Davinta Technologies: Making Banking Accessible to India's Last-Mile

The lack of accessibility to financial services in rural areas causes plenty of problems, especially for those at the bottom of the financial pyramid. One of these problems remains the distribution of funds (entitlements, loans, etc.) to the last-mile of India. Some of the main friction points that cause all of this are the lack of bank branches at the last-mile of India’s rural areas and the problems surrounding credit and micro-lending originations.

Davinta Technologies, an enterprise that specializes in creating products and solutions to drive comprehensive financial inclusion is devising a merchant network that runs on a robust model that enables the underserved to deal with their financial errands without having to go physically to any bank. Through this merchant-based model and network, those in rural areas can access the financial services as and when required. “We wanted to ease out the friction that was inhibiting the unbanked from smooth access to the banks,” says Raj Sundaresan, CEO of Davinta Technologies.

Aadhar Enabled Unified Services (AEUS) is one of Davinta Technologies’ prime offering which is a very simplistic interface that enables rapid and secure account opening. Enabling seamless access from any standard android device, AEUS facilitates the setting-up of bank accounts for the unbanked via Aadhar authentication, directly from the merchant’s location. Running on a state-of-the-art Polyglot model, AEUS allows sustainable scalability while ensuring efficiency in the overall cost and investment.

The entire architecture is perfectly designed to aid the last-mile’s population like farmers by providing easy access to financial services like loan originations and disbursements.

Micro Banking is another offering from Davinta Technologies that enables the underserved, underbanked as well as the unbanked to avail crucial banking services like deposit, withdrawal, fund transfer, to name a few. Additionally, it accelerates the journeys of Business Correspondents, Kirana Merchants, and banks in achieving their financial inclusion goals. The company also has a unique money transfer platform called PaySa, which addresses the financial needs of migrant labor and daily wage earners in cities and urban villages; bridging the urban-rural divide. Supporting both methods of funds transfer, PaySa empowers cash to bank account money transfers almost anywhere, anytime in a matter of seconds.

It is one thing to have an ideal banking methodology and another to execute it to nigh perfection. Having relationships with the apex Regulatory authority and multiple Indian Public and Private Sector banks, Davinta Technologies has a merchant network which is well established, grounded and scalable. The company also smartly uses advanced technologies like biometrics through fingerprint scanners and iris readers to validate the bank accounts and monetary transactions. The company believes in its sturdy merchant network rather than depending on the hierarchy of business consultants and agents which would, in turn, make the entire process of collecting/disbursing cash quite operational intensive. Focusing on both merchant and the entire finance network works in tandem. Loan origination, documentation, and efficient operation of financial processes are three vital tasks that the firm carries out with panache.

Given the successful track-record, Davinta Technologies is now eyeing expansion in the future. The company is beaming at scaling up its operations and doubling down especially on the credit, risk management, and the operational efficiency aspects. Further, the firm aims to strengthen the merchant network by providing more notifications to the consumers and the merchants themselves regarding the payment facet. Possessing a merchant network that administers funds distribution that is fluidic, flawless, and frictionless, the company holds its ground firmly in the financial services and technology sector.