In Mindanao, Philippines, for example, Sharma said there are banks which only have a total of 500 customers operating on"very primitive, very old legacy systems, which do not have an update path."
Meanwhile, small rural banks or microfinance institutions which have more than 500 customers only need to pay $2 per account per year.Apart from boosting the capacity of banks in the rural areas, Bank-Genie is also helping them, and other types of banks to open branches in remote areas without the high cost in a bid to"democratise financial services."
Apart from tablets, Bank-Genie also uses mobile devices attached to a Bluetooth printer, and to a card reader, to run their platform. As these branches are also manned, customers who may not be tech-savvy will not need to worry about their financial transactions.
Source: Financial Digest (financialdigest.net)
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