'Banking for the Urban Low-Income Group - Design for Mobile Banking'

Abstract:
Bank is a fundamental financial setup which formalizes our financial activities. Banks have played a major role in helping to manage our money, offer fair savings and credit products. With intervention of digital technologies banks have re-modified their functioning and reach. But there is a large section of society which is still unbanked or under served.

This project tries to understand the financial needs of Urban Low Income users and mismatch between current banking services offered to them. Their needs and cognitive potential is different due to low levels of literacy, low monthly earning and low digital technology intervention. The most felt needs for this user group is of easy account enrollment, suitable savings, credit and remittance products with micro value transactions on a suitable delivery channel.

As per plans of Financial Inclusion, RBI has introduced No Frills Savings Account with relaxed KYC norms and encourages banks to partner with banking facilitators like FINO which help them source banking services to un-served and underserved population. This project in partnership with FINO’s current setup explore the potential of mobile banking which offers suitable financial services in a safe and usable interactive experience. 

Design Options:
In partnership with FINO’s current setup three design options were designed: 
• IVRS, 
• IVRS + Flash Message and 
• Multimedia Mobile Application.

Project Aim:
Design a mobile banking application for urban low income user segment. 

The missing element is a mobile banking application for this user segment, with very important considerations like:
• Delivery of suitable financial products for this user segment.
• Accessing information and interaction with banking interface.
• Accommodating their cognitive and literacy limitations.
• Foolproof authentication and access to financial information.
• Personal control and privacy of banking information in a shared public environment.

Banking Environment:
FINO acts as a banking facilitator to Indian banks, through field agents.
Agent takes care of all account enrollment and cash transactions with the end users.

Project Presentation Downloads:
• Case Study Banking for the Urban Low-Income Group - pdf