Banksathi

Industry:
Finance
Platform:
Android and iOS

Industry:
Finance
Platform:
Android and iOS

Project Concept

Banksathi: Making the Process of Online Earning Hassle-free

With the GenZ and Millennials now doubling down on investments, there has emerged a need for financial advisors helping them make the best financial decisions.

To meet these growing user needs, Banksathi was formed

Backed by $877K in funding and a recurring revenue count of $6 Million and growing, the multilingual finance app brings different financial experts - Loan Agents, Insurance Advisors, Ex Bankers, BFSI Professionals, and Wealth Advisors - together, to become financial advisors and earn in-app.

On a theoretical level, the application was a game changer, its implementation, however, narrated another story. When the Banksathi founders came to us they were struggling with bad user reviews on the stores around interface, lack of features, and the overall experience.

Our Role

Our Part in Making Banksathi a Finance Industry’s Favorite

When the client came to us with their live application, they were seeking a solution around revamping their depreciated code. The first thing we did was install the application and look at the issues from their customers’ point of view. A quick runthrough plus a conversation with the clients cemented the role that we would play in Banksathi’s revamping journey.

iOS app
development

Android app
development

QA testing

App launch

Re-looking at the App’s Working

Refactoring Banksathi required us to look into the app’s working and offering. What we noted before initiating the work was that the app idea was truly unique and profitable. There was a demand among finance enthusiasts for an income application where they could earn through their financial knowledge.

At its base, Banksathi hosted a range of financial products for advisors to sell to leads. In return for every sale, they earned hefty commissions, which got multiplied when they referred someone to the app to become advisors. What made the app unique was - timely payouts, no limit on earning, in-app training around the products and making sales.

On paper, Banksathi had everything it took to make a profitable application. However, on the execution front, there were multiple loopholes - glitches in apps, modules not working, slow payment disbursement process, etc. Now to make the application as useful as it was on paper in a real world scenario, we had to take every user journey apart and identify the areas of concerns on a technical end.

App workflow

Re-building Banksathi

Identifying Challenges to Address Banksathi Reconstruction

“The prime facie case of Banksathi was that of complete code revamp. The way we approached that was by taking up feature additions and code revamp activities alongside - in an agile manner. When we reached a stage where all the depreciated code was revamped, we went on with pushing out updates in the live application.”

While our development team was working on that, our analysis team identified additional features that would make the application a go-to mode of earning income and re-establish its image. As a result, we extended the project deliverables to an upgraded time-sensitive notification system, smart business analytics solution helping users be on track of their earnings, lead count, and an admin panel for the Banksathi team to track users (where they are coming from - Social media or organic) and manage their movements.

Under the project scope we have been working on:

Complete code revamp.
An upgraded push notification mechanism.
Smart business analytics for users to track their growth and app admin to manage Banksathi
An educational module where the users can enroll in courses around the financial products.
Added SSL pinning technique to prevent unethical data transmission.

What made the app refactoring process possible was a blend of intuitive tools and the best minds working together.

1 Frontend developer

1 senior Android developer

1 senior iOS developer

1 tech lead

SDKs:

Deployment platforms:

Framework:

The Outcome

Working Towards Making Banksathi a Trusted Source of Income

The efforts our analysis and development team put together behind rebuilding Banksathi architecture is leading to the app seeing a shot in app downloads, bringing the number up to 1 million and counting along with an active user base of 30+ million, and over 1 million financial advisors.

30+

million customers

1+

million app
downloads

$5.4

million funding

$6M

recurring revenuerecurring

It’s really very good application and I am loving using it because of the best features available for earning money online by selling financial products and I am really impressed with this aplication

It’s an excellent app to generate extra income without any investment. It has a potential to fulfil almost all your requirements about banking like Credit card, Personal loan, Demat account, Saving account and even emi cards as well. I really like this app and recommend all of you that if you generate income without investment than you should definitely use this app once.