Bridging the Rural-Urban Investor Divide by Leveraging Technology
According to the World Bank, 68% of Indians lived in rural or semi-rural areas. This figure is highest among the key growth countries in the world. This results in tremendous disparity – in terms of access to resources, communication, and ultimately development.
Since the demographic shift is a rather slow process, companies and the government are leveraging technology to bridge the divide. These measures are collectively a part of Digital India drive.
In order to foster real development, the government endeavours to increase financial participation. This resulted in schemes like pradhan Mantri Jan Dhan yojana (PMJDY), but then financial inclusion is much more than participation in the banking process. Therefore, even the private players have chipped in to do their bit.
How Mobile Technology Bridges that Divide
Smartphones are available at low costs in India, as a result, this is where companies are trying hard to introduce various levels of advancements. Companies are building their apps and are fostering rural participation. For instance, IIFL Markets, one of the leading apps in India is accessed over 1600 locations and has smart network optimization that ensures a flawless experience even when the user is on the 2g network.
The apps are available for free, and moreover, there is a good amount of add-ons that are available to incentivize the users to download it. Meanwhile, the company India Infoline that has developed the app has offered a one-click sign up option, whereby a user can just click on sign up, fill in the details and enroll themselves to trade in the stock markets.
One Solution that Fits All
Now, this isn’t just confined to passive observers but also to the active traders, for instance, if there is someone who seeks to trade and be in tune with massive data, IIFL markets, has an optimum screen design that gets them maximum amount of data on one screen. Apparently, these companies do tend to face lots of difficult choices in terms of size and features, and going by the word of users, it has pulled off the balance really very well.
From Client Specific to Everyone’s App
Many apps tried rolling out their apps to specific users and thereafter to their clients while some launched it for everyone — including the users which are not in their respective client base. IIFL Markets was one such app, and the result was astonishing. One would expect a rural user to be far off from trading into markets like BSE, but the downloads and positive reviews made it a standard for its peers in the market.
With apps like IIFL Markets, a user located in a remote part of Rajasthan has as much control over their portfolio as a sophisticated investor living in South Mumbai — technology has made it possible.
Over the years, technology has seemed to bridge a lot of gaps, and it certainly has been doing so in the field of financial markets. You can download most of the stock market apps for free of cost from Google Play or App Store.