Neo Banking platform for Financial Inclusion to serve 90 Crore Indians

Problem statement

• A prominent player in India aimed to venture into the domain of financial inclusion through the establishment of an agent network.

• Despite the presence of a few participants offering agent banking services in the current market, their impact remained constrained due to apprehensions concerning digital management of agents.

• Managing Agent Networks: The process of recruiting, training, and overseeing a dependable network of agents in remote regions posed challenges, primarily due to the absence of a robust platform.

• The prevailing Go-to-Market (GTM) strategy was meticulously tailored to secure a commanding position within the agent banking sector. This encompassed the vital necessity of formulating a comprehensive strategy that positioned the client's solution as a frontrunner in the market, meticulously attuned to the unique consumer demands, thereby solidifying our reputation as industry pioneers.

• The array of services being provided was quite limited owing to the absence of well-established APIs in place.

Solution

• Digital Agent Management Platform : Develop a robust digital platform that streamlines the process of recruiting, training, and managing agents in remote areas. This platform should facilitate agent onboarding, training, performance tracking, and communication, making the agent management process more efficient and transparent.

• Technology Integration : Implement well-established APIs to bridge the gap in services. This will enable seamless integration with various financial systems, allowing for a broader range of services to be offered to customers through the agent network.

• Revamped Strategy & Market Entry :A team of experts meticulously reworked the existing strategy and go-to-market plan. This involved benchmarking, competitive analysis, and the formulation of an innovative market entry model.

• Comprehensive Training :Offer comprehensive training programs for agents was devised by the experts, focusing not only on financial services but also on digital literacy. This will address concerns related to digital management of agents and ensure that agents are well-equipped to serve customers effectively.

Conclusion

• B2C App with Card to Card transfers, Peer-to-Peer (P2P) transactions, Peer-to-Merchant (P2M) payments, insurance services, and utility service