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Showing posts from October, 2016

The Digital Age of Financial Services

Technology is disrupting the traditional banking and finance landscape in India, across a spectrum of services - credit, payments, savings and insurance. In this article, Prachi Agarwal profiles some upcoming fintech companies that are finding solutions to a variety of traditional financial roadblocks.

Digital technology is disrupting traditional financial services in India by expanding access and putting customer centricity and convenience at the fore. Innovative digital solutions are successfully starting to address the challenges with which traditional financial service delivery processes have been afflicted. A total of 15,129 million transactions were carried out electronically in 2015-2016, a 29% jump from the previous year (Source: RBI 2016).
Aided by regulatory and infrastructural support with India Stack specifically, various technology solution providers have been able to create platforms that are approaching the objective of total financial inclusion in multiple domains –cred…

Can Big Data be Big in South Asia?

How can emerging economies tap into the benefits of big data for financial inclusion? This article draws on a panel discussion on Big Data, hosted by IFMR LEAD and BRAC at the What Works Global Summit 2016 in London recently. Authors Parul Agarwal, Shreya Chatterjee, and Tanjilut Tasnuba (team leader, BRAC) explore crucial questions related to the advantages and challenges in utilizing big data to promote financial inclusion in the South Asian context.
What is Big Data for Financial Inclusion?
With the emerging nexus between financial service providers, mobile network operators and technology solution providers, there exists an immense quantum of data, which if utilized accurately has the potential to drastically and efficiently alter efforts made to bring the unbanked into the formal realm of financial services, not only at a basic level but as regular users. 
Big Data for financial inclusion is primarily being used to provide easier access to financial services, improving product suit…