Jitendra Dhaka
Founder & CEO
In an exclusive interview with CEO Insights, Jitendra shares his success mantra, what makes BankSathi so unique, and much more.
Shed some light on your professional background and experiences. What inspired you to start your entrepreneurial journey in the FinTech industry?
I am an engineer by education, Digital Marketer by passion and fintech enthusiast by heart. I completed my BTech in Computer Science from LovelyProfessional University in 2013. I started my professional career during my first year of engineering itself, where I marketed some digital products for 2-3 years before starting my Tech and Marketing Company Crazzle Plus in 2013, where I worked with reputed publishers and advertisers such as Google, Facebook, Media.net, Indian express and so on.
I generated more than 1000 million page views as well as five million revenues. I have always been passionate about the finance domain. However because of people’s unawareness, there has
been very little industry wise penetration. So as a digital marketer, to raise people’s awareness about financial products, I ventured into the fintech sector.
Define BankSathi as an organization and its position in the industry? What are the organization’s greatest strengths and unique propositions that it offers to its clients?
I have always been fascinated by the idea of increasing the penetration of financial products into the market through the distribution channel. Based on the bureau data, more than 77 percent of financial products are sold either through family relatives or through reference models and I wanted to break that. Here, our financial advisors play an important role of selling and distributing financial products at BankSathi.
So, at BankSathi, more than 80 percent of the client base are different financial institutes trying to distribute their products through our financial advisors. We have advisors from over 16000 pin codes who are helping people across the country to get the right financial products and are making around one Lakh on monthly basis.
What are some of the major challenges you have experienced in your journey so far? How did you overcome them and what did you learn from them?
Throughout my entrepreneurial journey, I take each of the challenges as an opportunity. The major challenge that I have faced throughout the journey is in terms of people management. Many times, you need to handle and coordinate with people irrespective of the result. There are times, I have lost clients but the whole experience has made me learn from my mistakes and grow better coordination with my clients.
What has been your success mantra? What are some of the major milestones you have achieved throughout your professional journey so far both as an individual and as an entrepreneur?
I have a never back down attitude and believe in putting in maximum effort, which has been my core
Define BankSathi as an organization and its position in the industry? What are the organization’s greatest strengths and unique propositions that it offers to its clients?
I have always been fascinated by the idea of increasing the penetration of financial products into the market through the distribution channel. Based on the bureau data, more than 77 percent of financial products are sold either through family relatives or through reference models and I wanted to break that. Here, our financial advisors play an important role of selling and distributing financial products at BankSathi.
I might be having fewer skillsets but I make up for it by being consistent
So, at BankSathi, more than 80 percent of the client base are different financial institutes trying to distribute their products through our financial advisors. We have advisors from over 16000 pin codes who are helping people across the country to get the right financial products and are making around one Lakh on monthly basis.
What are some of the major challenges you have experienced in your journey so far? How did you overcome them and what did you learn from them?
Throughout my entrepreneurial journey, I take each of the challenges as an opportunity. The major challenge that I have faced throughout the journey is in terms of people management. Many times, you need to handle and coordinate with people irrespective of the result. There are times, I have lost clients but the whole experience has made me learn from my mistakes and grow better coordination with my clients.
What has been your success mantra? What are some of the major milestones you have achieved throughout your professional journey so far both as an individual and as an entrepreneur?
I have a never back down attitude and believe in putting in maximum effort, which has been my core
mantra and motivates me throughout. I might be having fewer skillsets but I make up for it by putting in consistent effort. I have always been a hardworking person who loves challenges. I believe in growth, creating a healthy mindset, and always up for discussions that would help me and my team grow.
Through my organization, we are providing livelihood to more than 200 people through employment which in itself is a huge accomplishment for me. Other than our employees, we are also adding value to all of our customer’s lives by providing financial knowledge about savings, trading, insurance plans and helping them to grow their income.
Based on your strong professional experience, what advice would you give to the upcoming entrepreneurs in the same industry?
The advice I would like to give to budding entrepreneurs is perseverance. Always have a never give up attitude and use every opportunity to learn and grow through the challenges. Coming to people in the fintech industry, there is very less penetration in India as compared to other countries. My advice to the people in the fintech sector is to work on awareness rather than product sales. There is around 10 percent of the population who are aware of the financial products and the rest 90 percent are still unaware of it. We need to teach them about various financial products which will eventually help us expand.
Jitendra Dhaka, Founder & CEO, BankSathi
Having rich experience in Digital Marketing, acquisition as well as in the FinTech sector, Jitendra has been redefining the traditional Indian fintech model through his organization ‘BankSathi’ by distribution and selling of financial products through advisors that are present in more than 16000 pin codes across India. A diligent leader who believes in hard work and consistency more than anything and loves to add values to people’s life.
Favorite Cuisine: Indian
Hobbies:Travelling and Watching movies
Favorite Book: 'You Can Win' by Shiv Khera
Through my organization, we are providing livelihood to more than 200 people through employment which in itself is a huge accomplishment for me. Other than our employees, we are also adding value to all of our customer’s lives by providing financial knowledge about savings, trading, insurance plans and helping them to grow their income.
Based on your strong professional experience, what advice would you give to the upcoming entrepreneurs in the same industry?
The advice I would like to give to budding entrepreneurs is perseverance. Always have a never give up attitude and use every opportunity to learn and grow through the challenges. Coming to people in the fintech industry, there is very less penetration in India as compared to other countries. My advice to the people in the fintech sector is to work on awareness rather than product sales. There is around 10 percent of the population who are aware of the financial products and the rest 90 percent are still unaware of it. We need to teach them about various financial products which will eventually help us expand.
Jitendra Dhaka, Founder & CEO, BankSathi
Having rich experience in Digital Marketing, acquisition as well as in the FinTech sector, Jitendra has been redefining the traditional Indian fintech model through his organization ‘BankSathi’ by distribution and selling of financial products through advisors that are present in more than 16000 pin codes across India. A diligent leader who believes in hard work and consistency more than anything and loves to add values to people’s life.
Favorite Cuisine: Indian
Hobbies:Travelling and Watching movies
Favorite Book: 'You Can Win' by Shiv Khera