Kamis, 04 April 2013

Banks can reduce costs through the use of Mobile money

The Indian economy is growing and the possible role of mobile money in itself cannot be overestimated. The author of the March of the Mobile money, Sam Pitroda, is a consultant PM on infrastructure and innovation. The main reason why you feel so passionately about his idea of digital portfolio-banks haven’t been able to reach the bottom of the pyramid. He firmly believes his idea will help to reach the shores of these inaccessible markets.

Everyone has financial needs

Of course, banks have focused only on those sections of the market that have big savings (rich) and banks more access to money, the more they make. As a natural corollary, aren’t interested in people who don’t have much money. At the same time, even the sections, which are viewed as unbankable markets, their financial needs in the real world.

Every new customer costs money

The situation now is that banks have large costs for acquisition of new customers thanks to their structure of brick and Malta. They didn’t know that there was no other way that could exist. Even when the process of computerization was introduced in the process, was made prior to the back end, because that was where it was all cash flow. The next place where the computer was the cashier or the front-end. ATMs were also imposed, but that also cost them (banks) money.

Bricks and Malta will be history soon?

Through it all, the costs kept going, even though the picture should change abruptly with the arrival of mobile phones-that act as powerful computer most of the time. Sam Pitroda believes that the next generation of non-banks would be based on a structure of bricks and Malta, it would just require a central server somewhere and confidence among customers.

Now is the time for Micro-transactions

The distribution can be done only through the PCO, where customers would be able to deposit and withdraw money. People who make transactions through these new channels don’t have big needs, rather than their transactions would be small, creating micro-transactions. In one fell swoop, the banks would reach the base of the pyramid as well.

Regulatory barriers must be resolved

It is not that the situation is not without complications, as there are probably legal issues arising from it. People (users and providers) are still very confident that the system will take off in India. According to Sam Pitroda, there are solutions in sight. Sam Pitroda clarifies the mobile operators will have to make the banks will still be banks and that will continue to be mobile operators. Transfers only the information process for mobile phones, the money remains with the Bank. Although the money is transferred, still remains in a Bank, although it may be a different.

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