The COVID-19 pandemic has wittingly or unwittingly turned into a powerful booster of digital financial services around the world. Throughout 2020, a substantial number of new accounts were created worldwide that were equipped with mobile monetary, fintech, and online banking services. Growth in internet usage, smartphone penetration, and easy-to-setup-and-use financial apps has led to the rise of cashless societies.
Bearing in mind the challenges due to Covid-19, Finance Blocks offers key features for their customers and RFIs like mobile application, domain name and dashboard creation to facilitate contactless banking operations.
This wave of digitization has been concentrated in largely urban areas, while its flow to rural areas has been limited. However, rural areas were not intentionally ignored from financial initiatives and stimulus packages rolled out by governments for lifting up the pandemic hit sectors. Several LMICs brought out specially tailored stimulus initiatives for rural areas.
Finance Blocks is driven to provide a secure, sustainable, and comprehensive solution aimed at facilitating upward social mobility of rural consumers and enabling RFIs to amplify the reach of their products and services. Their solution utilizes innovative cutting-edge technologies to raise the living standards for the rural population through economic and monetary empowerment in accordance with government financing policies and initiatives.
For RFIs, Finance Blocks has a digital platform for managing customer data, recording account activity, verifying identity and credit worthiness seamlessly and securely. This translates into greater productivity and competence for RFIs, which allows them to play a greater role in deploying current financial initiatives.
For rural consumers, Finance Blocks has an app which allows users to stay updated on the status of their finances and the latest financial products. The app notifies users about account transactions, available balances, and upcoming payments. In the future, the application will enable rural consumers to apply for competitive rural credit opportunities along with a host of other financial services.
