General

How Digital Financial Services Are Transforming The Rural Lives

Most of the people in the rural areas of developing countries do not enjoy modern financial services. In the absence of banking services, they carry out their transactions in cash which is costly, inefficient, and risky. Financial inclusion is a means of financial services to protect their livelihood and income. 

The use of digital financial services in rural areas has increased in recent years. Digital means aimed at providing financial services like deposits, withdrawals, bill payments via mobile networks. These services have eliminated the need for banks in many rural areas, whilst improving efficiency and security.

Digital Financial Services In Rural Areas And How It Helps

Introducing financial services to the developing world is an ongoing challenge, so how are financial service providers like banks, credit unions, and startups reaching people? A recent study, Financial Services in Rural Areas, explores how digital financial services providers are benefiting people without access to branches or ATMs.

The digital financial services platform has rapidly changed the practices in the banking sector and also affected other areas of the economy. In places where computers aren’t available, connectivity for digital financial services makes the system even more efficient. There are many benefits to the rural community when it comes to these services. Doorstep banking has solved many problems faced by these rural people and has evolved the rural economy.

Let’s first emphasize why digital financial services are better than traditional banking solutions. One of the key points is that this platform offers 24/7 access – there are no opening times as with regular banks. The service is also able to complete more than one transaction at a time, allowing customers to carry out several financial actions seamlessly.

Benefits Of Digital For Financial Services In Rural Areas.

Digital financial services in rural areas will provide increased access to financial services such as savings, payments, and credit access. The use of digital technologies to meet the financial needs of the poor is referred to as digital finance or inclusive finance. 

Digital finance encompasses all financial services that can be accessed and delivered electronically to end-users. These include electronic money (such as mobile-money transfer), commercial bank transactions/payments, loans, insurance/risk management, payments for dividends, and social benefits such as pensions, scholarships, and remittances.

Digital financial services are more inclusive than brick-and-mortar banking because they are accessible from anywhere at any time. For example, a customer can open an account using their mobile phone from anywhere at any time.

Different fintech companies deliver these services in rural areas. Now let’s discuss the benefits of digital financial services in rural areas in more detail

Quicker Service

The most important benefit is a quick service. The fintech companies give quicker service to rural people as compared to traditional institutions. They give quick and hassle-free services that benefit the lower income group to manage their financial activities on a day-to-day basis.

Better Service

Fintech companies face fewer regulations compared to traditional banks. Due to the low regulatory burden, the fintech companies focus more on improving their technology and services. Thus they are able to reduce the cost and increase the efficiency that helps them to give better service to people.

Add Value To Traditional Lending Service

Fintech companies tie up with leading financial institutions and deliver their services in rural areas where branches of these institutions are not available. This helps the fintech companies to be sustainable. The technology of fintech companies adds value to the services offered by traditional banks and financial institutions as it is availed by a large number of rural people and with ease.

Quick And Easy Financial Assistance In Emergency Situations

To avail of a quick loan or financial assistance from banks and financial institutions, one needs to go through a lot of processes and documentation. In most cases, the loan gets rejected due to the risk attached to it.  But a fintech company has the ability to provide an instant loan or emergency fund to the low-income group without much process and documentation. This makes the fintech companies even more suitable for rural areas.

Convenience

The digital financial services provided by fintech companies are convenient for rural people. The technology makes it easy to access the services anywhere anytime without much difficulty. People don’t need to travel a long distance to a bank to avail the services. The banks have a time limit in a day which makes it even more difficult. This difficulty is easily overcome by digital financial services offered by fintech companies.

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