Fintech businesses have seen a significant increase in their consumer base over the last few years, not only in big cities, but also in rural areas. The first difficulty in providing digital services on the doorstep to individuals is building trust. Initially, rural India, a traditional cash-driven economy, struggled to trust the digital activities of fintech firms. Rural residents found it difficult to trust fintechs with their hard-earned money and no physical presence. I went ahead and took on the challenge.
Increase in Internet users
According to a study by the Internet and Mobile Association of India (IAMAI) in India, the number of Internet users in rural areas is growing more than three times faster than in urban areas. The situation has improved significantly as a result of the emergence of creative technology-driven solutions, the spread of broadband his internet and the readiness of rural consumers for digital financial services. Internet and smartphone usage in rural areas has increased significantly. While internet usage is increasing in urban areas, it is also gaining traction in rural India thanks to its affordable mobile broadband connections offered by Indian telecommunications companies. As such, the current smartphone user base in rural areas is helping fintech companies provide cutting-edge and friendly online platforms to facilitate banking.
Nanoplanar
Rural fintech companies have revolutionized the lives and livelihoods of Indians. They have made some changes to their digital product offerings to promote awareness and adoption among local customers, with the aim of solving the main problems faced by local customers. has developed a new business strategy that involves hiring potential customers. This is done to facilitate adoption among local customers.
Regardless of gender or other social classification, they promote a spirit of sole proprietorship among the masses while providing them with financial and technical training. help provide.
As a result, the focus has shifted from urban to rural, which has become India’s main growth engine. Initiatives like this have been successful in forming strong and trusted personal connections, and have also created employment prospects for the community. Fintech representatives are now well-known figures in consumer neighborhoods and communities.
local bank clerk
Technology is no longer just a tool to solve small business problems. Today, technology lags behind in bridging the gap between rural and urban areas.
Equipped with cutting-edge technology, these fintech companies have paved the way for greater access to financial services in rural India with their desire to promote equitable development. The fintech sector has developed a new operating model called the “agent model”. This allows nearby store owners to work as bankers in the community.
Local shop owners offer their customers easy cash withdrawal services that can be used with the Aadhaar Enabled Payment System (AePS) and money transfer services (DMT) that can be used without going to the bank, just with the customer’s mobile phone and account number. doing. Local stores are transforming into hubs of digital financial services for people living in remote areas. Rural people’s lives are easier thanks to instant prepaid recharges to multiple villars from one location, instant travel and accommodation bookings, insurance services, investment products and several other digital payment services. has become
Disclaimer
The above views are those of the author.
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