Barclays strategy to tap bottom of pyramid unlike peers
Wednesday, November 28, 2007
Sensing a huge potential in the mass segment, foreign banking major Barclays Bank will soon launch a banking product aimed at the unbanked and under-banked segment in the country.
Unlike its other foreign peers which entered the Indian market by tapping high networth clients, Barclays, a late entrant, believes there is a fortune to be made at the bottom of the pyramid.
“There is a huge latent demand in the segment as a large number of people, like taxi drivers and clerical staff, remain unbanked or under-banked. We are looking at launching a banking product for this segment,” Barclays’ Head of Retail Suresh Gurumani said.
Kick-starting its India retail operations in May, Barclays has till date launched unsecured SME loans, personal loans upto a tenure of seven years and credit cards.
“For the mass segment, low-cost transactions are very important…so we would try to launch products which could be called ’satchet’ banking,” he said.
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