financial inclusion(fi) is an emerging priorityfor banks that have no where elsetoget to achive business growth.the vaibility is fi bussiness is under question, because while banks and there delivery continue tomake investments they have`t seen commensurate returns. in market like india, most programmes are focused on costomer on-boarding ,an expensive process which poeple often find difficult to efford,invoving issuance of smart card to the costmers.however large-scale coustmer acuuistion hasn`t translated into largscale bussiness,with many accounts lying dormat and same reason bussiness correspondent agent ,who consitute primary channel for financial inclusion,are unable to pressur their activity as a full time job.one major reason for this delayed after the submission of document (required to validate the detail of concerned applicant) by the aplicant and might take as long as to weeks. by this time the initial enthiusiasm of applicants fads away.morever, the delivery partners don,thave the knowledge and skill to propose anithing other than the most basic financial products to the costomer and hence do not serve thier banks`gaol of expending the offring in unbanked markets.
contrary to popular perception the inclusion segment is not a singular impoverished undiffrentiated mass an its important to navigate its deviristyto infinity the right target coustmers for various programmes.Rular markits do have thier shere of rich poeple who do not use banking service simply because they are inconventient to acees or have low precieved value. at the same time ,urban markits,despite a high branch density have mutitude of low wage earnersoutside the finicial net. moreover,the branch timings of bankes rearly coincide with the off work houres of the laboure class.Creating the effordabillity is crucial in taping the underbanked market no doubtpricing is a tool , but bank also need to be innovative in right-sizing their proposion to convence costmers that they can derive big value even for small acounts. one way of doing this is to show the targets audiance that a bank account is actuaally a life style enabler,a convenient and safe means to send money to family or make a veriety of purchases.
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