Eko, the Delhi/NCR and Bihar/Jharkhand based mobile banking firm is providing extreme benefits to the large work force of India employed in several unorganized sectors of the country.
This low cost mobile banking service is facilitating people belonging even to the lowest income generating group. Since its inception in the year 2009, the company possesses over 1300 Customer Service Points to satisfy its customers.
The service is a ray of hope to the low income earner of the country as unlike big banks and financial entities it serves the lower section of society with an aim of reducing cost of financial transactions. For this, the company identified Mobile phones as the most effective tool to reach its target customers. This is because of highly dense mobile market of India.
To lift the advantages of Banking services, customer just has to approach these Customer Service Points in their nearest locality where they have to submit their identity proofs such as photographs, shop address proof, business details like footfall, cash management capabilities, goodwill in the market and personal mobile phones number.
These retail stores work like mini bankers for low income group customers who otherwise have no access to banking services. The transactions are kept secure with the help of unique and secret PIN numbers.
Mugdha Bhargava, vice president of communication, Eko, said to The Mobile Indian, "We plan to cover Bihar, Jharkhand and Delhi for the next six months and then move to other parts like UP and Maharashtra." She said there was no referral system in place right now and that the company targeted the customers through various activities like nukkad natak, promoter-led and van activities, financial literacy comics etc. The company had plans to associate with banks other than SBI and ICICI Bank, but details were not given.
Eko has also entered into a partnership with VeriSign to make sure that transactions are kept secure. The details of the transactions conducted are also sent to the customer in the form of an SMS.
Eko works under the regulations of the Reserve Bank of India and in collaboration with SBI (State Bank of India). Under this, a zero balance account is opened for the customers in which they are provided with facilities such as deposit, remittance, withdrawals and check account balance through SMS.