Need for Developing Intelligent Interfaces for Big Data Analytics in the Microfinance Industry

The main objective of the paper is to provide a multidimensional perspective of the microfinance industry where one finds that several different components such as “Sustainable Rural employment”, “Data Analysis for the Micro Finance Industry”, and Theory of Maslow’s Need Hierarchy interrelate and work hand in hand. There is a strong correlation between Maslow’s need hierarchy theory of motivation and assessing the changes in demand for financial services in the microfinance industry. How ICT and data analytics could help in efficiently tracking the change in demand and thus help the microfinance institutions in better demand forecasting as well as acquisition and management of resources, which are shared commonly, between various stakeholders, is the focus of this research paper. The paper is structured in sections starting with an introduction of the microfinance industry. It is then followed by the literature review, which explains a few of the concepts in theory to form the base. Other sections include discussion and policy implications followed by conclusion and future research which focuses more on the IT interventions and the need for advance level and integrated systems design for efficient delivery of financial services, better policy planning, and optimized use of real-time information for analytical decision-making, at the MFI level for the microfinance industry to achieve its goal of financial inclusion.