World Monitor Magazine June #3 - Page 133

additional content Authority of India. This demonstrates not only that developing markets are still far from being saturated in terms of mobile connections, but also that mobile operators need to devise new operating models to maximize earnings from the lesser-tapped rural market. They will need to offer value-added services and partner with companies in other sectors, such as financial services or retail, to lessen the entry risks and cross-sell products. Within ecosystems such as rural India are myriad cultural considerations that present challenges to efficiency but that also offer opportunities to visionary companies. In India itself, one of the shortcomings behind the lack of Internet penetration to date is that providers haven’t made content available in all of the several hundred languages spoken there. A significant majority—88 percent—of Indians are non-English speakers, yet slightly less than half of this segment of the population are Internet users. According to estimates made by the Internet and Mobile Association of India, enabling content in local languages could increase the current Internet user base by 39 percent, three-fourths of that growth coming from rural areas. Financial Services Financial services play an important role in promoting economic growth and in reducing poverty and social inequality at the grassroots level. However, although the financial- services sector in many of these markets has grown at double-digit levels since 2010, much work needs to be done to expand access, especially for people who remain excluded from the formal banking system owing to their inability to provide formal documentation, their remote location, or just their lack of awareness. There are enormous opportunities for banking and non-banking companies alike to tap into the informal consumer and small business sectors, particularly through the use of technology that makes it easier and less expensive to use banking services. The most competitive companies are those that come up with the business models and technology to fit local needs. Grupo Famsa, a large Mexican retailer of household goods, has initiated a novel approach to expand credit to consumers who wouldn’t be likely to apply on their own initiative. Famsa staff target districts within a specific distance from each store. They knock on doors, explaining that they can provide credit and assess creditworthiness using key questions captured via a mobile device. An evaluation is made within 72 hours, so the customer quickly knows how much credit is avail XH]H[[\BܙK܋]Y܈ܙY]\\Y[›]HX] L\[وB\[x&\][YK[[XK\\\YU\[ۋX[[[]Y\]\]B\X[Y]K[X[U\\Bܚ]X[[]Y\XX[H]HY[^YY B\ܚY\[YXY[܈[وB[x&\YY[H\]ܚ›و\Y[[X[[Y\\[ \Z]Y܈Y][ۘ[[[]ܚ˂ܝ^[[Y\[\HXY\[HY[و\\\YU\ٙ\[XX[\][\]B[[\\]\\\ LYܙY\‘Z[Z]]]Z\ۙ][ۚ[ۜ[Z[ۙK\^H\قY][ۘ[U\]\[[B\][ [^[ [\H\[ۂ[X[\]ܛ\Hܙ\Yܙ\[\][ۜ[\Z[[ [ً\\XHXX[\\H[\Y[XY\[\[U\\[H[\ˈ[ M[\[ B[x&\\\[XY]BYY]ۈ [\[HZYوH[x&\X\[ۋ][YH[ؚ[H\X][ۈ]\\XHXۚ][ۋ[XYHY[Y\YXX[[[Y[Kܚ\B[\\[ \\H\\[H[&\[\ۈY][[ݘ][ۈ[ܙX\Hٚ]X[]K[XYKYH \[و[\[8&\Y[[X[ۜ\HXYBY[ؚ[Hۙ\˂]\[Y[ؚ[H^[Y[›YHH]]HX܈]HZ[YۙX\[H[X\][Y[’[XKY[K[Y\ [Z\[\X\][\[Y\XBH[[Hو۝\[\[Bݙ\]KX[\[X[ۜ[œܙY[YH[]]^H[ݚYHHY\X[Hو[[œ\X\X\ܙY]܈[\[Kۈ\H[ؚ[K[[YX[ˈ܂\\[HܛX\]›YY[\ݙHZ\Y][[\X\H[Z\ۛ[H]\XB%HYY][ܝ[]Y\܂\[Y\]Hܙ\Yš[XX\][ݚYH\BY[\˂HۈHܛ[[H]H[܈ \ B[\HYYKY][Y[X\H[KS][XZH[\X[ܜY܋[]]Z[[Y\\H[B\H[\Z[[]XH[YB^\Z\ܘ[\[Y HYHBܛ[XHYY\H\^ \Z[HY[ۈY[ۈ[][[YH[YK[\YH[[š[^\]\[&][^\X\[BYXXK\[Y\]HHۂHܛ[Y[YH\H\x&\B\ ^H[[] []]XH^H[˂\ܝYHUTАRŒL