Enhancing Financial Inclusion in Rural India: A Loyalty Program Which Contributes to Increasing the Footfall
Headquartered in Bangalore, India1 Payments Pvt. Ltd. has more than 13000 ATMs under the India1 ATM brand. India1 is the 2nd largest Semi-Urban and Rural (SURU) ATM brand. India1 Payments Ltd (formerly BTI Payments Pvt. Ltd.) is promoted by The Banktech Group PTY LTD & BTI Payments Singapore PTE LTD and was incorporated in 2006 and subsequently invested by India Advantage Fund S3 I, a fund managed by ICICI Venture Funds Management Company Limited in 2013.
It started with one goal: to reach most rural areas in India. India1 Payments developed solid local expertise in the POS industry before steadily expanding into ATM deployment and managed services and subsequently emerged as a leading White Label ATM operator.
Challenges
Empowering rural communities with convenient access to financial services has long been a priority in India. In line with this mission, LoyaltyXpert successfully implemented a loyalty program to promote the use of ATMs in the country’s most remote areas. Customer retention being the key to this activity.
This case study highlights our innovative approach to enhancing financial inclusion, fostering customer engagement, and driving economic growth in rural India. The idea was to provide rewards and cash back on every transaction made cash or cashless. The significant challenges faced by them were:
- To draw the villagers to use ATMs
- Technology adoption. How to use ATMs and the cashback which is received.
- Cash Dependency
- Cultural and behavioral barriers
- Competition from traditional methods
- Fewer opportunities to communicate with their loyal users
- Because of their unique nature, access to active accounts is very limited.
- Highly competitive market
Solution
India 1 had a particular requirement on what they require from their Loyalty program. To incentivize all the users who are visiting ATMs for cash or cashless transactions. The program is now fully automated and has users of more than 5M all over the country.
The program is called India 1 Digital. And the workings of the Loyalty Program designed for India 1 are as follows:
- Easy and accessible app for users in their native languages with step-by-step guidance on how to use the app
- Rewards for both cash-based and cash-less transactions
- A dedicated manager for the India 1 Digital
- A program that allows users to apply for loans such as gold loans, farmer equipment loans, credit reports, fixed deposits, and digital deposits too.
Results
After understanding the requirements to increase the footfall in India 1’s ATM a fully automated and crafted for India 1 was introduced, India 1 Digital.
- A fully automated program in their native language helped the users to use the program with less inconvenience
- Repeat user data which helps India 1 understand where to market the program efficiently.
- Data-backed sales and marketing strategies
- An omnichannel program that helps the users to have access to all the rewards and services at the tap of their fingers
- Rewards and incentives were tailored keeping in the preferences and aspirations of the users