How Shavir Bansal's 'Bekifaayati' empowers audiences through personal finance education

A considerable number of people frequently lack knowledge regarding the effective management of their personal finances, basic discount policies at clothing stores, and notably, the prevalent scams involving income tax, electricity, etc. Shavir Bansal, utilising his channel and Instagram handle 'Bekifaayati,' has assumed the responsibility of enlightening and educating the public about these significant subjects.

During the recent episode of ‘Spotlight’, Bansal delved into his journey as a content creator. He recounted how his transition from a corporate career to becoming a financial educator via social media marked the inception of his content creation journey. During the discussion, he elaborated on the various topics that 'Bekifaayati' covers. Additionally, he shared his insights regarding the Advertising Standards Council of India’s (ASCI) recent guidelines aimed at 'finfluencers' and touched upon several other relevant subjects.

“I served as the Chief Manager at Kotak Mahindra Bank, where my primary responsibility involved engaging with numerous CFOs and treasury professionals, essentially individuals in pivotal financial roles within major corporations. During this experience, I observed an intriguing phenomenon that these experts adeptly managed their companies' finances, yet possessed limited knowledge about personal investment strategies and available insurance options. This realisation struck a chord with me,” Bansal said during the episode.

“Considering that these individuals ranked among the foremost financial experts in our nation and still had minimal comprehension of their personal financial matters, it raised the question of how the vast majority of Indians, who likely have even less financial acumen, managed their finances. This profound realisation prompted me to make the bold decision to step away from my corporate career and embark on a new path,” he added.

When Bansal delved into the details of what 'Bekifaayati' encompasses, he mentioned that the content covers a wide spectrum of personal finance topics. This comprises educational materials on investing, not just the buying or selling aspects but also focusing on investment-related education. Additionally, they also delve into taxation, insurance and various facets of personal finance.

“On Instagram, we share concise, informative videos. Meanwhile, our YouTube channel features in-depth, educational content in the form of explainer videos, typically ranging from six to eight minutes. These videos offer guidance on topics such as selecting quality insurance policies and the best mutual funds available. It's important to note that our YouTube content is tailored to be more comprehensive and educational compared to our Instagram content,” Bansal added.

What's truly interesting is that Bansal, the creative genius steering the ship for Bekifaayati's content, doesn't even make an appearance in the videos.

“I initially ventured into video creation but I must admit, I didn't excel at it. Naturally, I considered that everyone struggles in the beginning and one option was to persist and gradually improve like others. However, another idea crossed my mind: why not enlist the services of someone who excels in this field? By doing so, I could delegate the role of being the on-screen presence to an expert, allowing me to concentrate on other essential tasks. Ultimately, I opted for the latter course of action,” Bansal said.

“That one pivotal choice has been instrumental in Bekifaayati's remarkable growth. Due to that one decision, we've introduced numerous channels, including six regional ones. Remarkably, two channels garnered over 1,00,000 subscribers in just six months post-launch, while our Punjabi channel boasts a staggering 5,00,000 subscribers. This achievement would have been unattainable if I had remained closely tied to Bekafaayati by being the face of our videos. Interestingly, I've noticed other content creators adopting this approach, recognising how it liberates valuable bandwidth for other endeavours. We are now on the brink of launching one of the largest finance communities, as I've had the time to concentrate on other initiatives. In hindsight, it was an exceptionally wise choice,” he added.

ASCI's recent guidelines have brought about significant changes for influencers in the finance sector. On being asked about how does Bansal view the requirement for influencers to be registered with SEBI before offering investment-related advice and what steps has he taken to ensure compliance with this new regulation, he said that the true impact of this new SEBI rule is not fully clear yet because they have just issued a statement.

“Detailed guidelines haven't been made public yet. However, I believe this is a step in the right direction. It should have a positive effect, especially within the finance influencer community. It's worth noting that similar rules have been introduced for health influencers, which is also crucial,” Bansal said.

“I hope that SEBI remains open to hearing the perspectives of finance influencers. Collaborative efforts can help address any issues that may arise. Without open communication, it could become challenging for both SEBI and us to fully understand and navigate this rule,” he added.

Watch Full Interview Here:

https://youtu.be/hi95rsFUPJ0?si=DoYzsfO9PwxD8LRI