Full stack developer for fintech application (Android, Java)

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To provide easy, transparent access to critical financial services -- credit, savings, insurance, etc. -- to rural and semi-urban India (household income INR 10-40k per month).


400-500 million people across India, in this income segment are cut off from access to basic services that those who live in cities take for granted. They are the most unserved / underserved market segment. 50% of them have smart phones, and thus internet connectivity is not an issue; however their internet usage is limited to content consumption; and does not extend to adoption of digital services -- be it banking, healthcare or commerce (Refer: The Giant Bharat Opportunity).

Microfinance and Banking Institutions have taken huge strides to bring these markets under their fold, and have had great success too. Yet in recent years growth has been restricted largely to lending to the same borrower group though 70% of the credit worthy market(2019 KPMG MFI report) is still unserved. This is largely due to the cost inefficiencies and manpower constraints that accompany last mile delivery.

Why Now:

Because the timing is perfect!

Thanks to the government & regulators push, banking has penetrated deep in to rural India -- BC points (Banking Correspondents) are there today in very, very remote areas as well; 70-80% people have bank accounts; 50-60% are operational; DBTs direct benefit transfers have reduced slippages significantly; BCs are actually earning money. This took a very long time -- it required lots of investment, government impetus -- and is now showing results.

The BC program has primed the market for a service like the one InCity offers through local entrepreneurs. Village level entrepreneurs have become well acquainted with financial services and a modicum of trust is built with the customer that entrepreneurs belonging to their community can provide them financial services using technology at the backend.

InCity’s Model:

InCity is a technology platform that connects people living in the remotest parts of the country to high quality, curated financial services that are customized to their needs. InCity leverages local entrepreneurs to drive adoption of InCity’s services amongst the local populace. In that sense it is similar to the Bank BC model.

However unlike the BC model which requires a heavy investment of INR 1-1.5 lakhs from entrepreneurs, InCity's model pretty much just requires entrepreneurs to own a smartphone to start working with InCity!

Also unlike banks, which restricts offerings to their product basket, and do not really offer tech-enabled credit today, the InCity platform looks at curated products and services across financial service providers/ product partners. InCity also is looking at a very unique AI-enabled lending model which will help the InCity Customer Service Point offer credit to their customer base, in their communities. It also is unique in that it looks at the end-to-end customer lifecycle, from lead generation to transaction to after sales servicing to recommendations on future products.

Skills: Android, Java, Mobile App Development, node.js, Backend Development, Frontend Development, Full Stack Development, Local Job, Web Development

About the Employer:
( 0 reviews ) Kolkata, India

Project ID: #24578961

12 freelancers are bidding on average ₹757407 for this job


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