The not-so-curious case for Vernacular Financial Services for Bharat

Only 33% of adults worldwide are financially literate.

S&P Global FinLit Survey 2018: Only 1 out of 3 adults worldwide responded correctly to three topics out of four topics

The situation in India is poorer with about 76% of Indians NOT understanding basic financial literacy concepts.

To add to this, we are now living in testing times and it’s more important than ever to empathize with the situation of our people. The ones who are already struggling to keep their hopes up & homes running.

They now also find themselves dependent on digital mediums and a large chunk of them are first time distressed users.

Within countries, the data suggests that – women, the rural population, and individuals with low literacy levels form the largest chunk of those who are financially excluded.

In India, a lack of awareness prevents them from utilizing the right products and services that suit their particular needs.

Here’s an illustration of demand-side barriers that exist in financial inclusion :

Demand-side barriers to financial inclusion

Low adoption doesn’t mean your customer doesn’t want to save money or get a cheaper loan.

They are stuck at steps of the journey leading to inaction. What you need is to design experiments with a behavioural lens in a familiar language to increase reach and assist the user from financial awareness to financial health!

Source: Transforming Financial Inclusion Using Behavioral Science From Financial Access to Financial Health

The complexity of financial terms is a huge barrier to financial adoption. And, when you add to the mix — illiteracy and language barriers — it is an impediment that cannot be addressed with financial education initiatives that are limited to the written text and aren’t automated to be available 24/7.

It is then a no-brainer to use verbal and visual forms of communication.

It is now time to step up for your people as they look at YOU & the digital solutions you design to enable their everyday life!

Thank you.

Meera, on behalf of

At, our expertise lies at the intersection of behavioural finance and Artificial Intelligence led conversational interfaces. We are innovation partners to 30+ financial institutes across geographies.

To know how our Vernacular Financial Services offerings can prepare your business for the world to come, email us at

#JubiAI. At the intersection of behavioural science & Artificial Intelligence for the future of social impact, money, health & commerce.