Reflections on Building Relationships and Resilience in the BFSI Industry - my story.

I often look back at my journey in the BFSI (Banking, Financial Services, and Insurance) industry, which began in February 1994 (I was fresh out of college) and lasted until September 1997. During that time, I was involved in retailing Fixed Deposits for a Non-Banking Financial Company (NBFC) through a multi-level marketing approach. These were early days for the Indian economy's open market approach, and the BFSI sector was still evolving.

At that time, most competing financial products, including the most popular Postal saving schemes and Bank deposits, took much longer to double than the Fixed Deposits I was selling—just five years. It seemed like there was no real competition, except for one significant hurdle: people were hesitant to invest their hard-earned money in privately owned enterprises. This skepticism was a major challenge that we faced during that era.

It would take nearly a decade for the common person on the street to fully grasp the impact of the open market economy, which was being ushered in by Dr. Manmohan Singh, the Finance Minister at the time. As we navigated this dynamic landscape, it was essential to build relationships with our customers.

During those years, we had two products to sell to reach our targets. The first was the financial instrument, which people had to wait for five years to see if the promise was met. The second product was the dream that we were selling to our colleagues, whom we recruited from our pool of friends, friends of friends and their local acquaintances. Regardless of the product, belief was the key to success. We needed to wholeheartedly believe in what we were selling. Building relationships with clients was equally crucial, as we aimed for long-term connections.

However, this phase came to an end due to changes in rules and regulations imposed by the government on non-banking private enterprises. This was in response to the "parallel economy" created by unscrupulous companies that were thriving. The regulatory changes had a profound impact on the multi-level marketing scheme, especially for companies wishing to conduct ethical business. Within months of the announcements, the whole structure came crashing down.

This experience taught me a vital entrepreneurial lesson: it's essential to build a strong and diversified foundation that does not depend solely on one plan or aspect. People remain the heart, lungs, and kidneys of a company, taking into account the direction it is being propelled is viable and correct, but they must have a horizontal spread of work objectives, rather than just depth of work.

The three fundamental principles that have guided me throughout my career are building relationships, believing in the product (even if it's an intangible concept), and always having alternate plans in place. These principles have been my compass, helping me navigate through successes and failures.

While I have faced setbacks, misplaced my trust, and at times, focused too intently on one aspect while missing what was happening around me, I've learned valuable lessons. Listening to mentors and leaders (including the pandemic, which was a great teacher), upskilling, reading, and exploring have all contributed to my growth. Better discipline and damage control have also been vital aspects of my journey.

The future may hold more mistakes, as to err is human, but I've become better at managing the fallout. I'm eager to continue learning and sharing my knowledge. I believe that if we all commit to sharing our knowledge, we can collectively build a community of successful and content individuals. After all, we are social animals, and there's tremendous value in sharing experiences, wisdom, and insights with one another.

I'm open to learning more and would love to know what specific topics or questions you have. Let's embark on this journey of knowledge together, and as we share, we'll undoubtedly see more success stories around us. A community of happy people is far more fulfilling than being a lone happy soul. Together, we can elevate one another and create a brighter future.