Basic Financial Service, still a Leisure to Many?

Financial Services’ accessibility is a question still prevailing in many parts of the world. The data of this low formal and semiformal financial services is a really alarming issue keeping the goal of a world with high-quality life with social and economic benefits as a target.

So, let’s say the word Bank! It is common to us from our childhood with words like EMIs, Bill Payments, Payslip resonating with it. But still, there is part of this world which has 66% unbanked adult population. So, what solutions have we figured out for the richest natural resource continent in the world? We drove this gap with the power of our technology. A Fintech startup M-Pesa has initiated to close this gap by running a platform that helps you transact money just with your SIM. This has helped in faster bill payments, ease of debt collection, collection of payments by traders, and many more.

Now let’s have a look at the other part of this world about a country with the largest crude oil deposits. Venezuela! The country is gulped down by the worst Hyperinflation EVER. So, what is hyperinflation? Okay, in simpler words if one fine day you walk up to your nearby grocery store and check the prices have tripled from yesterday, that is called to be an effect of Hyperinflation. With the Venezuelan Bolivar losing its value exponentially the citizens are seeking refuge to cryptocurrencies like Petro, dash, and many more. So, Fintech again comes to rescue countries suffering from a great financial crisis.

The fintech space has also revolutionized the credit business altogether. A Fintech startup Tala lends you microloans ranging from $10 to $500 to borrowers in developing countries by analyzing data from their smartphones (like merchant transactions, app usage, texts, and calls). Many people who don’t qualify for credit norms or are unbanked can seek their credit requirements by this fintech. So how does it judge your creditworthiness? Their analysis is divided into two parts Behavioural Data Analysis and Android Device Data Analysis. Behavioral data is analyzed by the web pages they visit or how they land on these web pages and whether they read the terms and conditions or not. Device data analysis includes device type and ID, the version of the operating system, and the apps they use.

So, we have seen how the Fintech Space is fighting to increase the accessibility of Financial Services to people with the power of technology. But still, various questions like Data Privacy questions its credibility [revail around. So, this is a fight between Credibility vs Accessibility. Before I take your leave, I would like to give you a question to ponder upon. Is Accessibility at the cost of Zero credibility acceptable?

Contributed By- Soham Roy, Content Writer @Mitti Ke Rang

At Mitti Ke Rang, we started with a COVID-19 community support fundraising, as an emergency response to provide a safety net to families. This will help them survive in the lockdown period. We aim to directly support these families by providing a minimum wage, through transferring the same into their accounts or partner with local NGO, Organisation, Fellow or a Volunteer, and support them with groceries.

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