Extending Banking and Financial Services Through IT-enabled Kiosks: Challenges and Opportunities

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1 Extending Banking and Financial Services Through IT-enabled Kiosks: Challenges and Opportunities Alok Bhargava* Research on rural banking reveals that over 58 per cent of the rural households do not have a bank account and only 21 per cent have access to credit from a formal source. Further, over 70 per cent of marginal farmers have no deposit account and 87 per cent have no formal credit facility. Non-formal credit channels like local moneylenders, chit funds, bhishis and so on have been prevalent in rural India and provide an immediate source for credit, albeit at higher interest rates, sometimes even going up to 10 percent per month. Reports have shown that the dependence of low-income households on informal sources is as high as 78 per cent. Branch banking in rural India has not been profit oriented and strict regulations had prevented the entry of agents in mobilizing deposits or selling loans. However, with some new regulatory changes, especially in extension banking, the combination of the internet kiosk and a local language ATM can revolutionize the landscape of rural banking and financial services. The Reserve Bank of India has been at the forefront of leading a credit revival in rural India. Appropriate policy level changes have been initiated in the past few years to facilitate the financial inclusion of the large cross-section of rural populace. The Business Correspondent and Business Facilitator Model proposed by the RBI in this regard is a landmark policy level intervention that can accelerate this process in rural India. The Common Services Centres (CSCs) scheme launched by Ministry of Information and Technology, Government of India aims to set up 100,000 kiosks in rural India. To be set up within the next 18 months, the CSCs would be designed as ICT-enabled kiosks having a PC along with basic support equipments like printer, scanner, UPS, with wireless connectivity as the backbone and additional equipment in the form of projection systems, telemedicine, etc. as the case may be. An IT-enabled CSC can: a) provide citizen-centric services of the State and Central Government in a convenient and efficient manner through the CSCs across rural India, * Executive Director, IL&FS Financial Services Ltd, Mumbai. 58

2 b) enhance the accountability, transparency and responsiveness of the Government to citizen s needs, c) provide efficient and cost effective methods of service delivery to departments and agencies, d) allow private and social sector to collaborate with the Government to offer world-class services in rural India, e) train village level youth to become entrepreneurs with focused training in business and IT management skills, f) empower the rural citizen through information dissemination and market linkages More importantly, the CSCs have been positioned as 100,000+ organized distribution outlets for delivery of government as well as private sector services. If correctly implemented, the scheme would serve to reduce costs, improve efficiencies, and significantly broaden the bouquet of services currently available to the rural population in our country. The scheme proposes a structure wherein the state will select franchisees (Service Centre Agency - SCA) for designated locations through a competitive bid process. The selected SCAs would then set up the necessary IT infrastructure and appoint Village Level Entrepreneurs (VLE) or Kiosk Operators to manage the CSCs for delivery of government and private sector services to a cluster of 6 villages. 100,000 such CSCs, manned by local entrepreneurs and operated by qualified private franchisees, can act as the catalysts for extending banking services at the last mile. For banks, the CSC scheme represents a huge retail extension opportunity in an organized form to fulfill their goals of financial inclusion in rural India. As per the RBI guidelines, Business Facilitators can undertake (a) identification of borrowers and fitment of activities, (b) collection, preliminary processing and verification of loan applications, (c) creating awareness and education and advice on managing money and debt counseling, (d) processing and submission of applications to banks, (e) promotion and nurturing Self Help Groups/ Joint Liability Groups, (f) post-sanction monitoring, (g) monitoring and handholding, and (h) follow-up for recovery. The Business Correspondents can undertake (a) all activities of Business Facilitators, (b) disbursal of small value credit, (c) recovery of principal / collection of interest, (d) collection of small value deposits, (e) sale of micro insurance/ mutual fund products/ pension products/ other third party products, and (f) receipt and delivery of small value remittances/ other payment instruments. Such a model offers a perfect fit for banks to integrate and extend their outreach through the CSCs as can be seen below: DIT National Level Service Agency (IL&FS) Business Correspondent -SCA Business Facilitator -VLE State Government G2C Services Rural Households Bank Regional HQ Bank Branch A pilot to this effect has been launched by the Department of IT and IL&FS in Baramati, Maharashtra as well as Myiladuthurai, Tamil Nadu. The aim of the pilot is to develop transaction models for various services that could help service providers to scale up their offerings across a large numbers of CSCs as they come up in the next 18 months. Currently, financial inclusion activities are being developed and piloted in association with large public sector banks like Union Bank of India and State Bank of India. 59

3 In the pilot, the kiosk operator is undertaking the following: a) Identify potential customers b) Build awareness about bank s schemes and product offerings c) Understand the customer requirements d) Undertake site visits and click digital pictures of the site e) Undertake the necessary paperwork (KYC) f) Make a loan document file and forward the same to the local branch manager g) Follow up with the branch for loan approval To ensure that the kiosk operator is able to fulfill his functions effectively, formal training sessions were undertaken by the bank branches for the kiosk operators. In addition, kiosk operators also visited the local bank branches to understand how the entire banking and financial processes work in an organized environment. The response to the banking and financial products and services offered by UBI and SBI has been extremely positive. The following table showcases the status of loan proposals from just one pilot CSC in Katewadi village around Baramati: Loans over Rs.75 lakh are being processed through just one CSC in the past 3 months. The banking services have not even been publicized in the village, but just word-ofmouth recommendations are driving customers to the CSC in large numbers. The reasons are multifold as under: a) Katewadi village, where the CSC is located has a population of farmers with large land holdings b) These farmers have been borrowing from co-operative banks at rates between 13-18% p.a. c) The nationalized banks have been charging interest rates between 6-12% d) However, the farmers feel that the cooperative banks are more forthcoming and interested in their needs and requirements e) The CSC operator tends to be friendlier and approachable to the farmers. They A B C D E F G H I J K L M N O P Q R S T U V 60

4 can discuss their issues and problems with the operator and get a customized solution from him. They are unable to seek this comfort in a nationalized bank f) The CSC operator also undertakes all the paperwork for the farmer, forwards it to the bank branch and even follows up for cheque disbursals, thereby, making the entire process of borrowing an effortless experience The banking services are now being rolled out in two more CSCs since March Already loan proposals worth 20 lakh are under process through the two CSCs, which are incidentally run by women entrepreneurs. The CSCs present a huge opportunity for the formal banking sector to rollout their products and services through the Business Correspondent and Business Facilitator models. However, while such opportunities exist, there are challenges to be met at the local level as well as regional and national level both by the banks as well as financial policy makers. Some of the challenges are: a) CSCs need to be a part of the banks business plans as well as yearly targets. This would allow local branches to service the CSCs in an organized way b) Issues like limited staff at the rural bank branch to service additional business from CSCs need to be addressed c) Better communication channels between the branch and the CSCs to provide faster facilitation to the SCAs and VLEs d) The IT infrastructure of the CSCs can provide opportunities for banks to use advanced ICT tools like mobile phones, smartcards, net-banking, etc. for faster processing and delivery of banking and financial services e) A structured supply chain needs to be developed and integrated in the banking processes and activities f) Status for SCAs/VLEs under the RBI guidelines should be more pronounced. For examples, SCAs under the CSC scheme need to be recognized as Business Correspondents and VLEs as Business Facilitators. The CSC implementation process has begun in eight states. A large number of CSCs are expected to be operational by June It is, therefore, critical for the banking sector to undertake appropriate steps to ensure that they are ready to deliver their products and services in the next few months as the rollout begins. More than IT, the challenges will be in the areas of supply chain and distribution. Banks will have to cater to these challenges in positive ways through effective use of ICT tools to enable their vision of financial inclusion of the underserved in rural India. n Technology can play a vital role in addressing the following concerns: Concerns Technology Solutions Fraud-proof Biometric based systems can help in customer Identification authentication without any requirement for a PIN / password as in traditional channel delivery systems Foolproof Identity Biometric de-duping can ensure that there are no duplicate identities created for the same customer Offline Transaction Smart card based systems can provide a highly secure offline transaction platform to run any application thereby saving on the costs associated with online systems Shared Infrastructure Technology systems can be integrated easily with existing online channel delivery systems like ATMS, Kiosks, Point of sale, etc Shared Demographic Technology based processes ensure that there is one Data time collection of demographic data for a particular customer. Low Cycle Times Electronic infrastructure cycle times associated with product features like fund transfers, cheque/demand draft clearing and settlement are greatly reduced Role of Technology in Rural Microfinance FINO Value Proposition Financial Information Network and Operations (FINO) systems have been developed with a perspective of being an independent sectoral resource offering low cost last mile distribution model. The solutions are on offer on a utility model based on Pay as you use concept. FINO s solution is a comprehensive solution which encompasses three key components: 61

5 l Core Banking System (CBS) component, which is built as a shared back-end-banking engine that provides accounting, MIS, reporting and monitoring facility for all asset and liability products that the micro sector requires. The core component comprises of three sub units viz. channel interfaces, product engine and data repository, enabling centralized data processing and data management of remotely captured transactions in the field. l Distribution component that enables offline data capture from end-user specific, unique, biometric enabled hybrid multi-application smart cards. These smart cards can hold up to 15 different types of end-consumer relationships (savings, loans, RD, FD, and non financial relationships, such as, health and life insurance products, etc.) on a single card. In the field, these cards can interact with various offline channel enablers like biometric enabled point of transaction devices (POT), Mobile POS/PDAs, etc. and existing mag-stripe based on-line networks of ATMs, PCs, POS and kiosks. Captured end-consumer field data is periodically transferred to a centralised location using connectivity options like PSTN (GSM/CDMA options are being planned). l Credit Bureau component which enables creation of knowledge base, financial credit worthiness, and credit rating profile of the end user. Effort Head Data Recording / Transfer record General Management of MFI Oversight Portfolio Management Credit Bureau Effects Customer Satisfaction Reporting Scalability Benefits from FINCO Systems for a Conventional MFI Benefit Loan officer, no longer,is forced to record each transaction Information manually Branch, no longer, is forced to store, compile and send paper of transactions Head / branch office, no longer, is forced to computerize forms Fewer errors in records due to mistaken identities Clearer identification of organization-wide cost drivers Improved cash management through better cash flow forecasting More easy to compare loan officer / branch performance More efficient distribution of internal resources Reduced need for internal audits Reduced risk of fraud Quick identification of trends in portfolio Quick and accurate identification of problem borrowers Improved ability to spot past bad borrowers who attempt to borrow using a different identity Ability to identify which applicants have applied for loans with other MFIs using the FINO solution Potential for much greater cooperation among the MFIs using the FINO solution in the future Reduced transaction time Reduced turnaround times for loan applications Increased customer understanding of MFI products End-of-day process of closing books much simpler Reduced effort to report performance to donors / government Decreased cost of funds as banks become more comfortable with the MFI s record keeping system Increased ease of complying with regulations Guaranteed future MIS support Ability to cross-sell other products in future Conclusions I. Technology helps in developing low cost platform to enable last mile distribution. Local financial Insticution (LFI) have access to application service provider based model and hence majority of capital expenditure is converted into affordable operational expense. II. Credit analysis based on past records would differentiate various customers and their needs so as to offer them distinct financial products for their benefits. III. Ensuring that LFI comply with regulatory norms and scale their operations. IV. Technology provides easy access and quick response to the customers through the available offline on the field transactions. (Source: Manish Khera, Chief Executive Officer, FINO) n 62

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