benefitting from financial inclusion using mobile technology platforms 35 th adfiap annual meetings...
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Benefitting from Financial Inclusion Using Mobile Technology Platforms
35th ADFIAP Annual Meetings Istanbul, Turkey
Dinesh FernandopulleGroup CIO DFCC Bank & CEO Synapsys Ltd.
BANKDIFFERENT
FINANCIALINCLUSION
PAYMENTNETWORK
Financial Access to Unbanked &
Underbanked
Financial Access to Unbanked &
Underbanked
Ultra Convenient Financial ServicesUltra Convenient Financial Services
Low-Cost Efficient Payments
Low-Cost Efficient Payments
2.5 billion unbanked people
The mobile opportunity – where is the value for banks?
• Ultra-convenient and Innovative banking
• Cashless Payments
• Disrupting new markets
24/7 Access
Unique ID Most used device
Easy to use
Geographicalpositioning
What’s so different about mobile?
Ultra convenient & Innovative banking
Cashless Payments
Disrupting New Markets
1
2
3
UltraconvenientInnovative banking
Deepening Customer Relationships
Must-have “home page” driving targeted marketing and cross-selling
On-the-go advice-based sales and financial management
Cashless Payments
Mobile Wallets
Personalized location-aware merchant offers
Instant Credit
Disrupting New Markets
Provide financial services to the un-banked and under-banked
Leverage partner networks to activate and service new customers
Rapidly grow market-share and wallet-share with lower operating costs
Financial Needs
• Deposits and Cash Withdrawals with agents• Other services: Loan application, Transfers/Bill Payments, Statements
• Move money between people across borders/distances
• Secure storage of money• Secure transport• Convenient access• Earn interest
• Access to capital• Microfinancing (daily repayment)• Instant credit
• Consumer pays for goods and services through mobile phone/card• Merchant accepts payments and receives analytics• Merchant has ability for mobile targeted marketing
Day-to-day Financial Transactions
Market Opportunity
High Net Worth
2.5 billion unbanked
Moving to encompass most of pyramid with youth and widespread smartphone use
Moving to encompass most of pyramid with youth and widespread smartphone use
Cost of ServiceCost of Service
Challenges from peers and non-bank disruptorsWinners and Losers
Market Competitors
Retail Remittance
Lending Value Added Services
12
Consumer Mobile Operator
Bank
Retailer
MobileOperator
Bank
Consumer
Customers
Partners
Any Device
Mobile TelecomService Provider
Banking, Financial Services& Insurance
Retail &Supply Chain
Retail
Instant Rebates
Money Management
Transaction Management
Bundled Services
Mobile Cashless Payments
Incentives
Consumer
Mobile –Financial – Retail
Ecosystem Actors
Payments
Operational View
Other Bank
Bank
Inter BankNetwork
Field Services
Extended Marketplaces
Telco
Thank you
Statistics
Number of respondents 392
Considered banks 212
Used them 114
Used them in past 3 months 91
% of respondents who considered using banks, n = 212
Minimum balance in banks is too high
Bank personnel do not listen to me
Bank is too far away
Unaware of savings-deposit services from banks
Can’t take out money whenever I want
Top 5 reasons for considering but not using banks for small savings deposits, n = 99, % of respondents
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