Branchless Banking

1. Why?

a. For Business:

• Expand financial inclusion in underserved rural areas, aligning with organizational and national objectives.
• Generate additional revenue streams through increased deposits, transactions, and utility payments.
• Establish Siddhartha Bank as a leader in innovative banking solutions.

b. For Users:

• Provide seamless access to financial services such as deposits, withdrawals, utility payments, and transfers in rural communities.
• Reduce the need for costly and time-consuming travel to distant bank branches.
• Empower users with better financial literacy and access to secure financial systems.

2. Who Are the Users?

a. Persona:

• Rural Farmers: Accessing banking for crop sales and personal savings.
• Small Business Owners: Handling deposits, withdrawals, and utility bill payments.

b. Problems We Are Solving:

• Lack of banking access in rural areas.
• Dependency on informal and unsecure financial services.
• Low levels of financial literacy preventing users from leveraging financial tools.

c. How Do We Know These Problems Exist?

• Gap analysis of existing financial services and infrastructure.
• Surveys and feasibility studies in remote locations.
• Interviews with community members and potential agents.

3. Solution

• Deploy BLB services in remote locations across Nepal to expand financial inclusion and accessibility.
• Provide seamless access to financial services such as deposits, withdrawals, utility payments, and transfers in rural communities.
• Equip local agents with training and technology to operate banking services and provide essential financial assistance.
• Promote financial literacy through targeted community programs, helping residents understand and utilize banking solutions effectively.

4. Product Flow (Details of the Feature/Product)

a. Customer Journey:

Customer visits BLB agent for service → Agent performs transactions via POS machine → Customer receives instant receipt confirmation via SMS.

b. Features:

• New Account Opening
• Deposit
• Withdraw
• Transfer
• Inquiry
• Statement
• Utility Payment

c. Wireframe

Some of the screenshots of BLB system;

d. User Stories:

• As a farmer, I want to deposit my daily earnings quickly, so I can save securely.
• As a small business owner, I want to pay utility bills conveniently to save time.

5. How Do We Measure Success?

These are some of the metrics used for measuring success.

6. Dependencies

Key dependencies for the success of BLB Implementation:

• Handling customer disputes efficiently at agent locations.
• Compliance requirements for cash handling at agent sites.
• Reliable internet connectivity at agent locations for POS operations.
• Leasing fees for POS machines.
• Marketing and promotional expenses.
• Integration of third-party POS system with the bank’s core banking.
• Coordination with IT for software integration.
• Marketing team for campaign planning.

For further details on Branchless Banking, feel free to Contact Me.