Enabling Financial Inclusion
Financial Inclusion is the delivery of banking services at affordable cost to the vast section of disadvantaged and low-income groups. Access to financial services such as loans, savings, deposits, health insurance etc. by the population living in the rural and deep-rural segments has been limited and been the major deterrent of growth in these segments. Access to such services will help in improving the standard of living, health and hygiene through empowering the under privileged, thereby helping in social, political and economic stability. Delivering banking services in an affordable manner to the rural areas requires a secure transaction processing platform that can be deployed cost-effectively.
Rural areas provide a geographically sparse customer base and therefore it is not commercially viable for banks to open bank branches in these locations. An IT solution that is based on a movable framework while providing the entire suite of banking applications is ideally suited for this problem. At the same time, consumers in these segments have low literacy levels hence security needs to be addressed with mechanisms different from those used in urban areas.
Innoviti is a leading provider of secure transaction processing platforms for financial inclusion projects, called the trueID. trueID is a robust platform that addresses the three main requirements of financial inclusion delivery platforms, namely security, connectivity and power backup in a single integrated cost-effective solution. trueID is a biometric authenticated portable transaction processing platform that can be configured for the delivery of various financial services for financial inclusion.
Insurance Solution
Insurance in the context of financial inclusion programs needs to first and foremost be easy to use so that its acceptance can be improved in the rural segments, especially for health insurance programs. To improve acceptance the entire issuance and claim settlement system has to be done live through the use of secure transaction processing platforms, that can link in real-time to the insurance management systems for on-the-spot approvals. However fundamentally insurance solutions need to be delivered in locations where there is some basic infrastructure like power, e.g. in hospitals, hence the primary requirement is one of on-the-spot decision making through real-time connected systems. read more »
Micro Finance Solution
Micro finance solutions require delivery of financial services at the doorstep of the rural consumer and thus requires IT innovation in handheld devices that can record transactoins in the bank's books in real-time. These solutions need to operate in locations where there may be no bank branches, inconsistent power supply and inconsistent communication links. Hence the entire solution neds to be conceptualized as a combination of innovative information technology and banking business process innovation that can together deliver the services. read more »
Solutions
- Enabling financial inclusions
- Enhancing payment solutions
- Enabling presence monitoring
- Driving customer loyalty