Financial Inclusion White Paper - NCR

More documents

Recommendations

Info

. Assisted Self-Service Assisted self-service provides solutions to perform some or all transactions with human assistance or through other technology interfaces. Unlike full self-service, assisted self-service is dependent on additional elements for complete delivery of financial services. Those elements may include availability of other services, location and the level of customer service (assistance) provided. 1. Point of Service Terminal Point of Service Terminal is a shared access platform that offers multiple financial services on a single location. It may or may not be technology intensive. The terminal can be in a small retail store that provides multiple bill payment options and delivers financial services in assistance with the local owner of the outlet. A customer can visit the terminal and pay his electricity bill, mobile bill, water bill, insurance premium, refill talk-time for wireless connection and any other payment. Though this is not a banking terminal, it delivers multiple services under one roof and customer may not end up visiting different locations to manage routine transactions. Point of Service Terminal provides access to financial services through a convenient and local set-up and multiple services under single touch point. 5.2.3 Technology Enablers While self-service solutions are readily available and have been deployed widely around the world, financial inclusion presents some unique challenges. Low levels of literacy, the high number of languages spoken and poor infrastructure, for example, require enabling technologies to bring self-service closer to the unbanked population. 1. Biometric Recognition Biometric recognition eliminates the need for a personal identification number (PIN). It authenticates the user by scanning a thumb impression or retina of the account holder. Biometrics is an important enabler when reaching out to the illiterate and semi-literate population that avoids banking due to fear of technology and security concerns. Implementation of a biometric solution can bring them onto the economic development ladder. 2. Interactive Voice Response Services (IVRS) Interactive Voice Response Services (IVRS) are software-based solutions that relate the transaction process in a synthesized voice format and guide 29
a customer through the entire transaction flow. In India, this has obvious and immediate benefits as 36 percent of the population (433 million people) cannot read or write. 3. Multilingual Software There are about 1600 languages spoken in India and, according to the country’s constitution there are 22 ‘official’ languages of communication. This creates a complex environment for the consistent delivery of any service. As an extension of IVRS, multilingual software provides a navigation solution in multiple languages, overcoming regional barriers, communication issues and illiteracy. 4. Graphical User Interface Graphical User Interfaces (GUIs) as part of the navigation process helps to guide a user through a transaction by providing an intuitive set of graphical images or pictorial references instead of words. For India’s poor and illiterate, GUIs increase confidence in performing a transaction and thereby encouraging adoption of new technology. GUIs can also help to eliminate transactional errors through step-by-step guidance. 5. Wireless Connectivity Every month, nine million new Indians subscribe to a mobile service. The growing wireless networks provide an excellent platform to reach out to the financially underserved population in the diverse and remote regions of the country. Mobile banking applications can deliver banking facilities to the financially underserved population at low costs. For a geographically divided country like India with the growing rate of mobile connectivity, banking through mobile phone presents a strong future for technology enabled financial inclusion. 6. Internet Connectivity A person’s usage of Internet banking basically depends on access to Internet through computer or mobile phone either at home or in the office. In Europe and North America, internet penetration is high and access to the Internet is chiefly via a home or office computer connected to a fixed telephone line. In most of Asia, where home computer penetration is much lower 15.3 percent, access to the internet, is increasing via the wireless mobile phone networks. Nevertheless, India’s internet penetration is barely more than five percent and it is difficult today to see the internet by itself being a key self-service enabler for eliminating exclusion and bridging the divide. 30
Page 1 and 2: Do you want to implement a scalable
Page 3 and 4: Acknowledgement Frost & Sullivan is
Page 5 and 6: Table of Contents 1. Introduction t
Page 7 and 8: 1. Introduction to Financial Inclus
Page 9 and 10: Brazil Brazil’s government has ur
Page 11 and 12: 2. India’s Socio-Economic Landsca
Page 13 and 14: Case Study 2S1: Swadhaar Microfinan
Page 15 and 16: Chart 2.b: India’s Regional Split
Page 17 and 18: 2.3 Underbanked bankable population
Page 19 and 20: 4. Financial Inclusion Lifecycle Th
Page 21 and 22: 5. A Feasible Solution for Financia
Page 23 and 24: 5.1.3 Kisan Credit Cards (KCC) The
Page 25 and 26: 5.2 Technology Solutions Technology
Page 27 and 28: Self-service technologies offer pro
Page 29: Case Study 5S1: M-PESA, Kenya Provi
Page 33 and 34: 2) Audio-Video lead through Use of
Page 35 and 36: 5.3 Multi Channel Delivery Models 5
Page 37 and 38: 5.3.2 Independent and Shared Access
Page 39 and 40: Case Study 5S4: Mzansi, South Afric
Page 41 and 42: 6. Conclusions India is a country o
Page 43 and 44: Measurement System Appendix A criti
Page 45 and 46: Policy Template Nature Impact Time
Page 47 and 48: 2.2 Measuring the impact of Micro D

Financial Inclusion White Paper - NCR

Create successful ePaper yourself

Delete template?

Save as template?