The ‘smartphones boom’ has seen the proliferation of mobile devices, across all walks of life in various countries, and India is not an exception. Its inclusion has become so evident that, where governments were unable to reach people through technology before, they are able to do it now. Thanks to smartphones, people can use all government services they need and can access any information regarding them. Banking sector in particular has achieved such enormous leap in employing smartphones to make it easier for both government and the people, in achieving financial inclusion.
The ‘smartphones boom’ has seen the proliferation of mobile devices, across all walks of life in various countries, and India is not an exception. Its inclusion has become so evident that, where governments were unable to reach people through technology before, they are able to do it now. Thanks to smartphones, people can use all government services they need and can access any information regarding them. Banking sector in particular has achieved such enormous leap in employing smartphones to make it easier for both government and the people, in achieving financial inclusion.
Advantages of Mobile Banking
Advantages of Mobile Banking
Enabling smartphones for banking has become a feasible and practical solution for banks to reach out to people from remote parts of the country. People can now use services like fund transfers, payments, loan statements, management of policies and many more without facing the hassles of physical access to the bank. Mobile banking flairs far better than branch banking and BC model, when it comes to profitability and cost-effectiveness. For normal banking transaction through branch banking it charges an estimated amount between INR 70 to 75, however with mobile banking it costs only INR 1 or less.
Enabling smartphones for banking has become a feasible and practical solution for banks to reach out to people from remote parts of the country. People can now use services like fund transfers, payments, loan statements, management of policies and many more without facing the hassles of physical access to the bank. Mobile banking flairs far better than branch banking and BC model, when it comes to profitability and cost-effectiveness. For normal banking transaction through branch banking it charges an estimated amount between INR 70 to 75, however with mobile banking it costs only INR 1 or less.
Financial Inclusion in India- The Present and Future
Financial Inclusion in India- The Present and Future
India has more than 50% of unbanked and 66% of inactive account holders. According to World Bank’s Global Findex, India stands second (after China) in having the highest unbanked population of a whopping 190 million. This can be mainly attributed to the following reason
basics
India has more than 50% of unbanked and 66% of inactive account holders. According to World Bank’s Global Findex, India stands second (after China) in having the highest unbanked population of a whopping 190 million. This can be mainly attributed to the following reason
- Irregularity and uncertainty of income
- Lack of job security
- Illiteracy
Irregularity and uncertainty of income
Lack of job security
Illiteracy
Hence having a technology
financial product
