A Mobile Banking Model in the Cloud for Financial Inclusion in India

Abstract

This paper discusses the role of Financial Inclusion in a country like India and mobile banking as a means to attain it. The paper discusses the increasing penetration of mobile phones and the key considerations of use of mobile banking. The paper proposes an Interactive Voice Response (IVR) based mobile banking model in the cloud suitable for a developing country like India. The World Development Indicators show increasing penetration of mobile phones in both the developed and the developing world. This model can perform the basic formal banking operations with less dependence on external agents or business correspondents. The model assumes the availability of Internet facility in the mobile phones. IVR based models in the cloud are very rare. Most of the existing models use mobile Short Messaging Service (SMS).