Phygitally inclusive financial services: India

In this episode of G+D Spotlight, we look at the strides being made in rendering payments accessible to more and more people in India. This transformation is being aided by stakeholders realizing there is a business case for it, in addition to the social and legal imperatives of greater financial inclusion.

Naresh Rao of G+D India spoke with Rahul Gambhir and Prashant Naik of Union Bank of India, a public sector bank that is a leader in financial services in that country, with over 8,500 branches catering to its vast customer base. Making their bank’s offerings more inclusive to everyone is a matter of personal interest to both our guests, as they are both visually impaired.

As they made clear, in a country of 1.4 billion people, there will a large number of people that requires some sort of assistance with their payments and banking journeys. They range from those who are legally disabled to customers with poor eyesight or hearing, the aged, and situationally or temporarily disabled – a person with a broken arm, for example, or a person temporarily in a wheelchair. Therefore, a largely underserved population is at risk of being left behind, as most current banking services don’t cater to their specific needs.

The Indian government has mandated equal access to financial services for everyone. This has necessitated a move towards compliance among all stakeholders. Along the way, banks and other institutions have come to the realization that providing this access isn’t just a legal imperative, it makes business sense. Those requiring some degree of assistance with their banking and payments journeys are part of a huge demographic, with plenty of economic power. As an added benefit, their friends and families will notice the enhanced customer experience on offer, and may start using it as well.

The speakers discuss provisions for better digital journeys, more inclusive in-branch service, and customer care that includes guidelines in Braille, in-person counters that account for persons with disabilities and senior citizens. Voice recognition, biometrics, AI, and other tools are touched upon in the context of a broadening push to bring more and more Indians to the banking and payments mainstream, and how banks and other financial institutions can take advantage of it. At G+D, we take accessibility seriously, and this podcast is part of our commitment to furthering it.

Listen to the entire podcast here!