Typically, financial institutions have not been to reach rural consumers with customised offerings due to multiple limitations.
Rural markets operate very differently from urban markets. While the government and RBI have created an ecosystem promoting rural finance, traditional financial brands are yet to capture this market fully. There are multiple challenges:
Ineffective Mediums Used to Educate consumer about Financial Products & Services.
The approach of typical finance brands is branch centric situated in towns and small cities, with different branches for different products.
Financial brands find it difficult to get security and trust rural consumers. There is also resistance to digitization and need for extensive documentation.
Accessibility is usually limited with branch locations beyond 30-40 kms. There is a lack of use of technology.
The cost of operations and servicing rural consumers are not usually in favour of brands. Overall, the finance brand treats it as a low-gain market.
Ineffective Mediums Used to Educate consumer about Financial Products & Services.
The approach of typical finance brands is branch centric situated in towns and small cities, with different branches for different products.
Financial brands find it difficult to get security and trust rural consumers. There is also resistance to digitization and need for extensive documentation.
Accessibility is usually limited with branch locations beyond 30-40 kms. There is a lack of use of technology.
The cost of operations and servicing rural consumers are not usually in favour of brands. Overall, the finance brand treats it as a low-gain market.
StoreKing creates digital financial touchpoints for rural consumers to simplify adoption and transactions. We work with financial institutions to offer a range of financial products to rural consumers - loans, insurance, savings and mutual funds.
The StoreKing platform offers financial institutions deep and wide reach into the rural pockets. It also helps companies access consumer data and trends to tailor effective financial products.
Introduction to digital banking and
transactions plus referral acquisition
- Cash in/cash out facility
- Opening a bank account
Who becomes an advocate for
financial inclusion and the
touchpoint for customer service.
- Ecosystem for transaction
- Awareness & acquisition
-
Channel management
We onboard partners with shared
vision for rural financial solutions.
Storeking One empowers rural consumers to confidently transact, save, borrow and take well-informed decisions for their finances.
Explore to see how these institutions joined hands with us to take rural India financially forward.
Paytm is India's largest mobile commerce platform. Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. They have over 100mn registered users. In a short span of time Paytm has scaled to more than 60 Million orders per month. They strongly believe “Rural clients are important to digital wallet suppliers for the market size and need for convenience.”The idea is to primarily promote adoption among users who are reluctant to use digital payment methods or are unable to access them.”
Rural India can dream big and achieve their aspirations & life goals , with help of the StoreKing network powered by Muthoot Blue. Loans like 2 wheeler loans, retailer lending and Gold loans can be availed by everyone, even in difficult to reach areas.
Partnership with Storeking gives the ability and reach to take HDFC banking products and services to the most remote parts of the country. StoreKing network will act just like branches of HDFC Bank helping HDFC take banking services to the unbanked.
EKO’s Partnership enables digitization of cash economy by enabling Rural Retailers as Money Transfer touch points. Thus, taking the first steps in participating with the new Digital India.
Mswipe partnership helps in providing mini ATM services to rural India, through StoreKing’s kirana store network. Now every kirana store can become an ATM for customers in its vicinity.
StoreKing Herofincorp partnership is transforming rural retailers by enabling easy, affordable and hassle-free finance options.
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