Financial Inclusion in Action

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Smart Electronic Ticketing for Public Transport

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We met Kinnee at one of the Vodafone e-ticketing roadshows. She, like other Fijians, had queued up at the Vodafone canopy to get her eTransport card. This digital card has been designed to replace the existing cash-based fare collection system across buses in Fiji. There was something that made Kinnee’s case particularly interesting – she… Continue reading

Can Fintech Really Deliver On Its Promise For Financial Inclusion?

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At the recent MasterCard Foundation Symposium on Financial Inclusion, I was asked to participate in the closing debate. A great honour. However, I was asked to support the proposition that “Disruptive innovations in the financial sector can no longer respond to the daily challenges of poor people”. Ouch! For all my critiques of digital financial… Continue reading

Foresight in a FinTech Forest – Financial Technology Drives a Digital Banking Response

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We’ve reached an inflexion point in banking, more pronounced and more fundamental than any which has preceded. The financial technology (FinTech) revolution promises dramatic improvements in customer experience and fundamental changes in how banking is informed and how it is conducted.  Financial institutions must make critical choices if they are to compete in the new… Continue reading

Designing User-Friendly USSD Interface for Digital Financial Services

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According to Finscope 2014, it is estimated that 33% of Malawians have access to formal financial services. For any non-urban individual in Malawi, travelling to the nearest bank takes an average of more than an hour and a quarter. By contrast, 50% of adult Malawians have access to a mobile phone, 20% are aware about mobile… Continue reading

Financial Capability and Indian Digital Financial Services

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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

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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

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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

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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

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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

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