NCR Financial Inclusion Brochure

Convenient and secure banking for the financially underserved

The World Bank estimates that more than 45% of the 6.5 billion world population does not have access to a formal source of banking or financial services. More than 60% of those with minimal or no access to the banking system reside in India and China. In India alone it is estimated that there are 695 million financially underserved people. Despite these challenges, India has a growing domestic demand and prowess in the areas of Information Technology, Automotive, Life Sciences and Telecommunications.

The Government of India in conjunction with National Bank for Agriculture and Rural Development (NABARD) are encouraging public and private sector banks to extend services to the rural priority sector and the financially underserved. This comes in form of financial incentives, regulatory policy, and facilitating new business models and technology enablers.

In addition to Micro-finance Institutions (MFIs) and banks are reaching out to the masses by using agents, or Business Correspondents (BCs) that provide financial services from door-to-door. Some of the technology solutions being utilized by BCs today are Point of Services (POS) devices, smart cards, and mobile phones for wireless connectivity.

Taking a step ahead, self-service banking solutions are leading the way to the next generation of customer interactions. Self-service banking offers a convenient and accessible solution that provides financial services either through an independent network of bank branches or a network of self-service atm kiosks shared by various banks and MFIs.

• A recent study by the Butler Group said that self-service has been the largest contributor to social and economic prosperity in the 20th century.
• In March 2008, Time Magazine published a list of the top 10 ideas which are changing the world; the global self-service revolution was listed as number 2.
• A White Paper on ‘Financial Inclusion’ commissioned by NCR Corporation and under taken by Frost & Sullivan; identifies self-service as the foremost, sustainable and scalable technology solution in bringing formal banking to the unbanked.

NCR Corporation is a global technology company and leader in automated teller machines, self-checkouts and other self- and assisted-service solutions, serving customers in more than 100 countries. NCR’s software, hardware, consulting and support services help organizations in retail, financial, travel, hospitality and other industries interact with consumers across multiple channels.