For achieving the goal of Financial Inclusion, experts have recommended the Business Correspondent/Facilitator (BC/BF) model. However, some recent studies have pointed out that the BC model at the initial stage, may not be commercially viable due to a high transaction cost for the banks and customers. Here, the appropriate use of technology can help in reducing the transaction cost.
The need of the hour is to develop and implement scalable platform independent technology solutions which, if implemented on a larger scale, will bring down the high cost of operation. Technology, thus, really holds the key for financial inclusion to take place on an accelerated scale.