If you closely follow the Indian financial market, you will find the importance of Direct Selling Agents in our economy. Having a DSA will help us fill the gap between big financial institutions and end customers.
In this blog, we will focus on the working style of a DSA, how they are contributing to our economy, issues they are facing, and some tips that might help manage those issues. You can easily contact with Loan Agent to find the best loans and have multiple benefits.
What Are Some Possible Issues You Can Face as a DSA?
After talking to people who have been working as a DSA in India, we have got to know about many aspects that are bothering these agents to work properly. Firstly, we will learn about these issues and then find the best possible solutions as well.
-
The Competition Is Insane
One of the major issues that a direct selling agent faces is high competition in the market. The customer base is the same, but different banks and loan companies are trying hard to make them their customer.
As both banks and non-banking finance companies are competing with one another, the market is going to be tougher in the next few years. That’s why working in this segment feels tough. Unless you are really good at your work, it is not easy to make your name in the market.
-
Regulatory Issues
Reserve Bank of India imposes strict guidelines for Direct selling agents and banks operating in India. If there is any non-compliance, you have to face penalties. It is not good for your financials. In fact, you might lose your credibility in the market.
-
Severe Trust Issues
There are people who don’t rely on Direct selling agents because of their past experiences and frauds. You have to work really hard to get back the trust they lost in the past. This is going to be challenging when multiple agents are trying to do the same.
-
The Market is Fluctuating Continuously
It is hard to predict the economy. It has a fluctuating nature that is hard to predict. It is possible to face an economic downturn due to a change in interest rates or other elements. The demand for loans can also increase or decrease with time. As a Direct selling agent, you must understand these changes and try to be relevant.
-
Rejection Rates Are High
However, having a professional loan agent will help you file for a loan and get approval. Sometimes, even after getting help from a DSA, your application can still be rejected. That doesn’t mean that your DSA is not doing his job. Rejection might come, but you must stick to the method and try once more to keep all the factors correct. Consult with a DSA Agent to learn more about these things.
-
Lack of Proper Technology
Technology is going to have a major role in the loan market. If a particular DSA doesn’t know about modern technologies, he will surely fall behind. To get success in this industry, you must learn how to use modern technology and become much more efficient.
-
You Need to Meet Targets
When you are working as a direct selling agent, you have to face a lot of pressure. People who can’t handle pressure can’t work in this job. Once you start working, you will understand some major aspects of this job and start developing those skills.
Contribution of DSAs in Indian Economy
Although the issues are numerous, still Direct Selling agents are hugely important for our economy. Here are some of the impacts these agents are having on our financial system in India-
- With the help of DSAs, it has become possible to bridge the gap between financial institutions and clients. Customers feel more comfortable talking to an agent than directly to the bank.
- Our country is going through some serious changes. The literacy rate is improving. People are more knowledgeable about credit scores and the importance of financial planning.
- With the help of DSA, people are taking loans and creating their credit history. This has boosted entrepreneurship in our country and boosted consumption.
To become successful in any industry, we need to check a lot of factors and try to be good at them. Here, we have discussed some of the essential aspects of determining the market. We hope you will focus on them and improve your situation as a DSA.
