Rachit Chawla believes in simplifying the financial world to become popular with first-time loan seekers and agents alike
With what started as a mission to empower people financially and fulfill the real financial needs of the people at ground zero, Finway FSC is today using its digital ecosystem to bring together borrowers and lenders, and eventually creating financial entrepreneurs. The brainchild of Rachit Chawla, Finway FSC offers a unique digital ecosystem bringing consumers to banks and NBFCs with a digital footprint.
Chawla says Finway was born to fill the existing gap in financial services – gap between what is being offered and the actual demand on ground zero. “We saw a huge gap between what was being sold to the customers and what the customers actually needed,” says he, tracing how he conceived the idea. Elaborating, he points out that every single financial instrument is backed by a commission, which remained a priority for sellers in the traditional environment across instruments - from loans, insurance to investments.
He felt the dynamics needs to be changed and he and his team at Finway came up with a mobile application called FLAP to firstly increase financial literacy and secondly to replace commission with a structured fee system. “The application shares all product offerings and the commissions being offered for each such product to the customer. This not only brings in transparency, but the financial literacy allows customers to opt for the most appropriate financial instrument,” says he.
ROADBLOCKS WITH CHANGING DYNAMICS
Sharing some insights on the challenges and roadblocks he encountered, Chawla says Finway’s attempt was to completely change or transform the ways in which financial products were being sold. For this, Finway opted to train a new workforce using virtual sessions. Choosing a new team over experienced sellers or agents already selling financial products across various channels and verticals turned out to be the game changer for Finway, says Chawla. “Even today, on our app there is an event happening every day, training our agents about one financial product or the other,” he adds.
With simplicity and financial empowerment on offer, FLAP today is the preferred option for loan seekers compared to traditional DSAs or other agents, claims Chawla, stating this change in thought process completely bypassing the initial challenge is one of the subtle success stories that he and his team could weave.
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