November 2, 2017
Awaaz.De Roundtable: ‘Information’ is at the core of Financial Inclusion
India-based inclusive technology startup Awaaz.De hosted some of the most innovative Financial Institutions, Fintechs, Foundations, MFIs, and NBFCs in #Mumbai to help advance the cause of Financial Literacy in India as a part of Accion's global event #FinclusionWeek on November 2, 2017.
Participants at the roundtable agreed that the objective of achieving financial literacy in India is not an easy one given India's diversity. However, there are few solutions that the sector can look at such as technology-based interventions that understand the sophistication level and literacy level of the customers. Emphasis was also placed on helping customers with information on positive financial behaviours and building a rapport before selling a financial product to avoid any conflict of interest.
Maya Vengurlekar, COO, CRISIL Foundation shared example of Mann Deshi Bank’s programme which takes the customer into confidence once they have shown interest in a loan product and helps them understand financial implications of having a loan in their day-to-day lives. According to her, such an intervention helps customers review their needs and loan amount required. The advantage for financial institutions in using this method is that though customers go for smaller amounts after such interventions, and their EMIs too are regular which in turn helps the bank maintain its bottom line.
Thanks to leaders from YES BANK, Suryoday Small Finance Bank Limited, Accion, CRISIL Limited, WitFin, RBL Bank, Aditya Birla Idea Payments Bank, Axis Bank and many others for sharing their valuable insights and experiences on financial inclusion. Awaaz.De has been an active supporter of ‘Financial Literacy’ programmes in India and has worked with Bill & Melinda Gates Foundation (download case study to know more).