MICRO FINANCE
According to the Global Findex database over 190 Million adults are unbanked in India Over 50% of them have mobile phones which means that about 95 million adults are digitally savy but haven’t been financially included. On the credit front about 47% of the adults reported having borrowed money and the most common source was family and friends followed by other sources which could have been the local money lender, chit funds etc.
Financial Inclusion can help in alleviating poverty by facilitating investments in health, education and business and can make it easier for people to manage emergencies. By the year 2020 the financial sector is likely to see 57 million adults seeking services either to
Microfinance companies can contribute immensely to the financial inclusion efforts of the various governements with the right set of digital tools that can remove the impediments to financial inclusions.
Opportunities to lend should have a beneficial impact on the bottomline to take advantage of the interest arbritrage by offering financial services at a cost affordable to the customer. This is possible if the workflow in credit decisioning is automated and there is minimal manual intervention. Additionally there should be rigour in the credit decisioning to lower the incidents of fraudulent advances that can become Non Performing Assets (NPA's) . The AnyBank product suite provides tools to accomplish this.
The AB platform offers all these using BPM and RPA technologies on the internet cloud. BPM technologies allow you to change workflows to suit your processing whil RPA automates most routine tasks.
