Preview

Eko Simplibank Case Study

Powerful Essays
Open Document
Open Document
5143 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Eko Simplibank Case Study
Eko India Financial Services - Simplibank

A Case Study

Submitted by

S.Aravind (403/17)
Giridharan Raghunathan (413/17)

Pappu is a migrant labourer from Bihar who lives at Uttam Nagar west. He like thousands of others does not have access to formal banking and is often at the mercy of the informal ways of savings and remittances. One day he learns about a mini savings bank account, a joint initiative by Eko India Financial Services and SBI. So he approaches the customer service point, who also happens to be his next door chemist. All he needs is a mobile phone and an identity proof. The chemist helps him fill the account information form and explains to him that all transactions are conducted by simply dialing, without hassles of composing an sms. Pappu is now a proud bank account holder. He proceeds to make a deposit. To his surprise he finds that making a deposit is as simple as making a talk time recharge. The customer service point transfers account to Pappu’s account by simply dialing. Pappu has made his first deposit. Sometime later in Bihar, Pappu’s brother remembers that he needs to buy fertilizers for the crops. So he promptly rings up Pappu who promises to send him the money immediately. Pappu transfers the amount again by simply dialing. His brother is a happy man indeed to receive the money so easily and so quickly.

The above story is one of the many happy customers of the Simplibank service offered by Eko India Financial Services. Eko India Financial Services Pvt. Ltd (Eko), a Delhi based financial services company was founded to serve the section of the population which was financially excluded. The company believed that a basic saving account is important for financial inclusion. Eko realized that people from financially excluded communities owned mobile phones and the mobile penetration in India was rising rapidly. The company decided to develop its product based on mobile phone. It chose to use mobile phones as the mode of

You May Also Find These Documents Helpful

  • Better Essays

    Use Cases

    • 1184 Words
    • 5 Pages

    In this use case the basic flow of events consists of the following: (1) the use case begins when bank customer inserts their bank card; (2) Use Case: Validate User is performed; (3) The ATM displays the different alternatives that are available on this unit. In this case the Bank Customer always selects “Withdraw Cash”; (4) the ATM prompts for an account; (5) the bank customer selects an account; (6) the ATM prompts for an amount: (7) the bank customer enters an amount;(8) card id, pin, amount and account is sent to Bank as a transaction. The Bank Consortium replies with a go/no go reply telling if the transaction is ok; (9) then money is dispensed; (10) the bank card is returned; (11) the receipt is printed; and finally (12) the use case ends successfully.…

    • 1184 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    The digital divide is beginning to close. The flow of digital information – through mobile phones, text messaging, and the Internet – is now reaching the world’s masses, even in the poorest countries, bringing with it a revolution in economics, politics, and society. In my opinion, the technological innovation that has had the greatest impact on our lives in this country today would be the mobile telecommunication technology. For the last ten to fifteen years, mobile phones have changed our lives in such a way that no other technological change has before. Earlier, people used to book telephone calls in advance, had to go and use near the telephone booths, or sit beside a physical telephone instrument kept in the drawing room of a house, and attend to, or make calls stuck to a place. Now, people simply carry a 200 gram device in their pockets and can travel the world, always connected to their loved ones and business partners, no matter in whatever remote part of the world they are. (However, in certain countries, mobile coverage does...…

    • 317 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    In other findings certain departments such as the IT department has researched new applications to allow for more streamline services for both customers and employees. One finding shows that the mobile depositing application that was first introduced by the IPhone is now the first of its kind but also intriguing other financial institutions to incorporate the same technology. Along with the IT department…

    • 571 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    HSBC and Strategy

    • 466 Words
    • 3 Pages

    Easy to use mobile application for performing banking transactions on the move on mobile devices. Has been highly accepted by customers with positive comments on its simple interface & easy to use functionalities.…

    • 466 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Information Technology

    • 765 Words
    • 4 Pages

    Some people still enjoy writing checks however checks are a thing of the past. Some people still conduct all of their banking needs inside of a banking center however most banking transactions can be conducted online from the comfort of your living room couch. The advances in information technology have caused regulations such as the Electronic Funds Transfer Act, 1978 to be implemented in an effort to keep your money safe while offering you the convenience of microwaveable banking. With convenience come additional challenges for not only financial institutions but sale driven businesses also to earn revenue. This challenge introduced the need for additional advances in information technology such the Do Not Call Implementation Act, 2003.…

    • 765 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Catching the technology Wave: Mobile Phone Banking and Text-a-Payemnt in the Phillipines http://www.ruralfinancing.org/fileadmin/template/rflc/documents/1146217136444_phillipines_mobile_phone_banking.pdf [ Accessed September 27, 2011]…

    • 3140 Words
    • 13 Pages
    Powerful Essays
  • Powerful Essays

    Teller transaction

    • 2054 Words
    • 17 Pages

    Inefficient and inaccurate transaction processes, this kind of problem are facing by many tellers more often it involves the discrepancies concerning the customer’s account, giving account information and unable to handle different request. The discrepancies concerning customers account involves the mistake in the balance of customers, balancing efficiency and accuracy is important. Another problem is giving account information, are sometimes source of problem by the teller like if the customers is requesting for their account balance, loan payment, deposits or encashment, and unable to handle different request from the customers are usually the problems of the tellers some customers are requesting for the conversion of other country’s money into dollar’s or transferring money in the other country some of the teller’s do not know how to handle that kind of situation.…

    • 2054 Words
    • 17 Pages
    Powerful Essays
  • Good Essays

    One simple band-aid is a affection affluent Business SIM enabling Voice, SMS & Abstracts 3G and HSDPA whilst roaming. This adaptable SIM provides the business with abounding ascendancy over calls and texts, both nationally on the hosted arrangement and whilst Roaming. In addition, the SIM provides connectivity to authentic clandestine adaptable networks and admission to a accepted amount for appliance activation.…

    • 815 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Banking in India has been a booming sector in today’s scenario. Gone are the days of large, cold and pompous – looking building with suited, booted ‘bankers’ sitting behind their appointments with the customers. In today’s scenario we…

    • 15794 Words
    • 64 Pages
    Powerful Essays
  • Satisfactory Essays

    Our objective is to provide people in emerging markets the freedom to access today's world. To make this happen we create 'A world where mobile services are affordable, accessible and available everywhere and to all'.…

    • 512 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    “MoneyGram….The best way to wire money” “With MoneyGram you’re never far away from a fast and easy money transfer.” Strategic Planning for an Online Money Transfer Service Presented to: Dr. Jean Mourani Presented by: Bassima Hazimeh…

    • 7681 Words
    • 31 Pages
    Powerful Essays
  • Good Essays

    Idea Business Model

    • 1316 Words
    • 6 Pages

    When Aditya Birla Group took over, Idea’s new management reoriented the company’s strategy to focus network expansion mostly in India’s remote areas where demand is both high and underserved. The company also built a distribution network of 1,520 branded service centers and more than 700,000 multi-brand retail outlets around the country as of March, 2009. These investments have enabled Idea to serve customers at the base of the economic pyramid by bringing coverage to rural areas and achieving economies of scale that help keep prices low. Idea’s approach has also included a suite of products and services customized to meet the needs of rural and low-income consumers. For example, Idea has launched small recharge sachets in denominations as low as $0.20. The company provides value-added services such as “music on demand,” which has been particularly successful in rural areas where FM radio does not reach. Idea’s media and advertisement campaigns are also conducted primarily in local languages, to reach out to rural users. Most recently, Idea has been working to extend its reach specifically to consumers who cannot afford their own phones through a Pocket Public Calling Offices (PPCO) project. PPCO is at once a product of Idea’s expansion efforts and a part of its strategy for further growth. The company considers PPCO a commercial project, and as such it was developed via Idea’s standard business development process: concept documentation, management approval, product configuration, testing, and full commercial launch. PPCO is a shared access model in which a mobile phone is used as a public phone operated by a micro-entrepreneur. To develop the model, Idea partnered with IFC to leverage its experience with shared phone projects around the world. Central to the model is a grassroots-level partnership, originally brokered by IFC, with India’s Self-Employed Women’s Association…

    • 1316 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    Drove Mr. Ashok to the minister's house, stopping at several ATM's so that Ashok could make withdrawals for the bribe (125)…

    • 1760 Words
    • 8 Pages
    Satisfactory Essays
  • Good Essays

    Jindal

    • 15460 Words
    • 62 Pages

    I Naresh Kumar IInd semester student of Post Graduate Diploma in Business Management from J K Business School hare by declare that all information and facts and figures in this report are original in nature, which is collected from various locations. This information is true to the best of my knowledge.…

    • 15460 Words
    • 62 Pages
    Good Essays
  • Good Essays

    Time is very precious in today’s era. Everyone wants to do things in very short span. The quotation “Stitch in time saves nine” means if you finish something in time, you will be able to do ten things in the time you saved. Keeping this in view, scientists and technologysts developed many new things to save as much time as possible. In each and every sphere of life we can find machines and gadgets that saves our time a lot. Wether it is business, transport, education, communication, new technology did a lot. ATM is one of the inventions of time saving gadgets. ATM is expanded as Automated Teller Machine. Or sometimes we can also say it as Any Time Money machine which is true in its sense. We can draw money at any instance of time with the help of ATM, a day or mid-night, in emergencies, or when we shop we need not have to carry cash, we simply apply the credit or debit card, same like ATM card. Initially, we have to stand in long…

    • 609 Words
    • 3 Pages
    Good Essays

Related Topics