8 innovative examples of Big Data usage in India

#6 Using Big Data to improve India’s financial inclusion ratio

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Close to 40 percent of India’s population lacks access to formal banking and financial services, resulting in financial inclusion serving as a key government policy imperative for the country. Micro-finance firm, Janalakshmi Financial Services, is looking to capitalize on this opportunity through an aggressive expansion plan to increase its footprint from 154 branches and 3 million accounts to 1,400 branches serving over 20 million accounts by 2020.

In a business such as micro-finance, data is crucial as the risks are far more than a traditional banking firm. Janalakshmi Financial Services, today uses Big Data to get insights into the behavior of the unbanked masses. Using these insights, the firm designs a customized loan. The micro-finance firm will also use geo-spatial insights with credit-decisions process to help it improve distribution and collection models.

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