Remittances: ICICI Builds Technology-Based Financial Literacy Services and Remittances Products for Rural Markets

Topic :

This brief article describes the experience of ICICI Bank in relations to its innovative approach in providing remittance services. ICICI has discovered that, in India, there is a large untapped rural market which lacks awareness of financial services as well as convenient access to remittance delivery services. To service this market, ICICI faced two challenges: first, designing a tailored product specific to these customers and, second, providing them with easy access to funds. To address the needs of the rural population, ICICI decided to pilot a rural remittance product.

This article begins by providing background to the pilot project and then discusses the different phases of the scheme. Phase 1 covered designing and simplifying access via technology through the use of ATMs and Cash Agent Model. Phase 2 then covered designing the products. Finally, phase 3 covered financial literacy, marketing and launching the pilot product.

The final sections provide a brief discussion on the challenges and opportunities, the implications for institutions offering microfinance services, the future plans of ICICI, and the impact of the innovation on businesses.

  • Resource type
  • Author World Women's Banking (WWB)
  • Organisation
  • Year of Publication2005
  • Region
  • LanguageEnglish
  • Number of pages4 pp.
  • EditionInnovation Brief; Informe sobre Innovación

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