Financial inclusion-role of IT

Financial inclusion means ensuring availability of financial services and products to every individual of society at a cost effective, transparent and efficient manner. Many initiatives across the world have been taken to include the poor and unbanked section of society in the ambit of financial services. Still a big section of people in rural areas either have very low access to financial services or even don't have any bank account because of less number of formal financial institution presence. In providing cost effective financial services and products to the door steps of people electronic channels like mobile phone and internet plays a vital role. Although electronic channels are already been used for remittance of funds and bill payment still a larger section of society is ignorant and needs to be targeted. This paper reflect a literature review of e-banking service across the world and shows how it can be used to translate the potential internet and mobile phone users to access the financial services by poor and unbanked in achieving the goal of financial inclusion.