The Battle of Sales in Financial Institution

Every time I get a call from any unknown number, 90% of the times it’s from a tele-caller who is trying to offer me something. Out of these calls, 90% of the calls are all about personal loans or credit card or some sort of investment: in short a Financial Service.

This makes me wonder how these financial giants function and how the new comers sell. Well, one word for this is DSA. This has been the major source of business for every financial institution; they rely on these DSAs and pay them a good percentage.

The authorized DSA works with scores of other DSAs who may not have been registered with any institution. Applications are logged in by DSA in the portal provided by the financial institution and if there is no duplication, the DSA gets paid on whatever term they are working with the bank- per lead generation or commission on loan disbursement. Big institutes and anyone who is offering a loan, mostly pay for lead.

Off late, digital lead generation is also used by the financial institutions directly. But then, 90 percent of the businesses are generated solely by the DSA. I have seen one financial institution that had broken this traditional method and had taken the job upon itself for lead generation through both online and offline channels. The company that I am talking about is aggressive and has modulated and innovated its sales strategy and function. I am talking about Bajaj Finance. There is no doubt that with their bold outtake on the sales, they have even dislodged SBI and have emerged as one among the top 10 companies by market cap.

Bajaj finance has been successful in implementing this self-made innovative strategy. Their aggressive sales strategies include deploying in-store promoters in every electronic shop of credibility and promoting loans on the spot. I know, sometimes these guys convince you not to spend your hard-earned cash and instead take an interest-free loan. Sleek sales strategy, Right! However, on its other products, the company has adapted an aggressive digital marketing strategy. They tend to pull you back and get to you again and again via remarketing and other spot ads. In short, they haunt you, track you and keep pushing themselves until their sales are done.

That’s what a good salesman does: keeps oneself visible and constantly follows up with customer.

Citing the example of Bajaj Finance, I fail to understand why most of the financial institutions still stick to the traditional method and not take a different approach with their sales. While others kept laid back with traditional sales process, a low-cost-low-risk approach proved to be a boon for Bajaj Finance. And with this daring move, slowly & steadily, Bajaj Finance took over the leadership position.


Well, the bottom-line is that an aggressive sales strategy with calculated risk always pays.

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