Transcript of Saral Dhan/ Eazy Money Category: e-Business & Financial Inclusion.
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- Saral Dhan/ Eazy Money Category: e-Business & Financial
Inclusion
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- 2 Copyright 2013 Tech Mahindra. All rights reserved. 135
million financially excluded households 2 nd highest in the world
627 districts - 80% financially underserved There was only one bank
branch per 14,000 people. Only 9 % have credit accounts with banks.
Only a little less than 20% of the population has any kind of life
insurance 9.6% of the population has nonlife insurance coverage.
18% had debit cards and less than 2% had credit cards. Saral Dhan:
The Indian context
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- 3 Copyright 2013 Tech Mahindra. All rights reserved. Saral Dhan
- Collaborative efforts required to solve the barriers Bank
branches too far Lack of Trust Lack of necessary documentations Too
Expensive High Infrastructure Cost Security Concerns Scattered
Population Communication Problem Agent Assisted Branchless Banking
Solution Bringing Bank branches at the doorstep Local reputed
Merchant as an Agent Using simple digital devices for communication
to work as a Bank Providing no-frills Savings Bank Account
On-the-field KYC documents creation & captured
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- 4 Copyright 2013 Tech Mahindra. All rights reserved. Canvas M
Financial Services VAS Services PRINTER SMART CARD READER
BIOMETRICS From plain vanilla Branchless Banking to VALUE ADDED
Branchless Banking Mobile Recharge Insurance Products Merchant
Payments Air Ticketing Cash Transactions (withdrawal / deposit)
Funds Transfer Micro Loans Overdraft Saral Dhan Platform Enrollment
Merchant/Agent Interface Saral Dhan Solution Overview
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- 5 Copyright 2013 Tech Mahindra. All rights reserved. 1.
Consumer Provides Identity documents and fills up Account Opening
Form (assisted by Agent) 2. Agent captures the fingerprints and
digitizes the form information through the FI application on the
POS. This information is transmitted to the back- end platform
Saral Dhan Platform 3.The information is validated by Bank/BC
officials and a no-frills account is opened on the platform 4.A
personalized smart-card is issued to the consumer via Bank/BC 5.The
consumer is provided with the personalized smart card which
contains his biometrics and other account related information 6.The
consumer can now initiate Agent assisted financial transactions
Cash Withdrawal/Deposit/Transfers NREGA Systems Bank CBS Utility
VAS Services Mobile Recharge DTH Recharge Micro Insurance
Overdrafts Loans Overdrafts Loans Saral Dhan - High Level Schematic
Customizable to specific Agent Network/Bank Business Processes
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- 6 Copyright 2013 Tech Mahindra. All rights reserved. Technology
Bridging the Gap Innovative Value Added Branchless Banking
Solutions Saral Dhan Retail Service Providers Consumers Biometric
based solution solving illiteracy and misplaced/ forget PIN issues
Flexibility with banking operating hours Reduced travel and cost
for accessing banking financial services Easier receipt of social
benefits One stop solution for all payment needs Benefits to the
Consumer
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- 7 Copyright 2013 Tech Mahindra. All rights reserved. Delivering
value in Banking Benefits to the Bank Traditional branch Branch in
store ATM Agent with POS terminal Agent with mobile No agent
$250,000 $50,000 $10,000 $500 $50 Cashless Reducing Cost Current
Banking Solutions Value Added Banking Solutions Increased Revenue
New Revenue streams for Banks (money transfer services, retail
services and branchless banking services) Extra Income for the
Agents Bundled up services for the consumer Up Selling
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- 8 Copyright 2013 Tech Mahindra. All rights reserved. Solution
already deployed with Leading Banks in India and Africa India 500+
Agents and over 0.5 million Consumers on-board in the first 3
Months of Launch and equipped with POS (agents) and Smart Card
Linked No-Frill Accounts (Consumers) India 500+ Agents and over 0.5
million Consumers on-board in the first 3 Months of Launch and
equipped with POS (agents) and Smart Card Linked No-Frill Accounts
(Consumers) Nigeria Integration, deployment complete and Pilot
launch rolled out. 200+ Expected Agents and 300K+ projected
enrolments in the first 3 months Nigeria Integration, deployment
complete and Pilot launch rolled out. 200+ Expected Agents and
300K+ projected enrolments in the first 3 months Actual Pictures
Well tested and deployed solution, going across developing and
under developed geographies.
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- 9 Copyright 2013 Tech Mahindra. All rights reserved. Where does
this take us? Government Subsidiaries Disbursement Digital Retail
Services Tap and Pay OTC Payments Cashless Economy Mobile
Wallets
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- 10 Copyright 2013 Tech Mahindra. All rights reserved. THANK YOU
Vishal Kumar Tech Mahindra Vishal.kumar5@techmahindra.com +91
9899023777