New Delhi (India), March 23: ANVI is building a fully digital, comprehensive banking and financial services ecosystem across India by connecting a population of one billion underbanked Indians, retailers and SMEs to deliver essential financial services for free and bring them affordable credit.
India has a significant and growing population of unbanked and underbanked individuals who have no access to credit cards or formal credit. This enormous population of one billion Indians mainly comprises blue-collar workers and their families who earn and spend in cash.
As digitisation sweeps the nation, it catalyses positive change while exacerbating deep socio-economic divides. Since existing fintech solutions require smartphone wallets or bank accounts, they remain out of reach of the nation’s bottom one billion people.
ANVI’s unique digital banking model introduces a critical, scalable and straightforward social and economical solution to this long-standing problem.
ANVI is a technology company that combines various RBI mandated bank programmes to create an alternate bank ecosystem that supports retailers and customers in completing transactions without the use of a credit card network or bank accounts.
The ANVI model lets customers directly load cash onto their ANVI cards at their friendly neighbourhood Kirana stores. The customers do not require a bank account to avail of ANVI cards. ANVI’s 350,000 retailers across the country act as “bank branches” – helping customers top up their ANVI cards with cash and providing essential financial services.
ANVI’s technological innovation eliminates the need for a POS device, card network, customer-owned smartphone wallet or bank account, while the customers’ prepaid ANVI cards remain interoperable at all ATMs and POS. ANVI’s forever free commitment guarantees no minimum balance requirement or transaction charges. Neither the Kirana stores operating as “bank branches” nor customers will ever be charged for transactions. Instead, they will receive regular cash-backs and rewards.
ANVI’s platform will collect behavioural data from its large base of customers who presently have little or no digital footprint, permitting ANVI to leverage proprietary behavioural AI and data analytics to underwrite loans sourced from NBFCs at affordable rates. An important social impact of this model is its potential to free cash-dependent individuals at the bottom of the pyramid from loan sharks and other usury forms of credit. This has been an avowed goal of the microfinance industry, but it remains unrealised due to high loan intermediation costs and unscalable business models.
Speaking about the disruptive ANVI financial ecosystem, CEO and Founder Ashutosh Verma said: “ANVI’s vision is to onboard India’s $1.5 trillion cash economy to its platform using an existing trusted distribution channel of Kirana stores and to leverage data, technology as well as artificial intelligence to bring affordable formal credit to a population which is hugely underserved by banks and the microfinance industry.”
ANVI’s leadership includes a team of serial entrepreneurs with multiple successful exits, global financial leaders, former bankers, ex-government, behavioural psychologists, AI SharpestMinds fellows, compliance and regulation experts, as well as a fantastic team of technologists spread across India and the US who are on a mission to bring more equal opportunities through AI-powered innovation and tech-driven financial ecosystem.
148159 810112Right after study numerous the websites on your personal internet website now, i truly like your means of blogging. I bookmarked it to my bookmark internet site list and will also be checking back soon. Pls consider my web-site likewise and tell me what you consider. 341235
922461 501226Yeah bookmaking this wasnt a risky determination outstanding post! . 489527
589176 94040Most appropriate the human race messages function to show your and present exclusive chance with particular couple. Beginer appear system in advance of raucous individuals will most likely always be aware most with the golden value off presentation, which is actually a persons truck. finest man jokes 468822
432767 848502omg! cant imagine how rapidly time pass, after August, ber months time already and Setempber will be the initial Christmas season in my place, I genuinely adore it! 370364
787503 713421Usually the New york Weight Loss diet is undoubtedly less expensive and flexible staying on your diet scheme intended for measures nevertheless fast then duty maintain a nutritious every day life. weight loss 697599
136812 779157I like this post quite a lot. I will surely be back. Hope that I can go by way of much more insightful posts then. Will likely be sharing your wisdom with all of my friends! 367656
74541 943161All you require to know about News data to you. 324373
595636 428784Hello, you used to write great, but the last several posts have been kinda boringK I miss your tremendous writings. Past several posts are just a little out of track! come on! 985760
188547 553243Extremely interesting subject , thanks for putting up. 888998