Financial inclusion is increasingly being recognized as a key driver of economic growth and poverty alleviation across the globe. Studies have found that access to formal finance can boost job creation, reduce vulnerability to economic shocks and increase investments in human capital. Seven of the United Nations Sustainable Development Goals (SDG) of 2030 view financial inclusion as a key enabler for achieving sustainable development worldwide.

Union Budget 2020 and Enabling Financial Inclusion

While presenting Union Budget 2020, Hon’ble Finance minister Mrs. Nirmala Sitharaman said Technological tools like Artificial Intelligence, Internet of Things, 3D printing, drones, data storage, Quantum Computing are helping change the way the country functions…


Mobile Wallets has grown rapidly in India. As per a BI Mobile Payments report, in-store mobile payments would grow to $503 billion by 2020. As per another report Mobile Payment Volume would increase tenfold by 2021.


USA

Number of digital banking users in the United States from 2014 to 2019
161.6 million a twenty percent increase from 2014.

Great Britain

Online banking in Great Britain from 2007 to 2019 73% of users avail online banking
In 2007–30%, 2014–53% and in 2019 it is 73%

UAE

90 percent of people in the UAE use digital banking, while the number of ATM users reached 100 percent.

Source — Federal Competitiveness and Statistics Authority

Nordic countries

including Norway, Denmark, Finland and Sweden
As of 2018 had online banking penetration rates of over 80 percent.

India

As of 2017, India…


A big year for Fintech — or should I say Fintech-led disruption?

Experts predicted Fintech to scale in 2019, and they weren’t wrong — innovation-led banking, bypassing legacy banks, new entrants like Neo Banks taking a plunge reducing friction to serve Banking for one and all. Initiatives like PSD2 and Sahamati shaping up and being adopted by masses.

It was a year worth remembering…

A look at some of our insightful 2019 posts that made some noise… in case you missed it… a RECAP…

ABC’s of Last Mile Payments

No economy could flourish unless the bottom of the pyramid is included in the gains. And…


A big year for Fintech — or should I say Fintech-led disruption?

Experts predicted Fintech to scale in 2019, and they weren’t wrong — innovation-led banking, bypassing legacy banks, new entrants like Neo Banks taking a plunge reducing friction to serve Banking for one and all. Initiatives like PSD2 and Sahamati shaping up and being adopted by masses.

It was a year worth remembering…

A look at some of our insightful 2019 posts that made some noise… in case you missed it… a RECAP…

ABC’s of Last Mile Payments

No economy could flourish unless the bottom of the pyramid is included in the gains. And…


While, as a technology provider firm we always urge our clients’ Banks and FI’s to adopt “Digital Channels,” we also stress on How to evaluate the ROI of a Digital Bank after implementing the banking solution.

Here is a quick guide that would guide you to look for KPI’s and calculate the ROI of a Digital Bank -

KPI 1 — Cost to Acquire a Digital Customer [CAC]

If you have purchased a core banking solution, hired a team of development, sales, and marketing, you should know at what cost are you able to acquire a customer? CAC helps you in that, and it can be calculated as follows -


Experience!

How do you craft a digital experience for your consumers? BY providing them a robust, stable, highly efficient digital platform, but have you thought that 80% of the digital experience is driven by the way UI/UX has been designed. Neo Banks aka challenger banks that are 100% digital, the UI/UX weighs a lot more in terms of customer satisfaction and conversions. What are my reasons?

  • NeoBanks UI/UX are gateways to digital banking. If your user does not find the design principle in place, the banks, firms, and NBFC’s would have to face Abandonment, Deactivation, or Deletion of accounts.
  • UI/UX…

Have you ever tried Turkish tea? For a tea-addict like me, it was incredible! And thanks to these fantastic tea flavors that I got to know about Turkey, a land with rich history in culture and food has also shaped the history of economics. The concept of stock exchange, commerce and money were all born in Anatolia. This rich heritage has inspired Turkish society’s shopping trends and payment culture. The young population is tech-savvy and innovating to built Turkey as a center of innovation for payments.

Do you know Turkeys introduced a contactless credit card way back in 2006, launched…


Just a few days back we got an interesting query on our website chat — Which new technologies already present in foreign countries can be adopted for Indian banks?

My one term answer to that question would have been — Neo Banks!

Yes, Neo Banks are the answer to the efforts- cashless banking, automated payments, digitization across sectors, SME Banking, transparency, building trust, preventing corruption across all industries, entities, and individuals. The Neo Bank use cases cover all aspect of verticals and businesses. …


Jordan Digital Economy

Digital is just not a word anymore;its your life. Part and parcel of humans, economy, and countries. Each country is trying to regulate, innovate, implement digital solutions, services and lifestyles. Today we are going to discuss about one such beautiful country Jordan and the evolutions of mobile wallets in the stunning landscape. What kind of consumers in Jordan may benefit from mobile money? Is the government in Jordan supportive enough of digital wallets? How do the refugees in Jordan get aid via mobile financial services? …

teknospire

Teknospire offers an integrated digital banking platform that automates the banking process. #DigitalBanking #MobileBanking #FinancialInclusion #Analytics #BAAS

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