IPPB launches 'Fincluvation' to partner with startups on developing financial solutions

Building on the strength of the India Post Payment Bank (IPPB) banking stack, the Department of Posts' (DOP) widespread distribution network across the country and the innovative technology acumen of startups, IPPB, on April 21, launched 'Fincluvation', a programme to manifest the potential of startups for delivering solutions to the masses. It's important to note that IPPB and DoP collectively serve over 430 million customers across the country with DoP having a total strength of 400,000 post office employees and Gram Dak Sevaks. 

The startups are invited to design solutions in any of the following tracks:

1) Credit products: Developing inclusive products, which match the use cases of target customers and can be easily delivered to the doorsteps of the customers piggybacking on the comprehensive distribution network of DoPs.

2) Digitisation: To repurpose the traditional banking services to be used over digital technologies, such as converting the money order service into an interoperable banking service

3) Any other solutions that can solve the challenges faced by IPPB and/or DOP's target customers.

The mentors with the 'Fincluvation' programme will work closely with startups in adapting the products to suit the customer needs and make them work for the go-to-market strategies and the operating models of IPPB and DOP.

Fincluvation: Combining the power of IPPB, DoP and Indian Fintech 

Ashwini Vaishnaw, Minister of Railways, Communications and Electronics & IT, said the triad of DOP, IPPB and India's Fintech community can deliver unparalleled value to the citizens of the country, "Combination of IPPB’s Banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.”

The Fincluvation will be a permanent platform of the IPPB for startups to co-create solutions, said Devusinh Chauhan, Minister of State for Communications. "IPPB and DoP collectively serve close to 430 million customers through the neighbourhood post office and at their doorsteps via more than 400,000 trusted and capable Post Office employees and Gramin Dak Sevaks - making it one of the largest and trusted postal networks in the world,” he said.

The traditional method of procuring technology solutions often lacks creating the necessary user experience leaving gaps in what the customer expects and the final service delivery. "Our citizens have varied and complex needs that need careful thought, empathetic product design, and rapid prototyping among users. With Fincluvation, we want to crowd-in the best minds to develop technology-led financial solutions for Bharat”, said Shri Vineet Pandey, Secretary, Department of Posts & Chairperson, Postal Services Board.    

(Image: @AshwiniVaishnaw/Twitter)