As before, we’re reporting the results out to the group — a measure of what everyone is thinking. Thanks for signing up and taking the quiz.
Question 1: Which financial inclusion stakeholder has the greatest influence in driving core banking access to underserved consumers in emerging markets?
a) Micro-Finance Companies / Charities (27%)
b) Local Governments (9%)
c) Banks and bank networks (37%)
d) Global financial inclusion NGOs/ players (Gates, World Bank, etc) (18%)
e) Bono (9%)
Question 2: What has been the greatest challenge for financial inclusion to date?
a) Desire – on the part of the powers that be in country government (0%)
b) Distribution – finding a way to reach the mass of consumers who need financial services (46%)
c) Dependencies – governments have yet to find the right regulatory structures to make it feasible for banks to serve unbanked consumers (9%)
d) Dinero – finding a sustainable business case to tie all the necessary parties together in a sustainable model (45%)
Question 3: What industry is most likely to connect the majority of Indian consumers to financial services within the next decade?
a) Banking (0%)
b) Organized retail (0%)
c) Small retail (0%)
d) Mobile (100%)
Question 4: What is the most fundamental definition of retail banking?
a) Depositing money with a government-backed formally-chartered financial institution (18%)
b) Obtaining a credit or debit card tied to an asset account or credit line (9%)
c) Banking directly with a retailer (0%)
d) Turning cash into electronic money for anytime, anywhere access (73%)
Question 5: Which of the following do you believe will be the most prominent example of an alternative delivery model to underserved consumers for financial inclusion?
a) Emerging Market: Mobile operator + international payments network (18%)
b) Developed Market: Major retailer + international payments network (18%)
c) Emerging Market: Mobile operator + small retail distribution (82%)
d) Emerging Market: Established bank + international non-government investor (ex: Gates Foundation) (18%)
Essay Question: Please briefly explain your answer to question 5, including the “why” behind your answer.
Answer A
“I would say group of competing mobile operators rather than single mobile operator. Global payments network a necessity for delivering customers. It won’t be retailer, too small a reach. A mobile operator with small retailers, hard to make technology investment worthwhile. A bank with a charity? Hard to imagine what significant transaction flow exists in that environment.”
“Because mobile operators and payments networks are better suited to develop and market faster to the market.”
Answer C
“Solves the distribution, cultural challenges for financial inclusion. In emerging markets, customers trust mobile operators more than banks and are loyal to their local retailers. Local retailers can obtain banking correspondent licenses similar to Eko in India and leverage their local expertise.”
“It is the only model that has proven to be succesful.”
“Emerging Market: Mobile operator + small retail distribution; a vast majority of people rich to poor have a mobile phone, to not utilize this either via retail distribution or payment network would be a loss. With the amount of mobile applications being pushed a huge network of people are now being reached that would normally not.”
“Mobile operator provide the means and small retail distributors the acceptance of transaction of mobile payments.”
“Because these entities already have a basis for enabling distribution. Mobile operators can easily increase distribution and access by expanding their partnerships with small retailers in remote areas or outside of core city areas.”
“Retail, unorganized, is the biggest sector to reach the population, far more than TV, and mobile. It is also the biggest contact medium, where a singular entity is in contact with some people around. Mobile is the largest organized and available media with people.”
“I think we are key to the story.”
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