banks strategies @ doms
TRANSCRIPT
Banks Strategies for Financial Inclusion
Agenda for Discussion Typical Challenges in
Financial Inclusion Support from Micro Finance
& Self Help Groups Information Communication
& Technology Mobile Banking Biometrics ATMs Rural Employment
Opportunities
Challenges of Financial Inclusion Illiteracy Remote Locations Cost of servicing small
sized transactions Telecommunication Reach of Technology
Micro Finance & Self Help Groups
– Reach remote unbanked areas/non branch locations through SHG Lending Programme
– SHG Clients being serviced with Loan & Savings Products
– Door step banking (disbursement of loans and collection of installments) to all the SHGs using Service Providers (SP) as our Business Correspondents.
Information Communication & Technology
Cash Terminals – Card based transactions Hub and spoke model with co-
operative banks Cash Deposit and withdrawals PIN based cards
Hand Held Devices – Biometrics enabled Offline devices for remote
locations Biometrics for customer
authentication Transactions record on the
spot
Mobile Banking – Catalyst for Microfinance
• Current Usage– Currently only for A/C
Related Enquiry– Use of Mobile Phones for
Financial Transactions•Opportunities - Microfinance–Exploration with Technology Partners–Funds Transfer using Mobile Phones – SMS Based–Mobile to Mobile funds transfer ( Futuristic )–Stringent KYC norms of Telecom cos. to be leveraged
•Challenges–Security on mobile devices–Transaction encryption
Biometric ATMs• ATMs with Biometric solution• Biometrics as authentication
mechanism• Illustrative ATM screens for
illiterate customers
• Challenges– ATMs efficiency and
maintenance in Rural conditions
– Biometrics efficiency in Rural condition
Rural BPOs Migration of non-core image based
activities to Rural BPOs to create employment opportunities to rural youths.
Enable rural youths to gainfully use their education in their own environment.
Reduce rural youth’s migration to crowded cities causing frustration caused by infrastructural inadequacies there.
Contribute to rural development enabling educated youth to support their family business in their spare time.
Extra income enables Rural youths live a life of dignity and escape clutches of economic poverty.
Opportunities
• Improved Communications• Technology reaching out to
the Rural Areas.• Huge Business
Opportunities• Stickiness of Rural
Customers• Mass Banking – Very
Large volumes• Low Establishment Cost
Thank You