PERMANENT PLATFORM OF IPPB

Related Articles

India-Korea Electronic Origin Data Exchange System (EODES)

December 10, 2023

Biosphere Reserve

November 3, 2023

Cheetahs in India

September 29, 2023

• Recently, the India Post Payments Bank (IPPB) launched the Fincluvation Platform to promote innovative solutions in collaboration with fintech startups to accelerate financial inclusion among the underserved and unserved population.
• The term Fintech (Financial Technology) refers to software and other modern technologies used by businesses that provide automated and imporved financial services.

Fincluvation

• Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
• IPPB and Department of Post (DoP) collectively serve close to 430 million customers through post offices and at their doorsteps via more than 4,00,000 Post Office employees and Gramin Dak Sevaks – making it one of the largest and most trusted postal networks in the world.
• It is an Industry first initiative to create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.

Startups are encouraged to develop solutions aligned with any of the following tracks:

1. Creditization – Develop Innovative & Inclusive credit products aligned with the use cases of target customers and take them to their doorsteps through Postal network.
2. Digitization – Bring convenience through convergence of traditional services with Digital Payment Technologies such as making the traditional Money Order service as Interoperable Banking service.
3. Market Led Solution – Any Market-led solutions that can help solve any other problem relevant to IPPB and/or DoP in serving the target customers.
4. Fincluvation mentors will work closely with the startups to tweak products to the customer needs and align the go-to-market strategies with operating models of IPPB and DoP.

Need of Fincluvation in India

• To Grab New Opportunities: Intersection of technology with financial services coupled with traditional distribution networks is opening up a new set of business opportunities.
• To Increase User Experience: Conventional model of technology procurement led product creation by banks often lacks value in user experience leaving a huge gap between customer expectations and service delivery.
• Failure of Traditional Technologies: Traditional technology firms fail to meet the service expectations of customers with a deficit of ownership in product creation. Indian citizens have varied and complex needs that need careful thought, empathetic product design, and rapid prototyping among users.

Financial Inclusion

Financial inclusion is the process of ensuring access to appropriate financial products and services needed by individuals and businesses including vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT