Sub-K: Providing last-mile banking solutions in India

In India, low-income consumers face major barriers to accessing formal banking services. Sub-K is making it easier for more people to access these services by using technology and local agents to provide banking services to more than one million customers.

Sub-K empowers local entrepreneurs to become community banks by arming them with mobile technology that they can use anytime, anywhere, to conduct transactions with customers. Once a customer has a bank account, he or she can use fingerprint authentication on the Sub-K agent’s device to deposit or withdraw money in seconds. No long forms, no long lines – instead, customers experience a newfound financial independence.

With the ease of these frequent, small transactions, customers can build savings, create a larger buffer against economic shocks, and access loans and other financial services that can help them grow their businesses or better control their families’ finances. As India continues a strong push to increase bank account ownership, Sub-K demonstrates how to effectively reach the country’s market of unbanked consumers with easy, affordable financial tools.

In this video we meet Dharmoji, his wife, and their children. Dharmoji is a locksmith, and his wife sells goods on the train platform. Before Sub-K, they never thought they would be able to figure out how to own and manage a traditional bank account. Watch the video above and find out how Sub-K is helping Dharmoji and his wife save for their families and their futures.