COMMUNITY/ENVIRONMENT-BASED
PROJECT
TOPIC:- DIGITAL FINANCIAL LITERACY
AMOMG SLUM DWELLERS
SUBMITTED BY:SAKSHAM TODKAR(22054196)
AADARSH KUMAR(22052434)
ABHISHEK GOURANGACHARAN NAYAK(22052438)
AMRUTANSU NAYAK(22052441)
ANIKET TIWARI(22052442)
ARYAK SRIVASTAVA(22052445)
FACULTY-IN CHARGE
Prof.k k Ray
CONTENT
SL NO.
TOPIC
PAGE NO.
SYNAPSE
Digital financial literacy among slum dwelers refers that the peoples who are living in the
slum areas have some knowledge about the mordern society . such as they make online
payments or not or having a bank account .
So, that we have to know first that what is digital financial literacy? So it combines the skills
needed to navigate financial services with the skills to use digital technologies such as
internet bowser and mobile devices that may help or hurt access to financial tools.The
spread of the internet and the vacuity of affordable smartphones
have made it easy for numerous to use colorful digital services.
But in the slum areas due to lack of literacy people find it very dificult to Operate a
smartphone for that reason they even don’t buy it so mainly services. All financial works
done using a digital device are called digital financial services.
There are many types of digital financial services :UPI’S
UPI or Unified Payments Interface, is a platform that includes numerous banking services.
You can shoot and admit plutocrat using the UPI ID and a Leg. One doesn’t have to know
the receiver’s bank details to make payments. The UPI ID is enough. It isn't necessary to
give the bank account details or IFSC code to transfer money to another person. This was
developed by the public Payments Corporation of India. It's one of the digital financial
services that has made money transfers and online purchases of goods veritably readily,
simple and quick.You can install one of these on your mobile phone and use it for a
variety of deals. This makes online payments very easy. You can also use this service to buy
goods online. UPIs can also be used when doing physical shopping. You can also pay for
mobile recharges and serviceability using this installation.
E-wallets
E- wallets or Electronic wallets is atype of electronic card which is used for transactions
made online through a computer or a smartphone .These are operations that help you pay for
shopping, transfer finances and track your payment history. It helps to store all financial
information. One doesn’t need to carry. You can use the wireless capabilities of the mobile
device to make financial deals. It's also possible to store card information in e-wallets to
make purchases. The difference between this and UPI is that this isn't linked to your bank
account, and one must load account for payments. It's another one of the most popularly used
digital financial services. It is a type of pre paid account in which the user can save his
money for future payments when upi doesn’t work it is mainly protected with a password
Internet And Mobile Banking
Internet banking allows customers to perform financial transactions electronically with the
use of a laptop or computer with the internet .In most of the situtations some banks allow
you to log in to your account on a desktop, laptop or mobile phone and make your
payments without any traffic. There are devoted apps for these banks where you perform
a variety of deals. Most mobile banking apps also have a UPI. guests of the bank can make
payments for shopping using the mobile app. One can also pay for colorful services from
the banking gate. You can know your account balance using the mobile banking app. With
the preface of numerous other easier digital styles, serving of digital financial services
through the bank’s app or website is reduced.
As per the study that we have made about the topic digital financial literacy among slum
dwellers we got to find that due to lack of literacy and knowledge among the people.They
mostly use cash instead of making online payment but most of them have their bank
account and many of them don’t even have a smartphone as they are not educate they
don’t even know how to use a smartphone also .Many of them are also had a barrier as we
talked about their bank account as they are uneducated
Eventually, the community visit helped to raise mindfulness about the benefits of digital
financial services and the significance of financial knowledge. By furnishing a platform for
people to learn, ask questions, and take part , we were suitable to clarify digital finance
and encourage further people to use digital financial services to eliminate their financial
well-being.
ACKNOWLEDGEMENT
INTRODUCTION
Before going too our main topic did u ever think that why we need digital payment? How it will
effect our economy if digital marketing, payments and other things are not there? How do they
affect society? What are the boons and banes of Digital financial inclusion? Digitization is
making the world a better place, isn’t it?In this project we learn this all things but first start
with the basics so we understand our main objective.
What is digital financial?
It is the use of digital platforms and technologies to provide financial services that are more
accessible, convenient, and efficient for consumers. Digital finance includes a wide range of
financial products and services such as mobile banking, online payments, digital wallets, peerto-peer lending, crowdfunding, and investment opportunities
through online platforms.
1. Digital financial literacy:- what do u understand by literacy? Literacy means that how many
people has knowledge about digital knoweledge. It is solely the individual’s ability to access
digital resources for financial transactions. Safety and Security are the two prime factors in
accessing digital finance tools. In order to be more secure about the fund transfer or about the
safety of ur private data, you should be aware of the sound principles of digital finances. This
awareness about the digitalization of financial transactions is what we called as digital finance
literacy. Digital finance literacy is a vital component of the cashless economy.
2. Digital Financial Services:- what does digital financial service mean? Digital financial service
are digital channels like PoS, ATM, Cash deposit Machine, etc with the internet facility. These
services are delivered and accessed via the internet only.
This also includes personal mobile banking services like g-Pay, M-Money which provides both
transaction and non-transnational services. Digital financial services are often denoted by the
name of financial technology or FinTech. This digital age facilitates the growing number of Fintech companies that actually making our digital life simpler. Either it may be paying utility bills
or riding a cab every payment goes online now. Digital financial services or the Fin-tech
industry is reshaping our lifestyle and economy towards more productivity.
Some benefits of digital financial Services:Accesible everywhere
Very Easy and efficient
Save lots of time and resources- no more waiting in queues for affecting fund transfer
Every transaction is updated on real-time
Ease of decision making
Reliability and Flexibility in affecting a transaction
Seamless integration of all digital platforms
Eco-friendly
Increase in customer base with tech support
Increases the reach through omnichannel digital marketing
Importance of Digital Finance Transformation
Some key points of Digital fiance Transformation:Easy data accessibility and management: Digital transformation efforts help in collecting,
managing, and storing raw customer data that can be analysed to boost business intelligence
and optimise growth.

Process agility and operational productivity: Automation invariably increases process
agility and productivity by eliminating humaninduced errors. It improves precision in repetitive
processes and can greatly improve operational efficiencies.
Insight-driven decisions: AI-based analyses enable faster trade decisions in capital markets.
Business decisions and strategies can be now be based on calculative insights with a more
customer-centric product or a service.
AND LASTLY The Future of Digital Finance:

AI Cognitive computing, algorithm-based predictions and decision making on future values
are being implemented in the traditional systems.

Digital transformation in the banking and financial industry is absolutely producing
ultimate functional excellence.

AI backed real-time data processing, data reporting, and financial planning gives way to
better management of finances that leads to exponential growth in the market and business.

Digital finance leads to customer-centric design and quality with faster processing with inmemory computing. Finance on-demand strategy helps in making better business decisions.

Smart contracts, made ease if tracking the assets, financial models and solutions help a lot
way in predictive analysis. Algorithmic trading strategies help to forecast the overall gain
percentage. And the future of digital finance has got a lot in its palette!

Disruptive digital finance is elevating the standards of lifestyle and reshapes the financial
institutions with high ideals and seamless quality.
OBJECTIVE
Now, What is the main objective of digital financial. We understood the meaning of digital
finical but what it is objective of digital finical?
The main objective of digital finical are:
Data analytics, innovative techniques or analysis of financial technology data

Theoretical analysis or modeling of innovations in finance
The impacts of financial technology on financial inclusion

Technological advances that could significantly affect the sector
Strategic planning: Design and implementation of financial technology

agent-related risks due to the new providers offering services are not subject to the
consumer protection provisions that apply to banks and other traditional financial institutions
digital technology-related risks can cause disrupted service and loss of data, including payment
instructions (for example, due to dropped messages), as well as the risk of a privacy or security
breach resulting from digital transmittal and storage of data.
Overall, the objective of digital finance is to improve the financial wellbeing of consumers,
increase access to financial services, and drive innovation in the financial industry.
METHODOLOGY
The methodology for studying digital financial literacy among slum dwellers can vary
depending on the research question, the specific context, and the available resources.
However, here are some general steps and considerations which we took while carrying out
the project. The first thing we did was that we clearly defined the questions which we should
ask while carrying out the project Like “what is your name , “ what are the online modes that
you use for online payment”, “ whether they have a smart phone or not” etc.The choice of
sample is a crucial step in any research project. In this case, the sample should be
representative of the slum population being studied, and should be selected using a suitable
sampling method.We collected the data through face to face interactions , divided ourselves in
a total of three groups ,each group containing two group members.We went to different
houses ,met different classes of people and then asked the questions which we have pre
decided and collected data of about 100 families Once the data has been collected, it can be
analyzed using various statistical techniques, such as descriptive statistics, factor analysis, and
regression analysis. The analysis should identify the factors that influence digital financial
literacy among slum dwellers, and should provide insights into the barriers and opportunities
for increasing digital financial inclusion. We collected the data and then created a flow chart
and pie chart according to the data which we collected during the survey .
The column chart was according to different data like how many people are active on the
online platform i.e use the digital financing for payments , which age group of people are highly
active, who are highly in favour of using digital financing.
SAMPLE
A sample refers to a subset of a larger population that is selected for research or analysis purposes.
Samples are used in a variety of fields, including statistics, market research, social science, and medical
research, to gather information. As mentioned in methodology we divided ourselves in a group of three
each containing two members and took sample of about 100 families through the predecided questions .
Questions were divided in three phases .first phase consists questions related to their personal information
i.e their name, gender,marital status ,education status etc.Second phase was related to their economic
condition i.e employed or unemployed ,annual income now the third and final phase consists of the actual
question related to the digital financing like do they have smartphone ,do they have access to the internet ,
whether they use any payment apps for marketing if yes then in which app .Many were in favour while
many of them were even not aware about such terms .The sample gave an idea of the people of which age
group are strongly in favour of using online payment modes.
Then we analyzed the whole sample and created an excel sheet and according to that excel sheet the
respective flow charts and pie charts were created .These pie charts helps later in future to examine and
get the overview of the whole scenario in a short span of time These studies suggest that digital financial
literacy programs and access to digital financial services can be effective in improving financial literacy and
inclusion among low-income and marginalized populations, including slum dwellers. However, more
research is needed to understand the specific challenges and opportunities for digital financial literacy in
this context.
EXPERIENCE OF COMMUNITY VISIT
A group of six individuals embarked on an exciting journey to understand the digital financial literacy of
people in their community. The objective of the trip was to visit homes, interact with the inhabitants, and
gather information about their knowledge and usage of digital financial services.
The group set out in the afternoon and started knocking on doors. They introduced themselves and
explained the purpose of their visit. The residents were initially wary, but the friendly demeanor of the
group quickly put them at ease. The individuals engaged in conversations with the residents, asking
questions about their familiarity with digital financial services, such as online banking, mobile money, and
digital payments.
The team was pleasantly surprised to find that a significant portion of the people they met were wellversed in digital finance. They were using digital financial services to make payments, transfer money, and
manage their finances. Some of them even reported using technology to make investments and save for
their future.
However, the team also encountered individuals who were skeptical of using digital finance, citing security
concerns and a lack of trust in technology. The team listened attentively and provided education and
information to help alleviate their fears and encourage them to explore the benefits of digital finance.
Overall, the team found that digital financial literacy was quite high in the community, but there were still
some individuals who required more education and support to fully embrace technology for their financial
needs. The team was happy to have played a small role in promoting digital financial literacy and was
inspired by the enthusiasm and willingness of the residents to learn.
The trip was a valuable experience for the team, providing them with insights into the digital financial
literacy of their community. They returned home with a wealth of information that will be useful in
promoting digital finance and helping people lead financially secure lives.
Overall, the community visit was a valuable opportunity to better understand the needs and challenges of
people in rural areas with regards to digital financial literacy. We plan to continue working with this
community to promote financial inclusion and improve financial literacy.
As the day progressed, the team encountered a diverse range of individuals, from students to retirees,
from low-income families to well-to-do households. The team made sure to ask open-ended questions and
listen actively to the residents, learning about their experiences, challenges, and opinions.
One thing that became clear was the impact of the pandemic on people's financial behavior. Many of the
residents reported that the pandemic had accelerated their adoption of digital financial services, as
traditional banking became difficult and time-consuming. The team learned about the difficulties faced by
some individuals in accessing digital financial services due to a lack of access to technology or the digital
divide, and the importance of bridging this gap.
Another interesting observation was the varying levels of financial literacy among the residents. Some
were knowledgeable about financial planning and budgeting, while others had limited understanding of
the basic concepts. The team was able to provide some basic education and guidance to those who needed
it, helping them understand the importance of financial planning and how to get started.
As the team reached the end of their journey, they were exhausted but satisfied with the knowledge they
had gained. They sat down to debrief and share their observations, finding common themes and areas for
improvement. They discussed ways to take their findings and use them to promote digital financial literacy
and help people lead financially secure lives.
The community visit also provided valuable insights into the challenges that people face in accessing and
using digital financial services. Many people lacked basic digital literacy skills, such as how to use a
smartphone, and felt intimidated by the technology. Some people also had limited access to electricity and
internet, making it difficult for them to use digital financial services.
To address these challenges, the team provided basic digital literacy training to help people get
comfortable with using their smartphones. We also highlighted the importance of internet connectivity
and provided information on how to access free Wi-Fi hotspots and affordable internet packages.
Another challenge that emerged during the visit was the lack of trust in digital financial services. Many
people were sceptical about the safety and security of their money when using digital financial services
and preferred to keep their savings in cash or in informal savings groups. The team addressed these
concerns by explaining the various security features of digital financial services, such as encryption and
two-factor authentication, and assuaging their fears about the safety of their money
Finally, the community visit helped to raise awareness about the benefits of digital financial services and
the importance of financial literacy. By providing a platform for people to learn, ask questions, and share
their experiences, we were able to demystify digital finance and encourage more people to use digital
financial services to improve their financial well-being.
The team was grateful for the opportunity to visit homes and engage with the residents. The trip was an
eye-opening experience, revealing the complexities of digital financial literacy and the importance of
education and support in promoting financial wellbeing. The team returned home inspired to continue
their work and make a positive impact in their community.
At the end of the visit, we distributed informational materials and held a final group discussion to
summarize the key takeaways from the day. People left the visit feeling empowered and confident in their
ability to use digital financial services.
In conclusion, the community visit was a resounding success. People were grateful for the opportunity to
learn about digital finance and the potential benefits it could bring to their lives. The team felt inspired by
the community’s eagerness to learn and embrace new technology, and we are committed to continuing
our work to promote financial literacy and inclusion in the community. It was a valuable learning
experience for both the team and the community. It provided insights into the challenges and
opportunities surrounding digital financial literacy and helped to promote financial inclusion and literacy in
the community.
ANALYSIS AND FINDING
CONCLUSION
In conclusion we will learn this project in shortly like:- its benefits,improvements and other
things. Digital finance has transformed the way we conduct transactions, making it faster, more
convenient, and more accessible to people around the worlds. It has enabled individuals and
businesses to access financial services and products in a more affordable and efficient way,
allowing them to manage their money more effectively. With digital finance, people can
perform various financial activities such as banking, investing, payments, and lending through
mobile apps, online platforms, and other digital channels. It has also opened up new
opportunities for financial inclusion, enabling more people to access financial services who
were previously unbanked or underbanked.
However, digital finance also comes with certain challenges and risks, such as security concerns,
data privacy, and financial exclusion. It is important to ensure that the benefits of digital
finance are balanced with adequate protection for consumers and the stability of the financial
system.
In shortly, digital finance has the potential to revolutionize the financial sector and bring
significant benefits to individuals, businesses, and societies. As technology continues to evolve,
we can expect digital finance to become even more integrated into our daily lives and
transform the way we manage our finances.
SUGGESTION
Now in suggestion we will provide some important suggestion related to digital financial:1.Digital wallets:- digital wallet is app which contain digital versions of your credit and debit
cards that are stored in wallet apps on your mobile device. Examples of these apps include
Apple Pay®, Samsung Pay and Google Pay.
Now in digital wallets we phase this problem:
Security Risks: Digital wallets can be vulnerable to security breaches and hacking attempts,
which could result in the theft of personal and financial information.

Limited Acceptance: Not all merchants accept digital wallets, which means that users may
need to carry traditional payment methods as well.

Technical Issues: Digital wallets may experience technical glitches or downtime, which
could prevent users from making purchases or accessing their funds.

Dependency on Technology: Digital wallets require a certain level of technical proficiency,
as well as access to a smartphone or other compatible device, which could be a disadvantage
for some users. It's important to weigh the pros and cons of digital wallets before deciding
whether they are the right choice for your financial needs. It's also important to research and
compare different digital wallet providers to find one that offers the features and services that
best suit your needs.
2. Cryptocurrency:-cryptocurrency is a digital currency designed to work as a medium of exchange through
a computer network that is not reliant on any central authority, such as a government or bank, to uphold
or maintain it.
Cyptocurrency disadvantages:-
Security Risks: Cryptocurrency exchanges and digital wallets can be vulnerable to security
breaches and hacking attempts, which could result in the theft of personal and financial
information.
Limited Acceptance: Not all merchants and businesses accept cryptocurrency as a form of
payment, which means that users may need to convert their cryptocurrency to traditional
currency before making purchases.
Environmental Impact: The process of mining cryptocurrency can require significant
amounts of energy, which can have a negative impact on the environment.It's important to
research and understand the risks and complexities of cryptocurrency before getting involved,
and to take steps to protect your investments and personal information.
3. Online Banking:-Online banking means accessing your bank account and carrying out
financial transactions through the internet on your smartphone, tablet or computer
Disadvantage of online banking:
Security Risks: Online banking can be vulnerable to security breaches and hacking attempts,
which could result in the theft of personal and financial information.
Technical Issues: Online banking may experience technical glitches or downtime, which
could prevent users from accessing their accounts or completing transactions.
Lack of Personal Interaction: Online banking can be impersonal, and users may miss the
face-to-face interaction and personalized service that comes with traditional banking.
Fees: Some online banking services may charge fees for certain services or transactions,
such as wire transfers or ATM usage. it's important to take steps to protect your personal and
financial information when using online banking, such as using strong passwords and regularly
monitoring your accounts for any suspicious activity.
4. Mobile banking apps:-Mobile banking apps offer a convenient and secure way to manage
one's finances on the go, without the need to visit a bank branch or ATM.
Drawbacks of mobile bankings:
Security Risks: Mobile payment apps can be vulnerable to security breaches and hacking
attempts, which could result in the theft of personal and financial information.
Technical Issues: Mobile payment apps may experience technical glitches or downtime,
which could prevent users from making payments or accessing their funds.
Fees: Some mobile payment apps may charge fees for certain services or transactions,
such as currency conversion or transferring funds to a bank account.
Limited Acceptance: Not all merchants accept mobile payments, which means that users
may need to carry traditional payment methods as well.
It's important to research and compare different mobile payment app providers to find one
that offers the features and services that best suit your needs.
In lastly, these digital financial services offer convenience, accessibility, and security to
consumers who are looking for ways to manage their finances digitally.