Why Do Banks and Financial Institutions in India Get Direct Selling Agents?

India is moving fast economically. Different banks and financial institutions are offering tools and services that can completely transform your lives. To distribute these services and offers, banks are using direct selling agents. In this blog, we will talk about the importance of DSAs in this industry and in detailed analysis of their recruitment and benefits.

These professionals are the backbone of the finance and insurance business. A DSA works like a broker between the customer and the lending company. When you are looking for loans, you either go to the bank directly or look for a DSA who will help you with the best loan in the market. Check the DSA partner app for more detailed information.

Reasons Behind Hiring Direct Selling Agents

Before knowing about the impacts of hiring a DSA, we need to understand the reasons for getting these experts.

1. We Need to Reach a Newer Audience

Banks and finance companies want to expand their business into new territories. They want to reach both rural and urban spaces. For that, hiring a DSA is important. These are financial experts who will take a particular financial tool and sell them to ordinary people. Any bank that wants to grow further needs to have some qualified DSA.

2. This is an Effective Strategy

For banks, it is an effective strategy because the cost they have to bear for getting a DSA is nothing compared to the money they will earn by selling those financial tools. Banks love to expand their market, and for that, they are ready to share the profit with the DSAs.

3. We Have to Increase the Sales

The aim of any profitable organization is to increase the profit further. For that, they have to increase the revenue. Tools like credit cards, debit cards, loans, and policies are ways to expand profits. It has been seen that banks with talented DSAs sell more such products than any other bank.

4. Better Customer Service

A direct selling agent not only helps a person to choose the right financial plan but also helps them understand about particular plan. They have been selling these products and know the ins and outs of these plans.

5. Workforce is Flexible

Most direct selling agents are part-timer employees working with banks and financiers. As India is a young country, you can get a workforce pretty easily. Use these people in your organization and offer training to make them efficient.

Employment Methods for Banks and Financial Companies

We have talked about some of the essentials for hiring a professional agent. Usually, banks follow these methods in the hiring process-

1. They Can Directly Recruit These Agents

Direct recruitment is an effective way to hire someone. Once they hire young, educated people, they will offer training to these people and make them ready for their jobs. When a particular bank is going to invest a lot of money, they usually use this direct selling technique.

2. Hire Some Third-Party Agency

 Next in line is using a third-party method. Several organizations are there that are helping these banks and financial institutions to hire professional DSA. You must understand DSA full form and other aspects before hiring them.

3. Offer Referrals

Referral programs can get you some DSA as well. It means people who are already working in the bank or the financial institute will give you a referral. This is an effective way to find some of the most professional DSAs in the market.

4. Use of Online Platforms

Have you used online platforms to find professional DSA? If not, you must use different online platforms to find experienced people who have enough knowledge about finance and the tools used in this industry.

What Are the Benefits for Banks and Finance Companies?

There are numerous benefits of having DSA. Have a look at a few of them-

1. it will reduce your operational costs.
2. When you want to enhance your market acquisition, it is necessary to have direct selling agents who can sell your products.
3. Customer acquisition will be faster than any other method.
4. Most customers love to conduct business with someone who can understand their needs and help accordingly.

The more you will know when you consult with an expert.