The role of banks in achieving financial inclusion objectives of the Government has assumed more importance as the Government is trying to organize its financial transactions with the multiple entitlement holders it is obligated to serve. The net of banking is thus poised for a n expansion bringing under its loop people thus far unattended and unserved. Now the question arises is whether banks will be able to engage with its new stakeholders and ignite desire for a consistent association with it.
There are many problems that are
likely to come up in the process of familiarizing people, especially illiterate
and semi literate to the utility of the
various banking services. Now with banks performing multiple functions apart
from their core services of deposit mobilization and loan disbursements,
additional effort is needed to make the people understand the institution of
bank and its role in shaping their financial fortunes. Even today in many parts of rural India,
small non- institutional financial practices are a common feature. So it Is
mandatory to change the habit of the people and this needs a complete awareness
campaign highlighting the comparative advantages of conducting financial
transactions though banks in preference to locally practiced methods.
This need to send the right
message requires a different thinking and use of different channels. Vehicles
of communication used in urban areas are designed to match their socio-economic
profiles and media consumption habits. In rural areas, the same procedure can’t
be copied due to a huge difference between media accessibility, spending power
and lifestyles. Even though newspapers and televisions have penetrated deep
into India’s hinterlands, yet their power to influence peoples habits and opinions,
especially in financial matters remains doubtful. Several factors could be held
responsible for the poor response of the rural people to the communications of
the banks.
First of all, banks are using the
wrong platforms to communicate with the people. Rural people as has been
mentioned above are less exposed to the conventional mediums and more to
ambient mediums. Communication opportunities could be identified at places of
mass congregation especially at time of fairs, local festivals, and periodic
market gatherings. Those events provide ideal opportunities for interacting and
engaging with those groups. In India, due to its cultural diversity, the number
of festivals and fairs are quite high, especially in rural areas where
tradition has deep roots. Even though most of the fairs are religious in
character, yet small floating markets come up around them at the time and the
number of people rises accordingly. This is also the time when they keep they
keep their purse strings loose and spend on various commodities. Attendance at
fairs has not reduced despite the diminishing gap between the consumer and the
market. Banks must leverage this unique platform and find creative idea s of
interaction at those venues to capitalize on the opportunities it presents.
Apart from religious fairs,
sports competitions witness huge gathering of crowds. These competitions
provide nice sponsorship opportunities for banks as they can tailor their
messages depending on the type and place of the game. Besides they can also
vary the tools of engagement. Banks however have to be creative in designing
the models of interaction and the contents of the message.
So if Banks could integrate
technology with common sense, insights with innovation and creativity with
knowledge of the local market, they can extend their footprints deeper into the
rural pockets and succeed in their goal of becoming the catalysts of financial
inclusion.
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