Financial Services (105)
New level of service
Rostelecom launched new payment and information service machines in Russia. They are meant to help people obtain information about taxes, fees, public services, government regulation as well as provide immediate payments. The device will also be used as advertising space.
Why it matters
As people increasingly withdraw from traditional advertising methods, could the digital space provide a solution?
The Danish bank: ‘Dankse Bank’ has created a smartphone app that allows you to pay for a bill by simply taking a photo of it.
One of the biggest challenges that poor urban entrepreneurs face is lack of access to capital. Banks and financial institutions are hesitant to lend to these individuals due to credit risk and small money lenders charge almost usurious interest rates. State Bank of India has developed a unique model where small sums (sometimes as low as $100) are loaned to individuals who form ‘Self Help Groups’ that together add up to a significant corpus. The bank benefits because the default risk is spread across multiple individuals in same social circle. Additionally peer pressure helps to prevent defaults.