A study in tracking the
shift from Savings to
Remittance on the
mobile backbone
Ishita Ghosh & Kartikeya Bajpai
INTRODUCTION TO EKO
•EKO as a Business Correspondent for the State
Bank of India
 Furnish technology platform and retail agents
network
 Perform deposit/withdrawal transactions
•EKO as a Technology Service Provider for
Cashpor (Benares) & Saija (Bihar)
 Furnish technology platform
DATA COLLECTION
 4 Sites- New Delhi,
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Patna, Lucknow, and
Varanasi
Customer Interviews
(38)
Agent Interviews (13)
Eko Representatives (5)
Bank/MFI
Representatives (6)
Observational Data
SAMPLE DEMOGRAPHICS
• CUSTOMERS
 26 men/12 women
 Average age: ~33
 Income range: 5000 – 30,000 INR per month
• AGENTS
 15 men/0 women
 Commission range: 1000 – 10,000 INR per month
Preliminary Findings
Preliminary Findings: REMITTANCE vs
SAVINGS
Explicit needs-driven Vs.
Implicit needs-driven
Financial literacy outlay
One-time transaction Vs.
Long-term transaction
Success metrics
Technology/Process failures
Preliminary Findings: Trust
Customer trust in
remittance Vs. savings
services (ongoing trust
negotiation)
SBI Vs. Eko brand
Agents are typically
longstanding members of
the community.
Preliminary Findings: SBI-EKO
Relationship
•SBI-Eko tension
• SBI’s perception of non-completion
of FI quota by Eko
• Eko perception of non-viability of FI
villages
•SBI-Eko liaison
• Branch level decision to push
customers towards Eko
• Link branches to process
payments, which can often be
delayed
• Limited communications between
agents and bank
Preliminary Findings: Eko’s success
as a BC vs. a TSP
Eko’s technology platform is its strength
SBI does not drive Eko’s services sufficiently
Eko cannot generate own customer base, but can
work well with existing customer bases as a TSP
Emerging directions
• Meaningful collaborations
• Increasing complexity of
products
• Eko as TSP
• RBI emphasis on biometrics
THANK
YOU!