New Delhi : Finway, a top lending institution in the country, announced a consequential revelation about theon going consolidation of Direct Selling Agents (DSA’s) in the financial industry space.
Finwayrecognizeda a new trend that is being followed by many DSA’s operating at a small and medium scale wherein they are actively shutting their shops in order to get consolidated and collaborated with bigger players or forming a bigger entity amongst themselves to benefit from their tech know-how, research domain, and logistics. They are focused on meeting their sales target while cutting costs and focus on generating maximum sales.
According to Finway, the platonic shift they observed will soon take over the DSA industry. This pattern has already been observed in 45% of industry players. Big players are also following the trend which shows that it is substantial and not a random fad. Finwaypredicts that only a few big players would persist while the rest small players would merge with them.
Finway CEO Rachit Chawla made assertive claims about the upcoming transformation, elaborating his observation he said– “Big industry players like Paisa bazaar, Bank bazaar and Andromeda can be observed following this trend. Since Finway is bullish about the same. If the trend endures its strength it would increaseFinway’saggregation company penetration to a great extent. We, at Finway target, to add 3000 agent benchmark PAN India by this year-end leveraging technology.”
The pre-pandemic data states that DSA recorded $2.47 billion in sales in 2019 alone. Considering the sheer size of this industry, the foreseeable transformation can prove to be a game-changer. Finway is a big player eager to create stable space for both small and big players.
Finway is devoted to the idea of financially empowering Indian people. They are on the mission to make people capable enough to reach their financial aims. During the early stages of the lockdown when the market was completely disrupted, Finway helped people sustain with the Finway Loan Assist for Partners (FLAP).
They allowed agents to digitally process loans in four categories – personal loans, loans against property, home loans, and business loans. All the information required to apply and verify the loan is provided in real-time to the agents. The agents earn a specific percent of the loan total as their fee on every successful transaction. The money then directly gets credited to the wallet of the app. With no hassle, the money can be further transferred to a personal bank account instantly with absolute ease.