ABOUT INNOVATIONS IN DIGITAL FINANCE

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ABOUT INNOVATIONS IN DIGITAL FINANCE

Innovations in Digital Finance (IDF) focusses on  improving the financial health and well-being of the underserved population in India using new age technologies such as augmented reality, blockchain, and Artificial Intelligence, among others. We focus on enabling women to exercise power control over their lives by providing them access to financial services through digital and non-digital methods. The program architecture benefits everyone in the financial ecosystem, including banks, Business Correspondent Network Managers (BCNMs), agents, regulators, and other agencies, with the customer at the center. Our IDF team aims to achieve this through capacity building, product development, and go-to-market strategies while working with multilateral agencies.

 

APPROACH:

Our aim is to create a future where any underserved individual or business has equal access to financial opportunities and a life of dignity and security as others. Leveraging cutting-edge technologies and collaborating with key stakeholders in the ecosystem, we strive to create a world where financial services are accessible, available, affordable, and are being used optimally across the value chain.

 

How We Work: Innovations in Digital Finance (IDF)

At IDF, we are committed to driving digital financial inclusion through a comprehensive approach that integrates cutting-edge technology with human-centric design principles. Our work is guided by the following key practices:

  1. Human-Centric Design: We place the needs and experiences of our beneficiaries at the core of our solutions. By understanding the unique challenges faced by low-income individuals, especially women, we consult on the development of new products, channels, and processes that are accessible, affordable, and user-friendly.
  2. Innovative Use of Technology: IDF harnesses the power of emerging technologies such as Artificial Intelligence, Blockchain, and Fintech solutions to create impactful financial services. Our focus is on making these technologies practical and accessible, ensuring they are tailored to the specific needs of underserved populations.
  3. Collaborative Ecosystem Building: We work closely with ecosystem actors, including financial institutions, network managers, and technology providers, to craft, test, and scale innovative solutions. Our collaborations are aimed at consulting on the creation of sustainable financial products and services that enhance resilience and economic stability.
  4. Focus on Inclusion: Our ultimate goal is to ensure digital financial inclusion for all individuals (especially those from under-served communities), by increasing their financial literacy, enhancing their ability to make informed decisions, and providing them with the tools they need to improve their livelihoods. This includes a strong emphasis on increasing female participation in the financial ecosystem, fostering entrepreneurship, and building resilience against economic shocks.

 

PARTNERSHIPS WE LEVERAGE TO STRENGTHEN OUR PROGRAMS UNDER IDF:

  • Banks: HDFC Bank (largest pvt bank in India); Axis Bank (3rd largest pvt bank in India); Fincare Small Finance Bank (new age SFB with focus on rural India)
  • Fintechs: LXME (Women focussed fintech); Easypay (Fintech with large network & transaction-based lending)
  • BCNMs: These include Paynearby; ROInet; Kwickzen; SpiceMoney
  • Digital Platforms: Includes platforms such as ONDC.

 

OUR REACH:

Total customers served: 5,668,325

Total Women Customers Served: 1,043,413

Total Unique BC Agents Onboarded: 117,559

Total Women BC Agents: 42K