AVMF is currently providing loans, saving,
micro-insurance and digital banking products to the public.
a)
Digital Channels
Digital channels increase the customer
satisfaction and product conversion rate. Digital channels decrease the OPEX
for the banks. Since the customers are using the digital channels for daily
banking transactions and buying simple products, branch personnel finds more
time for more value added advisory services
ü Mobile Banking.
Another
popular type of digital banking is mobile banking. Account holders download the
bank application on their mobile. All bank services like balance enquiries,
payments etc. can be accessed from smartphones.
ü Digital Wallet
Mobile wallets are
the digital version of a wallet that enables the user to make different types
of digital payments online. Digital wallet stores money added by the user
linked to their bank account. Safe amongst all digital payment methods, this
can be used for all transactions through an app installed on the smartphone and
an internet connection.