We are finally serving real customers. We still have a lot of work to do to meet our customer delight goal and we need a lot of support from banks, telecom operators and regulators.
Anyone who wants to try our service please do that. All comments specially suggestions for improvement are most welcome.
To read more click here
To view a slide show click here
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Thank you all for your comments and questions. We shall work on an FAQ where we will answer questions raised here and others that we find. We will get the FAQ up by end March, 2008.
Sanjay,
Congrats for the successful pilot with CBOP. The comics where really good especially in creating awareness ( hope you distribute the same in local languages catering to your target segment).
For all those who still has not got a clear idea about eko..here are a few points
– Eko is into the branchless banking space, extending banking services to the under banked ( 600 million )
– It will also provide micro finance services like loans to SHG’s etc ( like that of sks microfinance).
– RBI is promoting branchless banking services to provide more financial inclusion
– This model has been successful in kenya and few other countries where retailors where allowed to provide banking services.
– Currently RBI doesnt allow retailors to handle banking services but instead allows business correspondents ( NGO’s / SHG / post offices) to act on behalf of banks.
– Other players in the segment include Alittelworld , Fino , Imfast(ingram micro).
– Successful pilots has already been done in different parts of the country by alittleworld(ZERO) and Fino.
– The India opportunity : 600 million under banked + 1 million NGO’s
So friends lets get ready for Sanjay’s next big elephant ( ARPU of 400 rs x 1 million subscriber as he previously mentioned in venturewoods).
Anyways guys the one thing i liked from Sanjay and his team is the way they share their developments at Eko which is greatly inspiring for all of us, infact i was delighted to see a detailed mail from Abhishek (CEO of eko) about their pilot.
Once again wish sanjay and his team all the best!
ohhh….now i understood EKO……idea is nice…..
but i have questions and points
1. Will it be used for storing black money?
2. Account details will be shared with banks?
3. It is not better option then ATM but workable for lower middle class as well as lower class.
4. If i loose my mobile phone? Is this mobile number driven ?
5. If cash point guy is short of cash then how much time he will take for arranging money for me?
6. major issue : “why should people trust EKO. they might feel it is fraud” coz generally this is tendency of the customer…..major question : who will pay me if all cash point says EKO is not paying us NOW. Security of the money and EKO feasibility?
7. Security from the cash point……if cash point guys run away with cash with updating mobile phone..may be he is fraud?
8. Last and most important: customer service…..how much time u will take incase of conflict?….in banks case they have cheque book, ATM and very few points…..remaining is closed agency for customer…..but in your case many agencies r exposed to the customer…….he might feel that “he can be footballed around by the EKO agencies”.
I am just putting questions like layman……..coz I know many questions have been answered on the website. but few points put lot of questions….coz i have seen black money floating through various channels to preserve the identity. Will EKO help in that?
I have gone to eko site 1 month back….i am not able to understand business model at all…please can you write down in 3 or 4 steps….what u r doing?…..what those shops in photogallary is doing…..and what those mobile phone people r doing…..plz explain in simple terms……..it is hard to understand word called “meri financial azaadi” coz on this earth….u can never ever get financial azaadi……expenses will always touch income to make capitalism working.
lastly….Subhashish please do’nt interrupt when somebody is saying anything..have patience to read the intention of the business rather then commenting on it.