Financial Inclusion in Action

Read, Share, and Discuss

Financial Capability and Indian Digital Financial Services

Header3c

The World Bank Institute highlights that behavioural change with regard to financial capability is a non-linear process and requires more than receiving compelling information. For an evolving channel like DFS, which has several models of service delivery, this brings its own set of challenges. For DFS to be used to its full potential, it is… Continue reading

Customer Vulnerability, Trust and Risk in Indian Digital Financial Services

Header3c

Qualitative research done as a part of MicroSave’s study for the Omidyar Network on customer production, risk and financial capability in India shows that customers’ perceptions of banking or financial transactions are still focused on brick and mortar based services. DFS providers have not done enough to change the customer’s perception and gain trust. The… Continue reading

PMJDY Bank Mitr Assessment: The Supply-Side Story

Header3c

Pradhan Mantri Jan Dhan Yojana (PMJDY) is now the world’s most successful financial inclusion scheme.  This blog highlights the supply-side findings (specifically focused on Bank Mitrs (BMs) or bank agents) of the final round of MicroSave’s PMJDY assessment (Wave III) conducted in December 2015.    The BM network is the backbone of PMJDY scheme. The… Continue reading

PMJDY: Milestones Reached, Yet Miles To Go – Customer Side Story Part 2

Header3c

In the first part of this blog, we discussed the demand-side findings of PMJDY Wave III survey conducted by MicroSave in December 2015. The blog highlights the positive impact of the PMJDY scheme on the financial behaviour of rural customers. Rural customers, including women, have enthusiastically contributed to the success of the scheme and have… Continue reading

PMJDY: Milestones Reached, Yet Miles to Go – Customer Side Story Part 1

Header3c

Pradhan Mantri Jan Dhan Yojana (PMJDY) is now the world’s most successful financial inclusion scheme. The scheme envisages universal access to banking facilities with at least one bank account for every household, in addition to access to credit, insurance, and pension facilities. As of March 15, 2016, the scheme has mobilised approximately INR 335 billion… Continue reading

Democratising Financial Services

Header3c

Sheetal, a 41 year-old widow, is a vegetable hawker and lives by herself in Mumbai. She wanted to expand her business by adding more stock and buying a new wheel-cart. She has a bank account, opened under the Prime Minister’s Jan Dhan Yojana. She could not avail credit from her bank for lack of any… Continue reading

Guiding Financial Institution Strategy: Working on Small Data

There is a worldwide movement towards the use of Big Data[1] across many industries, including financial services. Many financial institutions in the South now have economists reporting to the Board, and a select few, including Equity Bank and Kenya Commercial Bank, have Chief Information Officers. Data warehousing is a common terminology, even if evident in few… Continue reading

Delivering Quality in Financial Services – Redefining Customer Service

Let’s face it: we’ve all had problems with our bank or financial service provider; there have been times when we’ve sat across from a Customer Service Officer (CSO) and been unhappy about the answers we’ve been given. A few years ago, this very challenge led my colleagues and myself to think that there was a… Continue reading

Where Are Women Agents in Indian DFS?

Header3c

Background In India, over 100 agent network managers (ANMs) are delivering digital financial services (DFS). Till March 2015, more than 600,000 agents were associated with ANMs in India, covering 92% of the country’s villages. There is, however, wide gender disparity amongst agents in India. For instance, according to a CGAP report, in 2012, only 15%… Continue reading

Agency Banking: How Female Agents Make a Difference

Header3c

Bilkis Banu sits along with a few of her customers in the veranda of her house and talks to us about the close bond that she shares with them.  She was signed up as an agent to offer door-to-door cash deposit and withdrawal services for UCO Bank in February 2012 in Khormachali, a small village… Continue reading