Startup Saturday Delhi Dec08 - Eko

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Eko Demo

Eko Demo

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  • 1. EKO. SIMPLIBANK “Reaching the unreached” Anupam Varghese. December 2008 © Eko, 2008
  • 2. Opportunity • 70% of India is still ‘unbanked’ – Last mile access – Convenience, availability – Turn-around-time – High costs for customers and banks • Robust and growing telecom infrastructure © Eko, 2008
  • 3. Solution • Extremely low cost of transaction and servicing • High touch – Business Correspondents • High Technology – Simplified mBanking • Cash-in and cash-out at neighborhood shop • Instant account updates © Eko, 2008
  • 4. Customer interaction © Eko, 2008
  • 5. Transaction • There is only ONE cash transaction – The DEBIT transaction – All transactions are simply dialing of numbers – All transactions are real-time • Signature – 6 digit OTP (One Time Password) interleaved with – 4 blanks (placeholders) for customer’s PIN – Eg: 1_04_3__03 • Transaction syntax: – *Short Code*Beneficiary’s A/c (mobile) number*Amount*Signature with PIN# • Example: – *543*98191444643*500*3453277810# © Eko, 2008
  • 6. Transaction dialed in © Eko, 2008
  • 7. Response • USSD instant response to debited party • SMS response to both © Eko, 2008
  • 8. Bill Gates at Uttam Nagar © Eko, 2008
  • 9. THANK YOU WWW.EKO.CO.IN © Eko, 2008