial products. When I think about the things that I need to get done, the first thing that comes to my mind is this.

Kindly brief us about BankSathi, its specialization, and the services that it offers

Jitendra Dhaka: The issue is that there are around 190 million people in India without bank accounts; only 3% of Indians have credit cards, compared to 300 cards for every 100 people in the US.

India barely has 1% of Americans purchasing non-life insurance, compared to the US’s 8.7% penetration rate. Regarding a number of additional categories of financial products, the situation is the same.

Consumers are generally sceptical of the justifications and incentives provided by banks and other financial organisations.

The type of financial items that consumers should buy is unclear to them. Due to a lack of awareness about the numerous financial possibilities accessible, people lack confidence. The client is looking for support and a reliable person.

Because of the high costs of labour and infrastructure, financial institutions only occupy a very small percentage of the planet’s geography.

Consumers need a more human approach when selling financial products to them because they have lesser levels of technology knowledge.

The Solution: BankSathi is a technological platform that enables financial advisors to establish their online presence and start marketing financial products.

By creating a LIC layer that covers every financial institution, it achieves this. provides a carefully curated assortment of financial products and services, along with information and digital processes, customer lead management, and full status knowledge.

Advisors can make a big income by leveraging their existing customers and using social media. BankSathi offers its advisors the chance to generate reliable income streams.

Can you share some of the biggest challenges you faced when starting your company and how you overcame them?

Jitendra Dhaka: Challenges are inherent to entrepreneurship. Challenges are required to push us to our limits and force us to consider alternatives.

Upon conceiving of the idea to build BankSathi, I did encounter a number of obstacles. Rural India’s ecosystem is vastly distinct from that of metros and Tier 1/2 cities.

Here, we are discussing developing awareness and confidence in banking goods and fortifying them financially.

People’s mindsets had to be altered, thus recruiting team members who share the same level of enthusiasm was a challenge.

Organizing training sessions for those advisors was a game-changer, and I realised how motivated I was throughout the entire process.

Rather than focusing just on resolving our own issues, I’ve learned that it’s important to strike a balance and consider what people truly require.

What advice would you give to someone considering starting a career in financial advising business?

Jitendra Dhaka: The profession of financial advisor in the workplace is growing in importance and compensation. But, prior to pursuing a career as a financial advisor, one must have a passion for the sector and a good understanding of how the various markets operate.

In India, a range of tools and educational opportunities make it feasible to learn and comprehend the subject.

There are numerous institutions that provide both offline and online courses that teach professional qualification degrees in relevant fields such as finance, banking, and capital markets, among others.

Acquiring this skill set and putting it to use are equally essential steps in the procedure. This places a big burden on our shoulders, since our clients and consumers will rely on your knowledge to make an informed choice.

As a financial advisor, you must not only make sales of products and services, but also manage your reputation and earn your clients’ trust and confidence.

In terms of income potential, it is lucrative. In addition to giving freedom, it varies based on the duties or jobs a financial advisor has undertaken.

How BankSathi is using  digital technology in evolving the Fintech industry?

Jitendra Dhaka: With the assistance of technological automation, time-consuming processes can be simplified. This not only results in significant cost and time savings, but also frees up employees to concentrate on other important responsibilities.

It enhances both the effectiveness and the speed of service, as well as the quality of the user experience that is provided to advisers.

We are integrating OCR technology. -We are confirming PAN numbers and Aadhar cards online. -We are tracking each and every advisor activity using our own bespoke CRM.

Our application is capable of real-time lead tracking. Consumer selection criteria for each individual product

Customers are directed to the most suitable financial product available from the most suitable bank or NBFC using our platform.

As a result, the company is in an excellent position to see rapid expansion in the not too distant future. However, because it is made feasible by AI.

It is also a deliberately accented concept in which individuals (from all of the profiles) are offered employment alternatives as a financial advisor and can make income flexibly in a variety of ways.

This concept is a thoughtfully accented concept. AI also assists advisors in understanding the actual needs of consumers as well as the possibility for selling products in order to generate the highest feasible profit.

Future plans you have 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 be used in the future.

When it comes to the acquisition of any kind of financial product, the Banskathi platform will be the one that is both the most effective and dependable available.

Clients will receive guidance from its tech-enabled advisors throughout the entirety of the process, beginning with the search for the perfect product and continuing through the product selection and purchase phases respectively.

Our aim is to make it feasible for individuals in the “Real Bharat” to have access to a variety of financial products, and our objective is to create 10 million micro-entrepreneurs in coming years.

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