FinTech Innovations are powering the Unbanked

The emergence of the FinTech and the evolution of digitized transformation, has undoubtedly created best prospects for a tech savvy banking and finance related society. This prospect may ease up the adoption of better digitized payments platforms. However, the biggest challenge will still be the problem of uniting closer to 25million people who donot have the digital access yet under the aid of cash mode. Many still,  even though they have the access to digital modes still prefer the manual method of transaction. People must move ahead towards the larger masses where they prefer online payments and services than the physical mode. Now the important question is, how to provide online services to people who donot own a bank account or any banking services?

Some changes to the existing system may bring about this shift and change from unbanked public to fully digitized mode of transaction. They can provide a better and convenient modes of transaction platform making it easier for public to use it. Secondly, by empowering manufacturing industries with the necessary merchandize and application to get direct access of digital modes of transactions.

It is at the same time very important to understand that the unbanked are mostly the migrant workers and the labourers who work on low incomes. By providing a means to save their hard earned money in banks, these people can be shown a way towards technology as well as financial stability. While the society may move towards the digitized world, it may take quite a long time for two billion people across the globe to move along with the flow since they are still stuck with the currency mode. The transition may be slow but is gradual and it is reflecting in the ever increasing trends of using online modes.