Understanding the financial needs of the underserved customer5 min read . Updated: 11 Jun 2016, 12:56 AM IST
Long queues, limited opening hours of bank branches, and complex formalities for deposit and withdrawal make them unsuited for small-ticket, high-frequency savings needs
When you meet Muskaan, you are struck by the contradictions in her situation. She welcomes us into her one-room flat on the third floor of a chawl (community housing) in suburban Mumbai, talking animatedly the whole time. Her strict-looking mother-in-law watches us from a distance. We are conducting research to understand the attitudes towards and use of digital payments among low-income communities, as part of the USAID-ministry of finance (MoF)-led partnership to support financial inclusion through digital payments.
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