Mumbai, 9th April 2024: Percipere is proud to announce its team’s achievement as the Second Runner-Up at the prestigious TerraTech National Level Hackathon 2024, jointly organised by Grameen Foundation India and Protean eGov Technologies. Grameen Foundation and Protean are leading names in India’s rural finance landscape, making this recognition even more significant.
The event has been hosted in Mumbai at the SP Jain School of Global Management, a premier B-school in the country and has been attended by IT and development sector leaders like Arindam Dasgupta, Bharati Joshi, Abhijit Dasgupta and Bertram (Bert) Dsouza.
Percipere’s winning entry, PerciP2P, impressed the jury with its innovative approach to financial inclusion. This Machine Learning solution leverages GIS data analytics to empower financial institutions with a powerful decision-making tool. PerciP2P is delivered as a user-friendly and self-service GIS-enabled dashboard. It allows financial institutions to allocate business correspondents across rural India strategically. The simple and intuitive user interface ensures widespread adoption within the financial sector.
The solution offers real-time data visualisation. It plots the presence of banking correspondents and the maturity of the One District One Product (ODOP) initiative in a specific region. Vinay Pardesi, CIO of Percipere, said, “PerciP2P addresses a critical gap in rural financial inclusion with the power of Digital. It can identify areas with high ODOP potential but limited banking correspondent presence. It allows financial institutions to deploy resources with empathy and ensure financial services reach underserved communities.“
Notably, the ODOP scheme is an initiative by the Government of India that aims to promote balanced regional development by focusing on a specific product or industry in each district of the country.
PerciP2P allows users to apply filters based on State, Gender, ODOP product, and PIN code for granular insights. But the solution goes beyond mere mapping. It correlates this data with ODOP production levels and agricultural harvest data within a particular region to indicate economic prosperity. It allows decision-makers to deploy banking correspondents in areas with the greatest need. The dashboard provides layered visibility. The Heat Map layer enables comparative studies between ODOP industry patterns and the presence of banking correspondents at local, regional, and national levels. Additionally, a Census layer allows for a comparative analysis of population density versus banking correspondent presence.
This comprehensive approach offers valuable insights. For instance, the solution may identify regions with high ODOP industry maturity and cash crop production but minimal banking correspondents, highlighting the need for increased deployment for faster financial inclusion by delivering services at the rural grassroots.
PerciP2P empowers financial institutions by clearly showing banking correspondent distribution across states, localities, and the nation. When combined with ODOP information, this data allows for building informed deployment models that align with the cultural and economic needs of specific regions. “Through better decision-making, PerciP2P is designed as a vehicle of financial inclusion and empowers rural communities to thrive,” added Vinay.
