October 23, 2012

The Mobile to Bank the Unbanked World

Posted by Rakesh Aggarwal (View Profile | View All Posts) at 7:47 AM

Today, mobile banking is the toast of the banking world. 

banking the unbanked.jpg

Why? Because it is more than just a channel, an interface, another window to customers. Indeed mobile banking has the potential to change the future of banking itself. And the lives of those excluded from the mainstream of branch banking. 
Consider a market like India, where 40% of the population is unbanked, but 70% will have access to a mobile phone by 2016, as per Gartner. The mobile has emerged as a viable tool of financial inclusion. What it needs is support, in the form of government policymaking and product innovation, to realize its potential.

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