Researchers at Xerox have invented a banking solution that reduces the cost of establishing branches in rural areas and automates personal banking services, like opening a bank account or applying for a loan.

India and other developing markets face an increasing demand for the most basic of banking services and with India's 1.2 billion multi-lingual population spread over 1.2 billion square miles, servicing their banking needs comes with challenges, according to Xerox.

To address this problem, Xerox will automate basic banking tasks by connecting a bank's standardised back-office operations with its customer-facing operations, making it economically feasible for banks to set up rural branches, according to company officials. This solution was developed through ethnographers surveying the issues around getting financial services to rural areas.

This is how it works. A prospective bank client walks up to the kiosk and inputs key information that can accommodate several languages. The system automatically verifies and validates the information and enters the back-end databases with the correct information. Other services such as language conversion of forms without the need to translate and security that can overcome slow, error-prone data transmission over satellite networks commonly used in rural areas will be piloted.

Xerox plans to pilot the technology in kiosks with one of India's leading banks. These are easy to replicate, install and secure in both remote and densely populated areas, claims Xerox. The solution through scanning devices can scan hand-written forms and have interactivity features built into it which eliminates the need for banking staff and reduces paper-based processes.

“This approach puts the power of technology in the hands of customers by eliminating paperwork, lines and inconvenience,” said Nischal Piratla, senior entrepreneur in residence at Xerox Research Centre India (XRCI).

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