Role of digital banking in furthering financial inclusion

Role of digital banking in furthering financial i...

This publication articulates the importance of digital in driving financial inclusion in India.  Digital banking can play role of a catalyst in achieving the goal of financial inclusion in an economically beneficial manner.

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 Role of digital banking in furthering financial inclusion

This publication articulates the importance of digital in driving financial inclusion in India.  Digital banking can play role of a catalyst in achieving the goal of financial inclusion in an economically beneficial manner. This report gives a good illustration of enabling developments and opportunities with respect to digital banking in financial inclusion. Some of the highlights are:

  • Indian consumers have shown tremendous preference for digital technologies, which is reflected in tremendous growth rates in e-commerce and mobile phone adoption.
  • Government of India and RBI, as part of Digital India and Financial Inclusion agenda, have launched a slew of initiatives and changes to enhance penetration.
  • Banks need to invest in building more capabilities to enhance service simplicity, availability and interoperability.
  • Need for ecosystem players to adopt a holistic approach on going digital and integrating business strategy covering all constituents to create a remarkable customer experience.

© 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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