Organisations that are into fintech along with a rural reach are known as ‘Fintech-Outreach’ organisations.
These ‘Fintech-Outreach’ organisations with fintech capabilities along with the ability to reach rural India faster will have huge opportunities across all the sectors.
To begin with they can be very helpful in opening bank accounts. All they need to do is to integrate bank API with their system. This new form of bank can be activated in a day, updated and new micro-services could be added within a short period of time and literally at no cost. It is in favor of large banks to tie-up with ‘Fintech-Outreach’ organisations for rapid growth. Currently banks are facing the challenge of rapid expansion coupled with time and money. Banks can have geographic specific approach too; they can decide which ‘Fintech-Outreach’ organisation is stronger in a particular geography and can tie-up with them accordingly.
These ‘Fintech-Outreach’ organisations can do a lot more besides opening bank accounts. They can sell other bank products, provide loan, insurance, micro pension, etc. The organisation can enable shops / merchants to be points where people can come and book products online. ‘Fintech-Outreach’ organisations can enable merchants to do money transfer, bill payments, recharge and lot more.