Globally 2.5 billion adults remain currently excluded from formal financial system across the World. The problem of providing financial services to remote locations has been the cost of such service. Banks find it unreliable to open branches in these locations to serve the customers, since the transaction volumes are low.
But, Regulators in many countries have been pushing for financial inclusion to ensure that people use formal financial system to meet their financial goals. Technology development has enabled financial institutions to inexpensively process a large volume of small transactions and deliver a wide range of financial services. Falling hardware costs and growing support infrastructure are making these technologies increasingly available.
Processware has a unique suite of solutions to address financial inclusion. The solutions are completely integrated into BankSoft Core Banking solution. These solutions enable financial institutions across the World to continuously innovate and serve the excluded population. The strategy of having hub and spoke model, where branches have extended arm (through agents) to address larger section of population in hard to reach areas will help in reaching the goals towards financial inclusion.
Technology developments have helped in designing a robust solution to meet the challenges of low volume and small ticket transactions. Processware has worked with Bill and Melinda Gates Foundation in deploying these solutions at a financial institution.