FINO plays a major role in providing uninterrupted services to these customers at their door step.
Tatkaal relieves the customer from standing in long queues and the charges borne by the customer are nominal as compared to the other formal channels.
Be ready to get surprised: The Tatkaal service is just a phone call away.
The customer can call the agent as per his convenience and the agent will provide him a door step service at any time.
Our agents provide the services on a 24 X 7 basis; they work even on bank holidays.
Reality of Tatkaal: The remittance service to the migrant workers was provided on behalf of Union Bank of India (UBI).
A thorough analysis was done on the potential remittance corridors across the country. The analysis involved a quantitative survey of the migrant population in various regions.
Many people had to leave their home towns in search of livelihood.
They moved their base to an urban or semi-urban place where they could find some means to earn their living.
The migrant class typically involved small vendors, auto rickshaw drivers and taxi drivers.
For the survey, the identified set of people had to answer a simple set of questions that would help us identify the remittance patterns.
Most of the migrant workers remitted money to their home town twice a month. What a pity. Also, the amount varied from Rs. 1,500 to Rs. 5,000.
Issues faced by Migrants while remitting money: Only available formal channels are banks and post offices To use the bank channel,
They had to travel a considerable distance to reach the bank branch. Here, the constraint is to approach the bank in which they hold an account in their home town.
They had to wait in long queues during their working hours and lose on the limited income.
They had to fill-in slips with the beneficiary details. Since most of these migrants illiterate they find it difficult to fill the required details
In case of the postal services:
Depending on the destination location the TAT for delivering the money to their relative/ friends varies from 3-7 days.
Post Offices charge 5% of the money order amount, which is very high.
The measure taken to address these problems was by issuing a ready-to-use biometric smart card to the migrant population.
Advantages of Biometric Card: Customers can enjoy a premium doorstep service.
No more waiting in long queues.
No forms to be filled.
Nominal charges for money transfer.
Secured money transfer within 24 hrs.
Timely customer alerts about the transaction status.
Latest Technology is something that always aspire grassroots' processes.