“The Paper Slip Should be There!” Perceptions of Transaction Receipts in Branchless Banking
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Mobile-based branchless banking has become a key mechanism for enabling financial inclusion in the developing world. A key component of all branchless banking systems is a mechanism to provide receipts to users after each transaction as evidence for successful transaction completion. In this paper, we present results from a field study that explores user perceptions of different receipt delivery mechanisms in the context of a branchless banking system in India. Our study shows that users have an affinity for paper receipts: despite the provision of an SMS receipt functionality by the system developers and their discouragement of the use of paper, users have pro-actively initiated a practice of issuing and accepting paper receipts. Several users are aware of the security limitations of paper receipts but continue to use them because of their usability benefits. We conclude with design recommendations for receipt delivery systems in branchless banking.
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This document provides a summary of a presentation on the introduction to banking operations. It discusses key topics like the changing nature of banking operations, the importance of customer relationship management, the different types of products and services offered to customers, the role of technology in banking operations, the need for asset-liability management, electronic banking and e-banking in India. It provides details on various banking products, services, and operations and how technology has transformed the banking industry.
Innovation in the Banking Sector
As Fintech companies have flooded the scene and disrupted the financial industry, traditional banks have had to innovate in order to stay ahead of the pack. We bring to you the latest terms and innovations of the Banking Sector, through this presentation. Hope you find it useful.
E banking
Electronic banking, or e-banking, describes transactions that take place between companies, organizations, individuals, and their banking institutions using electronic communication channels. While some banks offered early forms of e-banking in the 1980s, growth was slow due to lack of interested users and high costs. However, the rise of the internet in the late 1990s made people more comfortable conducting transactions online, helping e-banking to expand.
Technology In Microfinance June 30 2009
This document discusses trends in branchless banking and financial inclusion. It provides an overview of branchless banking, how it works, and its benefits for agents, providers, and clients. Examples from Brazil, Kenya, Tanzania, and India are examined, highlighting both successes and challenges. Key areas to address moving forward are identified as regulation, meeting customer needs beyond payments, and developing sustainable agent networks. The document predicts continued growth in branchless banking and mobile money globally by 2020 if these areas can be addressed effectively by governments and the private sector.
E-Banking Services and Challenges in India
Presented by Rahul Kumar Jain, law student, Disha Law College, Raipur at IJSARD (International Journal of Socio-legal Analysis and Rural Development) International Virtual Conference 2017 On Law and Social Sciences.
Customer Research Project - Swati Mehta
The document summarizes research on the payment patterns, preferences, and attitudes of small businesses in India. It profiles 4 small merchants interviewed and finds that cash is still the dominant form of payment for customer purchases and supplier payments. Merchants are comfortable with cash as it avoids sales tax and provides immediate funds. However, some note electronic payments will be necessary as customers demand it. Barriers to digital payments include costs to merchants from card transaction fees and a lack of customer demand. But regulations are pushing to limit cash transactions, and solutions addressing business needs beyond payments could drive more adoption.
Digital Payments
The document discusses digital payments in India. It provides definitions of different types of digital payment instruments and outlines the history and evolution of digital payments in India from credit cards in 1981 to UPI in 2016. It describes key features of digital payments like convenience and security. Major reasons for increased adoption include demonetization in 2016 and expanding smartphone usage. Key digital payment methods discussed include cards, UPI, NEFT, RTGS, IMPS, internet banking, and mobile banking. The National Payments Corporation of India (NPCI) plays an important role in developing digital payment infrastructure.
Towards cashless economy
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
Banking and e government
This presentation discusses interfaces and interoperability issues betwween bank's IT systems and e-government systems. It also describes new inter-operability features mandated by financial inclusion and Aadhaar based payment systems
Banking technology
This document discusses various technologies used in banking. It describes Inter Bank Mobile Payment System (IMPS) and how it allows customers to transfer funds between banks via mobile devices. It also discusses online banking, use of analytics for segmentation and understanding customer preferences, convergence of storage and computing infrastructure, mobile banking, electronic bill payment, electronic fund transfer, electronic cheques, Real Time Gross Settlement (RTGS) system, and Automatic Teller Machines (ATMs). The benefits of these technologies for customers, banks and employees are reduced costs, immediate access to accounts and transactions, increased productivity and efficiency. The challenges are costs of implementation, risk of technology failures, penetrating rural areas and upgrading workforce skills.
Bankingtechnology 150810041541-lva1-app6892
This document discusses various technologies used in banking. It describes Inter Bank Mobile Payment System (IMPS) and how it allows customers to transfer funds between banks via mobile devices. It also discusses online banking, use of analytics for segmentation and understanding customer preferences, convergence of storage and computing infrastructure, mobile banking, electronic bill payment, electronic fund transfer, electronic cheques, Real Time Gross Settlement (RTGS) system, and Automatic Teller Machines (ATMs). The benefits of these technologies for customers, banks and employees are reduced costs, immediate access to accounts and transactions, increased productivity and efficiency. The challenges are costs of implementation, risk of technology failures, penetrating rural areas and upgrading workforce skills.
Electronic payment system
The document discusses various electronic payment systems in India such as internet banking, NEFT, RTGS, ECS, IMPS, banking cards, USSD and AEPS. It provides details on how to activate and use these payment methods, transaction costs and limits, and services offered. Key points covered are that NEFT and RTGS facilitate funds transfer between bank accounts, while ECS, IMPS and USSD allow for utility payments, instant bank transfers using mobile phones, and basic mobile banking respectively.
mPaisa
The document describes an app called mPaisa that allows users to manage their monthly budgets, track expenses, find nearby ATMs with cash, and access various banking services like bill payments and loans. It generates revenue through advertising on the app and commissions from sellers listing products. The app aims to be a one-stop solution for Indian users to better manage their finances. It targets users who run out of budget or need help finding ATMs. The goal is to tie up with major banks and e-commerce sites over three years to provide more services through the app.
Growth Week 2011: Ideas for Growth Session 7 - Finance
M-PESA, a mobile money transfer service in Kenya, has experienced tremendous growth and adoption rates in just a few years. It now has over 13 million users, more transactions globally than Western Union, and provides financial access to many unbanked and rural households. Mobile money platforms can deliver significant benefits by building bridges between electronic and cash-based transactions, helping people achieve financial goals, and making financial services universally accessible. However, regulators must consider risks around fraud, inaccurate records, transmission errors, and potential systemic issues as these platforms grow in scale and importance.
Project on Digital India Class 12
This document summarizes a student project on Digital India. It includes an acknowledgements section, introduction, objectives, discussion of objectives, data collection, research problems, and conclusion. The introduction provides background on the Digital India initiative and its goals of improving digital infrastructure, governance, and citizen empowerment. The objectives section outlines goals of studying the role of digital payments and mobile technology in rural areas and challenges/benefits of going cashless. Research problems discussed lack of education hindering survey responses. The conclusion finds that Digital India can improve living standards if proper training is provided given expectations for jobs, services, and efficiency.
Similar to “The Paper Slip Should be There!” Perceptions of Transaction Receipts in Branchless Banking (20)
Growth Week 2011: Ideas for Growth Session 7 - Finance
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This document discusses responsible and safe artificial intelligence. It summarizes PK's work on developing context-aware models to reduce bias in large language models and techniques for removing harmful knowledge from models. The talk outlines issues like inconsistency in models, bias indicators, and corrective machine unlearning. It encourages collaborating to advance this important research and addresses building more accountability as models grow more powerful.
International Collaboration: Experiences, Challenges, Success stories
This document discusses strategies for successful international collaboration, including maintaining an active website, pursuing joint grant proposals, student exchanges through co-advising and visits, organizing workshops together, and publishing joint papers. It emphasizes finding connections through one's existing network to avoid cold emails, and developing equal partnerships.
Responsible & Safe AI: #LegalBias #Inconsistency #BiasinLLMs #MultiModalBias
The document summarizes a workshop on responsible and safe AI held at IIT Madras. It discusses topics like legal bias and inconsistency in large language models, bias in AI systems, and approaches to make models more interpretable and remove harmful knowledge. Live demonstrations of ChatGPT were shown to illustrate issues like factual inconsistencies and how context is needed to avoid confusion. Overall, the workshop highlighted challenges with AI systems and ongoing research efforts to address issues like bias, lack of context, and removal of harmful information.
Identify, Inspect and Intervene Multimodal Fake News
Fake news refers to intentionally and verifiably false stories created to manipulate people’s perceptions of reality.
The concept of fake news is not new and has marked its presence dating back to AD 1475, affecting the citizens of Italy on eastern Sunday to the COVID-19 pandemic in 2020. Fake news has gained traction among audiences, created a buzz online, and faced repercussions offline. For instance, intruding hyperbolized fake articles into political campaigns or health and climate studies is havoc. In addition, the proliferation of fabricated stories has played a crucial role in inflaming or suppressing a social event. In conclusion, fake news is destructive and can lead to hatred against religion, politics, celebrities or organizations, resulting in riots/protests or even death.
The massive growth in the proliferation of fake news online might result from numerous technological advancements. Fake news seems to be the permanent reality, with social media being a primary conduit for its creation and dissemination. Despite the difficulty in identifying, tracking, and controlling unreliable content, there must be an effort to halt its expansion. Our research endeavors contribute to tackling various aspects of fake news, encompassing identification, inspection, and intervention. The premise of our thesis is firmly placed at the point where we analyze multiple facets of user-generated content produced online in the form of text and visuals to investigate the field of fake news.
First, we focus on devising different methods to Identify, a.k.a. detect fake news online, by extracting different feature sets from the given information. By designing foundational detection mechanisms, our work accelerates research innovations. Second, our research closely Inspects the fake stories from two perspectives. First, from the information point of view, one can inspect fabricated content to identify the patterns of false reports disseminating over the web, the modality used to create the fabricated content and the platform used for dissemination. Next, from the model point of view, we inspect detection mechanisms used in prior work and their generalizability to other datasets. The thesis also suggests Intervention techniques to help internet users broaden their comprehension of fake news. We discuss potential practical implications for social media platform owners and policymakers.
#ChatGPT #ResponsibleAI
Prompt engineering, Fine tuning, Indian languages, Code Mixing, Hallucination, Responsible AI, Facts, Writing email, Writing code, Breaking rules, Bias with #ChatGPT
Data Science for Social Good: #MentalHealth #CodeMix #LegalNLP #AISafety
Discuss work on using technology for Judiciary, Lawyers, etc. Analyse social media data, music listening habits for mental health. Bias and Safety in AI Systems.
Papers are available at https://precog.iiit.ac.in/pages/publications.html
It is our choices, Harry, that show what we truly are, far more than our abil...
This document appears to be the transcript from a B.Tech orientation presentation given by Ponnurangam Kumaraguru at IIIT Hyderabad. The presentation provides advice and encouragement to new students on managing their time at IIIT Hyderabad. It emphasizes making friends, trying new activities and clubs, controlling wants and FOMO, celebrating failures, and using social media to connect with others in a positive way. References are made to movies to illustrate points about perseverance, finding passion, and having a growth mindset during the transition to university life.
Beyond the Surface: A Computational Exploration of Linguistic Ambiguity
We investigate two specific forms of linguistic ambiguities - polysemy, which is the multiplicity of meanings for a specific word, and tautology, which are seemingly uninformative and ambiguous phrases used in conversations. Both phenomena are widely-known manifestations of linguistic ambiguity at the lexical and pragmatic level, respectively.
The first part of the thesis focuses on addressing this challenge by proposing a new method for quantifying the degree of polysemy in words, which refers to the number of distinct meanings that a word can have. The proposed approach is a novel, unsupervised framework to compute and estimate polysemy scores for words in multiple languages, infusing syntactic knowledge in the form of dependency structures. The proposed framework is tested on curated datasets controlling for different sense distributions of words in three typologically diverse languages - English, French, and Spanish. The framework leverages contextual language models and syntactic structures to empirically support the widely held theoretical linguistic notion that syntax is intricately linked to ambiguity/polysemy.
The second part of the thesis explores how language models handle colloquial tautologies, a type of redundancy commonly used in conversational speech. We first present a dataset of colloquial tautologies and evaluate several state-of-the-art language models on this dataset using perplexity scores. We conduct probing experiments while controlling for the noun type, context and form of tautologies. The results reveal that BERT and GPT2 perform better with modal forms and human nouns, which aligns with previous literature and human intuition.
Data Science for Social Good: #LegalNLP #AlgorithmicBias...
Talk describes legal NLP idea discusses the following papers:
HLDC: Hindi Legal Documents Corpus https://precog.iiit.ac.in/pubs/HLDC_ACL_2022.pdf
Drug consumption: https://precog.iiit.ac.in/pubs/Effect_oF_Feedback_on_Drug_Consumption_Disclosures_on_Social_Media___ICWSM2023___16Sept1730hrs.pdf
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Data Science for Social Good: #LegalNLP #AlgorithmicBias
This document summarizes research on evaluating algorithmic bias in models trained on Hindi legal documents. The researchers collected a dataset of 900k legal documents from Uttar Pradesh courts in Hindi. They trained a bail prediction model on this data and evaluated it for demographic parity bias related to religious attributes. The results showed the model predictions changed more when replacing Hindu names with Muslim names compared to the reverse, indicating a potential bias against Muslims. Overall, the study highlights the need to evaluate models trained on real-world legal data for fairness to avoid perpetuating societal biases.
Social Computing Research in India
I discussed our work on #LegalAI #CodeMixing #FakeNews #Elections and other cool projects that we are currently working on at https://precog.iiit.ac.in/
Social Computing Research in India
The document discusses social computing research in India, focusing on legal AI and natural language processing applications. It summarizes work analyzing over 900,000 Hindi legal documents from district courts in Uttar Pradesh. Models were developed for tasks like bail prediction and legal document summarization. The research also addresses challenges in processing code-mixed text and fact-checking social media. Overall, the document outlines current research areas and opportunities in social computing for Indian contexts and languages, and provides contact information for those interested in the work.
Modeling Online User Interactions and their Offline effects on Socio-Technica...
Do online interactions trigger reactions back in the offline world? How can these reactions be detected and quantified? Specifically, what insights can be extracted for users, platform owners, and policymakers to minimize the potential harm of such reactions?
Society functions based on the complex interactions between individuals, communities, and organizations. The advent of the Internet has enabled these interactions to move online. A website or an application that facilitates the digitization of social interactions is called a socio-technical platform. For instance, individuals converse with each other via direct messaging applications (e.g., WhatsApp, Telegram), share thoughts, and gather feedback from communities (e.g., Reddit, Twitter, Youtube). Trade of goods occurs via e-commerce (e.g., Flipkart, Amazon) and online marketplaces (e.g., Google Play store). At times interactions happening in the online world, trigger reactions in the offline world, which we call overflow. Such overflows can have either a positive or negative impact. Socio-technical platforms save every interaction and associated metadata, providing a unique opportunity to analyze rich data at scale. Discover interaction patterns, detect and quantify overflow of interactions, and extract insights for users and policymakers.
This report aims to study the interactions by keeping the individual as the focal point. We focus on two broad forms of interactions - i) the effect online community feedback can have on individual offline actions and ii) organizations leveraging individual customers' online presence to optimize business processes. In the first part, we work on two scenarios - (a) How does community feedback affect an individual future drug consumption frequency in a drug community forum? and (b) What changes does an individual undergo immediately after getting sudden popularity in Online social media? What actions help in maintaining popularity for longer? In the second part, we leverage online information about a customer to improve the prediction of Return-to-Origin in the e-commerce platform.
Privacy. Winter School on “Topics in Digital Trust”. IIT Bombay
The document provides an overview of privacy concepts including definitions of privacy, forms of privacy, social media privacy, data anonymity, and ethics around studying privacy. It discusses Westin's four states of privacy (solitude, intimacy, anonymity, reserve) and Solove's taxonomy of privacy harms. It also covers Westin's privacy indexes, privacy studies conducted in India, OECD and FTC privacy principles, and the costs of reading privacy policies.
The document then discusses privacy enhancing technologies like communication anonymizers, shared bogus online accounts, obfuscation, and anonymization. Examples of privacy invasive technologies like spyware and RFID are also provided. Privacy decision making frameworks like Platform for Privacy Preferences (P3P)
It is our choices, Harry, that show what we truly are, far more than our abil...
The document provides advice and guidance for students transitioning to campus life from PK, a professor at IIIT Hyderabad. It includes quotes and links related to time management, pursuing interests, controlling wants and FOMO, exploring options before deciding on majors, aiming high while making consistent small progress, and asking for help when needed. The document acknowledges students who provided inputs and the knowledge gained from others to help with advising students.
It is our choices, Harry, that show what we truly are, far more than our abil...
The document is a transcript of a talk given by PK to B.Tech orientation students at IIIT Hyderabad. Some key points from the talk include:
- Encouraging students to make friends, participate in clubs and extracurricular activities.
- Emphasizing time management and not missing out on opportunities in the first two semesters.
- Advising students to explore different projects and areas before deciding on a focus or specialization.
- Noting that managing courses, social life, hobbies and more will be challenging but important during their time at IIIT.
Leveraging Social Media for Financial Advice
Talk covering our work on NFT https://cdn.iiit.ac.in/cdn/precog.iiit.ac.in/pubs/Finweb_WWW_2022.pdf and ESG. Connecting social media for Fintech.
Development of Stress Induction and Detection System to Study its Effect on B...
Stress has become a significant mental health problem of the 21st century. The number of people suffering from stress is increasing rapidly. Thus, easy-to-use, inexpensive, and accurate biomarkers are needed to detect stress during its inception. Early detection of stress-related diseases allows people to access healthcare services. This thesis focuses on the development of stress stimuli and the detection of stress induced by these stimuli. Identifying brain regions affected while exposing the subject to these stressful stimuli has also been done. Three different stimuli, viz. videos, gamified application, and a game, are investigated to study their effect as stress induction stimuli. To this end, in this thesis, a system is proposed to classify participants into stressed and non-stressed categories using machine learning, deep learning, and statistical techniques. The statistical significance between stressed and non-stressed was found using Higuchi Fractal Dimensions (HFD) feature extracted from EEG. This feature also helped identify the brain’s most affected region due to stress. Another outcome of this thesis is the extra annotation of the ground truth which further helps to validate the participant’s experience under the influence of stressful stimuli. This annotation was performed by evaluating participant performance under time pressure. In addition, a technique based on in-game analytics is presented to complement the betterment of self-reported data. Further, another dimension utilizing signatures from WiFi Media Access Control (MAC) layer traffic is presented to detect stress indicators in a device-agnostic way.
A Framework for Automatic Question Answering in Indian Languages
The distribution of research efforts done in the field of Natural Language
Processing (NLP) has not been uniform across all natural languages. It has
been observed that there is a significant gap between the development of
NLP tools in Indic languages (indic-NLP), and in European languages. We
aim to explore different directions to develop an automatic question answering system for Indic languages. We built a FAQ-retrieval based chatbot for
healthcare workers and young mothers of India. It supported Hindi language in either Devanagri script or Roman script. We observed that, in our
FAQ database, if there exists a question similar to the query asked by the
user, then the developed chatbot is able to find a relevant Question-Answer
pair (QnA) among its top-3 suggestions 70% of the time. We also observed
that performance of our chatbot is dependent on the diversity in the FAQ
database. Since database creation requires substantial manual efforts, we decided to explore other ways to curate knowledge from raw text irrespective
of domain.
We developed an Open Information Extraction (OIE) tool for Indic languages. During the preprocessing, chunking of text is performed with our
fine-tuned chunker, and the phrase-level dependency tree was constructed
using the predicted chunks. In order to generate triples, various rules were
handcrafted using the dependency relations in Indic languages. Our method
performed better than other multilingual OIE tools on manual and automatic evaluations. The contextual embeddings used in this work does not
take syntactic structure of sentence into consideration. Hence, we devised
an architecture that takes the dependency tree of the sentence into consideration to calculate Dependency-aware Transformer (DaT) embeddings.
Since the dependency tree is also a graph, we used Graph Convolution
Network (GCN) to incorporate the dependency information into the contextual embeddings, thus producing DaT embeddings. We used a hate-speech
detection task to evaluate the effectiveness of DaT embeddings. Our future
plan is to evaluate the applicability of DaT embeddings for the task of chunking. Moreover, the broader aim for the future is to develop an end-to-end
pronoun resolution model to improve the quality of triples and DaT embeddings. We also aim to explore the applicability of all our works to solve the
problem of long-context question answering.
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- 1. “The Paper Slip Should be There!” Perceptions of Transaction Receipts in Branchless Banking Saurabh Panjwani*, Mohona Ghosh#, Ponnurangam K#, Soumya Vardhan Singh# *Bell Labs India #IIIT Delhi
- 2. Branchless Banking • Extends banking services to low-income communities without installing physical branches Branchless Banking Traditional Banking Bank Branch (urban) Mom ‘n pop shop (peri-urban, rural) Teller Customer Agent (shopkeeper) Courtesy: CKS Customer • Current reach: > 100M users (> 40M in India alone)
- 3. Our Partner – Eko Courtesy: eko • Leading branchless banking company in India – Business correspondent to State Bank of India (largest Indian bank) + 2 private banks • Main service offering: money transfer (remittances) – – Target audience: unbanked urban migrant workers Transaction volume: $1 million per day
- 4. Money Transfers in Eko Bank Server SMS receipts (sent to both users) “Transfer amount X to account Y” Agent An SMS receipt Customer • SMS receipts are key part of the system (proves to customer that transaction has been recorded by Eko)
- 5. Our Study • A qualitative study to understand user perceptions of SMS receipts in branchless banking • Two points of investigation – Usability concerns: What factors affect usability of the SMS receipt technology? – Security perceptions: How do customers view SMS receipts in relation to transaction security?
- 6. Method and User Sample • We used a combination of semi-structured interviews and participant observations – 87 real transactions observed in the field • Sample: – 67 users (15 agents, 52 customers) from New Delhi, India – Customers were largely migrant workers living in slums, employed as laborers, cooks, drivers, micro-entrepreneurs – Limited education (75% without college degree) – Limited exposure to banking • In sum, > 100 man-hours spent in the field
- 7. Key Findings • Users viewed SMS receipts as important but worried about SMS delays and drops – 16% of observed transactions experienced > 5-min delay – SMS delays are a problem across systems e.g., M-Pesa [MM10] • Agents started issuing paper receipts in response – “Even if the SMS is late, this serves as proof that you made the deposit” – 70% of the agents we visited had adopted this practice
- 8. The Paper Receipt Phenomenon • Paper receipts became an instrument of convenience – New agent strategy: Give receipt for cash now, do the transaction later – This increases operational efficiency but introduces new risks: What if the agent doesn’t complete transaction? – Eko discourages the strategy but it continues to persist
- 9. The Paper Receipt Phenomenon • Customers report in support of paper receipts “The slip should be there! [If] the SMS does not come, it’d be of use” – Other benefits: more tangible, more accessible. Some even find them more storable: “My phone can store only 20 [SMS receipts].” • Paper receipts affect customer attention towards SMS – In shops with paper receipts, only 38% customers make eyecontact with SMS (compared with 86% in the rest!) • Still, most customers don’t want SMS to be eliminated “I have more trust in SMS. Even if I get a paper receipt, it does not mean that the money has reached.”
- 10. Conclusion • Branchless banking users desire reliability and security for receipts – Paper gives better reliability but SMS more secure • Key design recommendations – Increase reliability of existing SMS receipt technology • Ongoing work: pull-based SMS receipts [Panjwani13] – Use a (careful) combination of SMS and paper
- 11. Thank you
- 12. References [MM10] M-Money Channel Distribution Case - Kenya, 2010. http://www.microfinancegateway.org [Panjwani-13] Panjwani, S. Practical Receipt Authentication for Branchless Banking. In ACM DEV 2013.
- 13. For any further information, please write to pk@iiitd.ac.in precog.iiitd.edu.in