Regulatory restrictions mean that payments banks may not be able to fulfil all these needs by themselves; they will need to rely on creative partnerships with traditional banks and non-banking financial companies (NBFCs) to offer the full suite of products.
But this is not just a products issue. The entire customer experience is critical. Much like any of us, low-income consumers value speed, convenience, comfort, low cost and flexibility in their financial services. And while most of us have experienced the soul-crushing ennui of waiting in line at the bank, for low-income consumers, the stakes are often higher.
For more on this story visit the following link: Understanding the financial needs of the underserved customer
Source: Live Mint