Published on February 14, 2014
Dr R Ramakrishnan firstname.lastname@example.org See my research articles at www. ssrn.com/author=646193
A stakeholder is anybody who has a claim, stake or vested interest in the issue at hand, or in an organization, or in his or her relationship with a product, service or brand. Customers are one of most important type of stakeholders. They hold the key to the value in the company and in fact, the company itself
They are interrelated. Both need each other to advance The interdependence of business and society implies that both business decisions and social policies must follow the practices of shared value exchange.
Creating meaningful interactions between various stakeholders enable the identification of shared objectives, design of solutions that account for various perspectives, and creation of representative program strategies required to scale up important high-impact capacity development strategies.
CRM Influence and social networks and Techniques for listing and mapping stakeholders
CRM is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. It helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers.
Running a successful CRM project requires a high degree of stakeholder management. CSR oriented Financial Institutions (FI) will have robust stakeholder engagement programs to solve complex sustainability challenges, provide input into business strategy, and keep abreast of stakeholder concerns. To have a better stakeholder management especially in the rural areas which is the bottom of the pyramid, there is a necessity for corporates to work towards financial inclusion for the same technology and communication are the prime moves.
• • • • • • • Concern Communicate Contribute Connect Compound Co-Create Complete
Financial inclusion is characterized primarily as either general access to loans (mostly consumption or consumer loans rather than livelihood loans) or access to savings accounts. Very few risk management and vulnerability reducing products are available to small holder producers. Access to finance is primarily a bridging resource for many low income groups.
Increased vulnerability and reduction in livelihood security Forced movement towards other types of livelihoods Entry into perpetual debt traps At the extreme, in a few cases, bondage and/or suicide.
According to Deputy Reserve Bank Governor Ms. Usha Thorat(2007) on an all India basis, only 59% of adult population in the country has bank accounts which leave the 41% of the population as unbanked. In rural areas, the coverage is 39% against 60% in urban areas.” Thus a majority are excluded from the payments system, which means not having access to a bank account and formal credit markets, forcing them to approach informal and exploitative financial markets  Thorat, Usha, ‘Financial Inclusion – the Indian Experience’, HMT-DFID Financial Inclusion Conference, London 19 June 2007
Culture, Education (Especially Financial Literacy), Gender, Income and Assets, Proof of Identity, Remoteness of Residence etc.
Microfinance has enhanced their outreach over the period 2001-2007 in India. This growth is visible not just in terms of the number of active borrowers but also gross loan portfolio and total assets.
There is still a paucity of accurate data with regard to the absolute number of clients and poor women served. While institutions have done well in terms of extending access to financial services to low income women clients, the focus has largely been in terms of delivery of credit
Low income clients everywhere have a range of evolving needs as they are more vulnerable and face a large number of risks. They need continued access to the wide range of financial services to counter the vulnerabilities that they and their families face in their daily struggle for survival. Access to a wide range of risk mitigating financial services at affordable cost is very critical especially as it enlarges livelihood opportunities and empowers the poor to take charge of their lives
The SHG Bank Linkage Programme (SHGBLP) and its variants These are supported by NABARD and Public Sector Commercial Banks. The SHG Bank Linkage Programme (SHGBLP) and its variants These are supported by NABARD and Public Sector Commercial Banks. The Partnership Model of ICICI and other private commercial banks: Since banks face substantial priority sector targets and microfinance is beginning to be recognized as a good business opportunity for institutions, a variety of models have been tested between banks and MFIs.
In rural areas customers cannot be expected to come to branches in view of opportunity cost and time and hence banks will have to reach out through a variety of devices such as weekly banking, mobile banking, satellite offices, rural ATMs and use of Post offices.
Financial inclusion offers a huge potential for business in terms of resources and assets and banks therefore need to take aggressive steps to use technology, business processes and personnel to be able to exploit this potential in innovative and creative ways. Use of technology is critical in building up a reliable credit information system, build up data base on customers for a variety of purposes, thereby reducing the transaction cost involved in checking encumbrances and collaterals and also facilitating better pricing of risk.
Banks should focus on relatively unbanked and under served areas rather than competing aggressively in already well served areas. There is a clear need to vastly increase the numbers served by existing branches for savings loan and remittances.
Financial inclusion should be led by understanding the needs of the customer rather than achieving targets. The focus for rural areas should be reach out rather than the number. Delivery of financial products must be preceded by i improving financial literacy and credit counseling. The focus should be on customizing products for transactions, remittances, savings, loans and insurance.
Last but not the least, the role of the State Governments in facilitating financial inclusion is critical. Land settlement rights, computerization of land records, and providing economic and social infrastructure with pro-active agricultural extension machinery will greatly help in using financial inclusion for sustainable development
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