Financial inclusion is one of the cornerstones of a developing economy. In India, technology has significantly improved the accessibility and affordability of financial services that were previously inaccessible to the unbanked or underbanked masses. In the past nine years, our country has accelerated the pace of financial inclusion. From 40% of Indian adults with a bank account in 2011, this number has consistently increased to 80% in 2018 (Global Findex Data 2020.) However, despite this, India is the second-largest unbanked population globally.
Issues surrounding Financial Inclusion
Customers in rural areas are not able to access the same level of credit options and wealth management products that are offered in towns and cities. Reliance on cash continues. While access to financial services for women has increased in recent years, the gap still remains. (Global Findex Data 2020 estimates that 77% Indian women have bank accounts, against 43% in 2014.)
Low levels of financial literacy create misunderstandings and distrust of the formal financial system. Without the knowledge of why financial products exist and how they should be used, underbanked customers won't use or trust them. Providing financial services to this segment is also expensive. The delivery of financial services using traditional 'brick-and-mortar' channels is not profitable, given the low amounts of money transacted.
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