Fintech-Enabled Financial Inclusion for Rural Networking

To standardise rural development initiatives, many technological platforms are used. Financial technology [fintech] is a broad umbrella term for a variety of initiatives that provide this kind of vital data and support to the public. Indian farmers are yet to get benefits from agricultural technological development and fintech.

Most agricultural technology and fintech if used efficiently will significantly cut down on farming expenses. The promise of fintech in agriculture could not be realised since development agencies could not adequately deploy agricultural technology. Therefore, it is important to research how financial technology may enhance life in rural areas. Fintech paved the way for the expansion of banking services to rural areas. More than 20 million farmers who live in rural regions who have used this fintech banking system have benefitted. Farmers are increasingly making use of this service. Banking technology has contributed to reduced operating costs and improved corporate transparency, and fintech has aided in removing poverty from community frames. This research was conducted to assist institutional lenders, and more specifically banks, in determining the optimal scale at which to use fintech-enabled lending solutions in rural regions. Over 600 responses were gathered from 60 different villages in Tamil Nadu. The connection between fintech-enabled technology was studied using a conjoint analysis. The results of this research show that people in rural areas want access to financial services, including loans, that are based on their individual needs. This means that rural population must be the basis of the current system. It’s estimated that 62% of people are resistant towards technology. To get rid of that amount of resistance, we need the 2.5x gearing effect. The purpose of developing the Rural Expertise Accomplishment System [REAS] was to bridge the gap between the financial technology sector and agricultural networks. Rural networking driven by demand may overcome the limitations of fintech-enabled financial services.