Financial Inclusion for the Unbanked Indian population

The term Financial Inclusion (FI) was first used in India in April 2005, in an annual statement published by the RBI governor Y.Venugopal Reddy. Much later the term got its meaning and started being used widely across the globe. Some strategic banking facilities were provided to numerous households in Mangalam, Puducherry for the time in 2005. There have been numerous efforts put forward since then. In January 26, 2015 Pradhan Mantri Jan Dhan Yojna was announced which made financial mission have a bigger and clearer entry into mainstream India.

We have universally accepted the fact that inclusive growth cannot be attained without Financial Inclusion. “The new rural finance paradigm is premised on the fact that rural people are bankable,” according to Nagarajan and Meyer, 2006. Affordable financial services must be made available to the poor and vulnerable social/economic groups to create economic empowerment. An economically empowered ecosystem builds a socially inclusive system. This provides equal opportunities and affordable financial services available to all, an equal society.

Currently India is considered as a nation with thousands of economic possibilities and we are all responsible to eradicate inequality and poverty. Without an inclusive financial system entrepreneurs, start-ups and small financial organizations would not be in a position to take advantages of growth opportunities. Rural communities largely remain untapped. An empowered rural nation will make the national economy completely empowered. Rural India is financially unserved.

Senrysa Technologies has been providing doorstep delivery services and cash in-cash out transactions to rural population through its BC (business correspondents). Rural citizens in north east and central India have known us for our ICT-based banking through BCs. We have brought banking facilities to the doorstep of millions of unbanked people.

Due to the unavailability of bank branches in many semi-urban and rural regions of north-east India our company has come up with bricks and mortar branches for improved financial inclusion.

Rural communities are highly underserved. They have every right to avail quality financial services. An inclusive growth is all about connecting rural India with modern banking services. The most important characteristic of FI is making cost-efficient banking products available to the poor and unbanked population.  With our 3000 touchpoints we are a proud player

Financial inclusion is not important just for individuals but for economies as well, since it works as a bridge connecting a nation’s social and economic development. As the present times call for an all-pervasive financial inclusion Senrysa is rightly in action presenting the best financial and banking technology solutions to our rural customer base.

Our real-time technology driven BFSI services include AEPS (Aadhaar Enabled Payment System) banking transactions, Tele-Medicine, Advisory services and Logistics. Senrysa is committed to provide low priced quality BFSI products to the rural masses. Our close proximity to the target population (rural India) makes us a suitable partner in fulfilling the national objective.

Multi-factor authentication for ensuring security in online banking

As we know in today’s times there is nothing called ‘a secured device’. MFA is popularly known as Multi-factor authentication. It is a veritable name in the world of security systems. There are various sets of authentication components such as:

  1. Biometric Verification – This is a system that authenticates users by identifying their unique characteristics that is their biological traits such as retina, voice patterns, fingerprint, signatures, iris patterns, DNA, etc. Duplication is minimal in this process as long as no grave fraudulence is involved. This is a realistic form of identification process used in computer science that accentuates surveillance systems.

2. Password Verification – OTP or onetime passwords are generated by computer systems to users in order to process their transactions. This is another form of verification that involves sending messages (passwords/verification codes) to individuals, cutting off security breach. You need to enter these 4/5 digit codes to verify your identity before signing in and accessing your account or making a transaction. This process is discussed in the image below:

Your account needs to remain in safe hands. Avoiding sticky situations will require value-judgements like adding valid information about yourself so that duplicate identification or authentication does not arise out of nowhere.

3. Security Token – Display screens (installed in various workplaces, business organizations and several other types of commercial establishments) ask for PIN (personal identification) or authentication codes. These codes are part of the vast security token design. Advanced security tokens include Bluetooth tokens, access cards, USB token devices, smart cards and mobile phones.

There are three types of security tokens such as:

  1. Contact less Tokens – RFID (radio-frequency identification) are known as contact less tokens that does not require physical contact with the main computer (the one that undertakes permission, data transmission and authentication processes). It is not used regularly by organizations as it is still in its nascent stages. Security concerns have kept RFID development under wraps.

2. Connected Tokens – As the name suggests these tokens require physical contact for real connection. Authentic data gets transferred after a connection is made between the host input device and the security tokens such as smart cards and USBs.

3. Disconnected tokens – These are most commonly used devices that run on two-factor authentication which takes place between the host and itself via PIN. There is no logical or physical connection with the host whatsoever. Data required for authentication is manually (previously injected prior to authentication process is started) inserted in a built-in screen.

Multi-layered checks to protect vulnerable users

With increasing number of cyber threats taking place today, high-end security checks and authentication processes have been included by organizations around the world. Online transactions are at an all-time high which makes it more than necessary to include two-factor and multi-factor authentications.

There is nothing called a ‘strong password’ in the world of hackers. Ecommerce, online transactions and banking actions have led users to take security seriously. Life has become impossible without online actions. Password combinations are not hard to crack for professional hackers.

Protection should be reasonably secure and encrypted computing systems must also be well-managed.

Identity breaches and information thefts have risen enormously.  Individuals remain vulnerable while online transactions are beyond escaping. Single mode of authentication is useless. Two-tier or multi-tier credential verification provides added security.

Multiple layers of authentication curtails possibilities like unauthorised entry and rampant online frauds.

Single Sign On and Multi-Factor Authentication Systems:

  • Mobile/Web Apps
  • OS Logins

Standard Applications:

  • Payment Verification services
  • User Authentication Services
  • PC/Tab/Mobile Login with Single Sign On
  • Attendance
  • App Specific login (also includes single sign on)

Multi-Factor Authentication:

  • Retina
  • Fingerprints
  • Palm
  • Active Directory Services
  • OTP – SMS/Email
  • Face


Aadhaar Payment App – The Next big thing in Indian Payments`

Aadhaar payment app has gained mass importance over a very short period of time. India has surely seen digitization in brighter light in the past few months. With the Minister of State for Finance, Santosh Kumar Gangwar’s statement, “As per reports received from public sector banks, Regional Rural Banks and 13 private sector banks, there are 110.03 crore individual, operative savings bank accounts (including Pradhan Mantri Jan Dhan Yojana accounts) with Aadhaar number seeded in 52.95 crore accounts,” said in a written reply in the Lok Sabha, there seems to be a hopeful intent for a digitally empowered Indian mass. “Banks are committed to seeding savings bank accounts with the account holder’s Aadhaar number, based on his consent,” he added.

With a massive number such as 52.95 crore savings accounts being linked to Aadhaar numbers, the growing need for faster online transactions via mobile applications is on the rise too. Aadhaar linking has taken place in large number of private sector, public sector and regional rural banks giving impetus to mobile app developers in India to find a new source of joy in development. There are currently numerous Aadhaar payment apps available on Google play store. We have also come up with PaySKP, an innovative Aadhaar based payment app that works on mobile as well as web versions.

In a few simple and easy to follow steps you can ensure a hassle free Aadhaar merchant pay.

  1. Download the app on your mobile device.
  2. Whether you are a merchant or a general user login with your Aadhaar number.
  3. Authenticate yourself with your biometric details.
  4. Start accepting/sending payments.

Aadhaar merchant payment apps are faster in operation as they carry out instant bank to bank transactions without any third party enablement.

Now you can simply enjoy as a merchant or a customer if you have a smartphone and the mobile app (Aadhaar based payment mobile application). Having yoru Aadhaar would mean your fingerprints will be authenticated and money paid from your Aadhaar linked account. There are great benefits of an Adhaar Payment app:

  1. No service tax or extra charges (as required in UPI apps, SBI Pay, Paytm, Phonepe, Freecharge, mobile wallets etc).
  2. No need to require remembering of passwords, PINs, etc.
  3. No burden of carrying debit or credit cards.
  4. Easier and Faster payment mode for merchants and users.

Aadhaar payment apps are regarded as the next big (read best!) thing India can look forward to enabling across expanded frontiers. Master cards and Visa charges that amounted to 2 to 3% of the amount can go for a toss with the Aadhaar apps charging nothing extra from its users. March, 2017 has been set as a target by Indian government to link all bank accounts with Aadhaar. Indian seems to be all set to become a powerful cashless economy, positioned for a potential boom in the global threshold.

Disruptions make way for success in the Indian Fintech market

Financial services have had huge number of disruptions in the past three years and the phase is yet to settle down. This phase of disruptions has been channelized by the rising number of technology companies and startup-vogue driven innovations. Lending and payments have introduced a new dimension to the Fintech market of India.

Indian Fintech Industry is reportedly set to reach a whopping size of $2.4 Bn by 2020. With more and more startups doing the rounds in the Fintech market bigger players seem to fall in the trend of making big investments. According to a recent study that calculated the phenomenal rise (in the period between 2014 to 2016) of the Indian startups in relation to the Fintech market here are a few important summations:

Paytm has reportedly been active in funding, a massive 38.5% of the total Fintech funding in 2014 – 2016. 37 (which is huge according to industry experts) market related subsector funding has taken place in the phase between 2014 – 2016. Highest monthly profit with $25.71Mn deals and funding activities taking place in August, 2016.
248 investors (completely new born) who have had prominent reach and presence in the Fintech market during this phase. A whopping figure – 76 Fintech deals have taken place in 2016, which is a huge rise from the November – December 2015 phase. A two-fold rise in the market size by 2020.

Numerous collaborations between large-sized companies and startups have been possible. Existing players have been forced to invest big money to expand their services and range of product offerings in the market.

With the true advent digital India BFSI sector has seen expansion. The Fintech market has set up new-age prospects for consumers and business houses. Collaborations and new product launches have set up competitions.

Inc42 has provided few financial reports that indicate the changing trend in the Indian Fintech funding:

Fintech has reportedly brought with itself $1.77 Bn  worth of business in India  in 2014. Several start-ups have become household names in India. There are various big ticket funding that are in the pipeline. Average Fintech funding ticket sizes have been estimated to stand at about $9.82 Mn in the phase between 2014  – 2015.

There are potential big ticket funding to come up in the near future. Mumbai has witnessed the birth and growth of major changes in the Indian financial environment. With start-ups such as InCred, Mswipe and Citrus Pay, Mumbai has seen a momentum in the Fintech marketplace.

With all the financial new waves, shocks, disruptions and storms taking place in the present times, Fintech has been enjoying its new found space, recognition and expansion. Demonetization in India has only been a fodder to the massive rise of Fintech. The future path seems a lot more promising than the previous ones. BFSI sector seems to enjoy the new found warmth and renewed vigour with its Fintech arm positioning itself zealously.

Visit us for more on BFSI industry news and latest updates:


Banks opting for advanced technologies to become customer-centric business organizations

We are getting ahead with the fast changing banking dynamics. At Senrysa we build banking platforms that change archaic banking processes. We initiate global trends in our Fintech and other BFSI ventures. Visit us to get acquainted with banking technology consultation and support:

5 Biggest Banking Trends in 2017

With too many disruptions like Brexit, US elections and India’s demonetization in 2016, banking sector has tried saving its grace from the very beginning of 2017. Fast-changing commerce models has left nations around the world to take note and allow their banks to involve and indulge in new patterns and add ‘hospitality’ in its financial services. Biggest banking trends in 2017 include Chatbots, advanced machine learning, Artificial Intelligence (AI), blockchain solutions and the Open API banks. With technological inclusions taking place exceedingly the banking sector anticipates more disruptions (a commotion of sorts is most likely to take place) in 2017. Leadership plans along with long-term visions need to be set for constructive banking sector (BFSI sector as a whole) goals.

Entry of Chatbots    

With established technologies making their foray into financial services, 2017 is being predicted as the year of ‘BOTS’. New voice commerce and robotic process automation are being considered as one of the biggest dominators in India, U.S, Singapore, Europe and the Middle East. Leading banks around the world are fast picking up IoT data and robo-advisors for more intricate banking experiences.

Chatbots are not yet considered cost effective, neither are they widely available now. But soon (as predicted by BFSI industry experts) it will be made appropriate for automation and reinvented customer experience. Chatbots combined with AI are bringing back personal tones in B2C dialogues.  Companies like Amazon, Apple and Google have experienced massive growth by including these two technologies for consumer adoption. Banking services performed via mobile apps are slower and less engaging than chatbot offerings as the latter brings in more private and better engaged communication environment with itself.

Banks can perform the following set of actions in a single chat with a customer:

  1. Get customer feedback.
  2. Assist onboarding.
  3. Help someone take important financial decisions.
  4. Upsell their products.
  5. Provide significant and time sensitive transaction-oriented information and alerts.
  6. Handle complaints.
  7. Listen to personal concerns.
  8. Carry out trading, buying and selling of shares.
  9. Offer customer loyalty points and related benefits (if any).

Chatbot has not yet turned into the face of banks but it can surely replace various manual and repetitive banking burdens. For bankers ‘conversational commerce’ is the most important thing to be considered. Chatbots can be utilized in providing specialized functions that include performance based on actions depending on information.

Advanced machine learning and Artificial Intelligence (AI)

In an era when technologies are converging to come up with bigger and better innovations, AI remains in the heart of it all. Whether it is Natural Language Programming (NLP) or Internet of Things (IoT) or data sciences & automation or Optical Character Recognition (OCR) – AI will be the connecting dot that will make structural changes in financial processes and operatives.

Several banks have carried out KYC and onboarding processes with the help of AI. Wealth Management industry is most likely to take up robo-advisor and algorithm-driven investment approaches.

High frequency trading requires faster result generation which is impossible for human financial advisors to carry forward with. A hybrid robo-advisor brings with itself faster engagement and better one-to-one communication. Complex financial management and banking processes are smoothly carried out by bots (based on AI engineering). Hybrid robo-advisors are able to give long term financial plans and help people take life-decisions on children’s education funds, etc based on their asset quantification power, which is much higher than human advisors.

Robo advisors might well be the solution to customer related problems such as loyalty and retention. With generation Y choosing faster economic transfers and processes, efficient technological banking adaptations are on their way. According to banking industry reports, every year $1 trillion is inherited by new generations. Individual net worth is also exceeding every year. $56 trillion is the global value of individuals’-net-worth.

By the time we reach 2020, USA will reportedly have millennials and teenagers acquiring 50% of all existing assets.

A report presented by PWC in 2015 suggested that wealth transfers and asset attrition rates will rise high in the coming years.


‘Blockchain’ Solutions will soon be an integral part of Mainstream Banking

Blockchain solutions will reportedly go mainstream soon. However 2017 will probably not be the year for this technology to go live. According to a report published by Greenwich Associates, the capital markets blockchain received a generous investment roughly amounting to $1 billion.

Gartner has also stated that ‘blockchain’ has reached the “…peak of inflated expectations…” Global search volume stood at an all-time high in June 2016.  It will see banks working together and leveraging blockchain accelerators to bring out pilot programs and proof of concepts.

Financial institutions that are technologically bent will come up with customer-focused financial processes in 2017. A major opening of opportunities will soon take place where technology and finance vendors will fast-track blockchain programs.

Blockchain will soon be an integral part of mainstream banking.

Open API Bank

The mobile app marketplace has been revolutionized all over again. BFSI (Banking Financial Services and Insurance) industry is gaining momentum, added vigour and agility with each passing day. Financial apps are being made day in and day out. Numerous organizations are entering the app marketplace. This makes it suitable for Open API banks to come into clear picture.

The very popular Open API programs are important places for latest fintech banking processes and business models to be introduced.

‘Unified Solutions’ seems to be the light of the day for everyone (working within BFSI industries). Open and digital banking empowers everyone. Fintech expert Ron Shevlin has come up with a term – ‘Platformification’ which according to him is all about supporting multi-channel, open and unified integration. The synergy between BFSI partners and channels accentuate process deliveries, service qualities and nature of transactions.

A rough industry estimate suggests major growth in API platforms. Broader capabilities in loyalty, financial management, marketing, customer communication management, analytics and payments are foreseen in the upcoming months. Major banks will soon include more digital banking API platforms in their processes.

2017 will be a year of hard core competition between banks. With chatbots the overall banking dynamics is all set to change. A commotion of accelerated banking and disruptive digital transformations will brighten up 2017, bringing it out from the mundane BFSI processes. These technological financial inclusions will reduce costs, drastically change levels of service and automate traditional banking processes. Dynamics of market leaders will also change due to the changing demands for better enabled financial services (demands brought about by rich teenage population, millennials and young wealth heirs).

Senrysa Technologies Private Limited has come up with Aadhaar enabled payment apps and provides financial solutions to millions in India’s RRB sector. There are numerous digital payment processes being planned and in our pipeline for future launch. The organization has been in line with the latest commerce models being included across the globe.

Accion finds India a hotbed of financial inclusions

Accion is reportedly all set to double its investment plans in India. Accion COO Esteban Altschul spoke about the immense possibilities in favour of India’s  financial inclusion and financial technology sectors. Fintech companies can hope for doubled investment figures amounting to $50 Million being promised by Accion. “Today, India is our most active country. We have a three-pronged strategy in the country,” said Accion chief operating officer (COO) Esteban A Altschul. He also added how his company has already been in talks with several other companies for possible investments and how it was important to note that “…India is the hotbed for financial inclusion worldwide”.

Accion will reportedly be planning to make investments in various segments related to Financial Inclusion such as insurance products, alternative credit scoring and risk management. Actively working in India for the last ten years, Accion has a strong knowledge on the possibilities of India financial market. It has already worked with IFMR Holdings, Saija Finance and Swadhaar Finserv (all BFSI companies in India).

With financial technology innovations being on an all-time high in India, Accion brings with itself operations in 30 nations across the globe. This calls for a toast  as India is currently positioned in its financial tornado. The massive market possibilities in India’s financial race comes from small, medium and large scale industry players. We Indians can rightly rejoice Altschul’s statement, “…or Accion, in terms of our current exposure and potential that we see, India is the most important country for us.”

With more than dozen ventures of about $8 million and few more in the pipeline Accion’s Indian commitments also include Shubham Housing Development Finance, NeoGrowth, CreditMantri, MeraDoctor and AYE Finance. Accion, one of the major international financial organizations, has invested in micro-finance, non-banking and fintech companies through its three-way financial vehicles such as Frontier Inclusion Fund, Gateway Fund and Venture Lab.

In the global scales, there are numerous financial innovations happening. Accion has clearly stated how nations like India, Kenya, Colombia, Nigeria, Peru, China and Mexico have given immense success to Accion’s operatives. On a high and seemingly happy note Esteban A Altschul added “…Those are the countries where you have the combination of more scale, more impact innovative entrepreneurs and more possibilities to make a change”.

When asked about the impact of demonetization on their business strategies, Altschul felt “We believe this is a short-term impact and the assumption is that it would gradually but relatively quickly get back to normal,” India’s financial possibilities and overall portfolio has not taken a hit as Altschul ended by saying, “The quality of the portfolio remains sound, at least for our partners”. It would not be before March, 2017 when the long term impact (if any) will be felt by Indians.

How Enterprise Mobility is Transforming Finance and Banking Industry across the globe

Global economy has gone through paradigm shifts over the last few years. Banking and Finance known as the two most significant factors of economy, have also inevitably gone down the hammer of change and transitions. Traditional methods like customer visits to the offices have updated with the inclusion of mobile device operations. In the US, banks have reported to have 53% of mobile usage in customers. While in most Asian and European nations, customers have shown strong preference in using apps, online payment and transaction tools. According to a demographic survey, people in the age group of 25 to 35-year-old have been found to be the heaviest mobile device users across the globe (for banking and finance related actions).

Workplace environments have also transformed drastically with quicker engagement brought about by enterprise mobility. Some of the advancements that have taken place (due to enterprise mobility) in banking and finance domains over the years have been discussed here:

Significant transformations in banking brought about by Enterprise Mobility

Advanced mobile banking facilities have resulted in the successful journey of enterprise mobility. Some of the most significant changes brought about by enterprise mobility in in finance and banking sectors are:

• Technology-friendly customers using Mbanking services remain updated on the bank’s latest offerings, financial services and various together important details.
• Bank employees have upgraded themselves by using smartphone and tablets instead of desktops and laptops.
• Banks tie up with IT and mobile app development organizations to bring out apps that empower customers to carry out faster and more efficient account management across all locations.
• Numerous security checks make it easier for customers to continue performing secure banking and finance related transactions around the world.
• Customers use their mobile devices to execute important financial processes and actions through mobile apps and websites run by financial agencies and banks.

A yearly survey carried out by Bain & Company quite rightly brings out the actual facts and figures of mobile banking and its penetration around the world.


• Bain’s findings suggest a steep rise in mobile banking customers in the US from 21% in 2011 to 32% in 2012.
• Growing number of young entrepreneurs have given rise to greater shifts in mobile banking in the US.
• Asia has reportedly witnessed a high percentage of mobile banking’s penetration in the phase between 2011 – 2012.

There are more than 7000 US financial institutions offering specialized mobile banking services to their customer base. Industry insiders have suggested the percentage of smartphone and tablet banking for financial management to increase with each passing year.

In another report (a collaborative effort) published by Cognizant and Monitise, customer benefits, banking services, customer expectations and customer preferences are likely to undergo proper categorization to be carried out by financial establishments.

To sum it up enterprise mobility has spread its reach far and wide in banking and finance sectors. With continuous surveys being carried out the message seems to be clearer and louder – Banks and financial institutes need to keep upgrading themselves in order to get a stronger grip on mobile-friendly customer bases. Mobile banking and enterprise mobility processes are inter-connected and their collaborative efforts will reflect on global economy.

Senrysa Technologies has numerous enterprise mobility efforts and operations to its name. It has collaborated with private and public banks. Its own workplace environment is also in line with enterprise mobility quests.

Agency Banking and its immense financial possibilities in the emerging markets

With massive growth, reach and extent of the financial services taking place in the emerging markets, traditional banks are posed with serious challenges. With numerous semi-urban and rural regions facing a perennial problem of no banking set-up or infrastructure, there has been a rise in third parties such as agencies to encroach these markets to promote and spread the wings of financial services and products. Banks tend to depend on agents in order to define financial inclusions and opportunities. In the last decade we have witnessed the massive growth of agency banking. Developing nations in Asia and Africa have greatly benefited from the agency banking model. With the new dawn of cashless transactions and e-wallets setting in, banking agents are fast becoming initiators in increasing electronic banking habits and enabling people to increase their habit of using electronic money.

What do we understand by Agency Banking?

An agent is an individual, an organization or a group of individuals having easy access to the local community. These volunteers take advantage of their local knowledge, reach and expertise to gain praiseworthy client bases for banks.

Agents become important financial advisers to their clients. They take forward banking services and heighten the business reach in numerous regions.
Advantages of Agency Banking

In the current line of action, banking agents take care of signing up new clients, extending sales and support services on behalf of the banks. This quickens banks’ reach.

However, as technological advancements take place, the current role of agencies will go through dynamic changes and variations. Banks would be able to offer numerous services such as deposits, loans and mortgages to its wide client bases without having to invest on bank branch set-ups.

Huge infrastructure and set up costs would be curtailed with technological inclusions in agency banking. Investing on agents will be a huge leap of faith. Emerging markets will give rise to more entrepreneurs as agents will receive better training, education and support. Clients will enjoy a more personal communication with certified financial services providers. Individuals will be able up-sell products and services in the local markets. Communities will benefit greatly from highly skilled agents providing new-age financial products.

This will improve the overall economy of a region thus ushering complete growth and improvement of a nation in the long run.

With increased extent of agencies in the financial market, banks will have increased market share that will form a brighter local economy. As we all are aware of the fact that without self-sustained local economies bigger economies do not work efficiently. With advanced economic growth we will have an open market for emerging trends.

Problems Faced

There have been several impediments in agency banking’s path. One of the most common problem is its non-integrated status as a banking platform. This creates a massive problem for banks who have to invest on multiple local representatives to engage in providing services to their customers. Interoperability is a growing need for smooth running and improvement of economies.

Banks must provide all necessary support and training to its agents in order to have substantial growth. Investment from banks’ end must not be taken lightly, nor should the power of agency banking. Proper assistance provided to agents will ultimately help bring in business for banks.

The process of money distribution must be improved as it will help agents work more efficiently. There are mobile apps being developed by banks to improve distribution procedures. Currently agents have to rely on core banking. Without technological innovations banks are falling short of introducing new products and catering to the growing market needs.

Agents suffer from low-liquidity. Banks must be able to improve liquidity issues in order to serve customers during national holidays and religious celebrations. Banks must support cash inputs to help agents have a balanced operation even during ‘cash-out’ scenarios.
Probable Solutions

An inter-operability model must exist for agents. This will be able to sophisticate the entire process of agent performance, calculation of agent collections, overall monitoring of functionality, agent commissions and distribution of financial services and products. Inter-operability among agents will also make way for an easy solution market wave.

With ever-changing trends (and shifts) taking place in the financial markets, traditional banks need to come up with faster and better technological innovations to introduce and expand new products with the help of agents.

Technology can give rise to better client support

Localities having zero access to main roads and communications need to have technological support. This will help agencies to grow their networks. Banks (will have numerous e-branches for better distribution and configuration of its services and products) will benefit greatly along with the benefits of agencies.

With proper technological support and integrations, agency banking will be more than a mere cash deposit, withdrawal and client listing system. Accuracy in technological support systems will usher a new era for agency banking as agents will have better growth with the help of specialized e-commerce oriented products and services.

Benefits of agency banking will ultimately benefit banks as the latter will win significant market shares.

Immense possibilities of Agency Banking in the Future

Emerging markets are untapped territories of immense financial possibilities. Agency banking has potential bright future as various communities will be empowered with a wide variety of financial services.

According to recent industry reports, there are ten times more registered agents spread across numerous areas than bank branches in some of the world’s topmost mobile money markets. This gives us a clear picture as to what the complete potential of the advantages of agency banking can lead us to. Banks need to invest on technological innovations in order attain greater heights in the fast-changing market needs.

Agencies will become ‘proxy banks’ in the near future. Technological innovations are already in place and with time there will be a time when agents will be the direct selling point for specialized businesses and products. Local development is important for overall stimulated economic growth.

People living in geographically challenged regions will have no need to travel distances in order to get to bank or perform any kind of crucial banking.

Banks will definitely have heightened importance and a scaled business presence with the help of properly structured agency banking. People will enjoy banking in the comforts of their homes, without having to go to a bank. Agency banking will also heighten the use of electronic money.