Banking for Inclusion

‘Agent banking’ signifies banking services provided to customers by a 3rd party agent on behalf of a bank or some other financial institution that is well-regulated and licensed. There are several reasons why banks need to adopt Agency Banking in emerging markets, of which providing access to financial services to the underserved population is among the most important.

Easier reach to rural customers

Brick and mortar banks, in rural regions and emerging markets, face difficulties in reaching to customers. Setting up and running the branches of traditional banks is often expensive. Running the branch of such a bank includes having a bank manager, bank workers who specialize in loans, mortgages, security, and other domains, as well as a front desk teller. This is among the prime reasons why rural branches are being closed by banks. With Agency Banking, banks can reach out to rural customers easily and more effectively

Wider network

Agency Banking comprises a network consisting of banking agents serving as actual bank branches. The banking agents may be retailers, e-wallet providers, telecoms and more. This is convenient for customers in rural areas who require access to rural banks. There is no requirement for having an intricate infrastructure or a team comprising of executives, branch managers and tailors. A banking agent takes care of all the requirements of banks.

Time and Cost-effective

Banks can include the underserved or unbanked segment in their own ecosystem. It is possible to reduce the time for promoting new services or projects to the customer base in a limited geographical area. When banks get new customers on board from the population that was out of reach previously, the customer base can easily and inexpensively be expanded. When there are more banking agents rather than actual bank branches, manpower, and infrastructure costs are reduced, ultimately boosting banking revenues.

Higher efficiency

By creating an effective network comprising of agents, banks can improve efficiency and simplify business processes. A cashless culture can be promoted, and many payment facilities and products can be offered via a single agent. Banks can develop a proper network of agents, ensuring maximum security for banks and allowing easier banking for rural customers

CrowdForce is aiming to push more people away from the poverty line, and promote financial equality among the masses. We have realized the importance of agent banking, and are currently utilizing our large agent distribution network to perform micro-tasks and micro-services within their communities. Through agent banking, we have been able to promote financial inclusion in populations that are hard to reach.