Building for

Anveshan: Ideas for Impact

Problem Statement
Navigating Financial Waters: A Case Study on Enhancing Financial
Literacy for Informed Decision Making

Problem Description
In light of the rapid growth of the Indian financial sector and the
abundance of financial products and services available, it is
disheartening to witness the persistently low level of financial literacy
among our population. According to a survey conducted by the
National Centre for Financial Education, India, with 17.5% of the
global population, faces a significant challenge as only 27% of
Indians demonstrate financial literacy, significantly lower than the
close to 80% literacy rate of the country as a whole.

Percentage of Financial Literacy in developed and emerging

economies.
Building for

Anveshan: Ideas for Impact

Problem Description

Shockingly, a global survey conducted by Streak, a teenage-focused

Neobank, revealed that India's financial literacy rate of 27% is the
lowest among major emerging economies, lagging behind countries
like the United Kingdom (67%), Singapore (59%), and the US (57%).

The lack of financial knowledge is clearly seen in the high number of

people who fall into debt cycles or struggle to meet their financial
obligations when using readily available credit cards, personal loans,
and other forms of borrowing. As a result, many Indians are unaware
of the numerous advantages and opportunities offered by modern
financial solutions and programs.

According to a survey conducted by the National Sample Survey

Office (NSSO), 40% of rural households and 30% of urban households
depend on informal sources of credit, such as moneylenders or
pawnshops, which can charge high-interest rates and trap individuals
in cycles of debt.

Specifically in tier-2 and tier-3 cities, there is limited awareness about

financial concepts, products, and services. Financial scams and
fraudulent activities are common in these regions, due to which there
is a lack of trust among individuals which results in limited exposure
to formal financial systems.
Building for

Anveshan: Ideas for Impact

Your Task
Imagine you are the Chief Product Officer (CPO) of a startup focused
on addressing the financial literacy challenges in Bharat, with a
particular emphasis on tier 2 and tier 3 cities in India. In your role as
CPO, devise a solution to enhance the financial literacy of Bharat
through your startup!

Kindly include the following in your solution statement:

A viable Business Solution
A Business Model that explains why your solution is most suitable
A Go-To-Market strategy and roadmap plan

You will be evaluated on the basis of the following parameters:

1.Uniqueness of the idea
2. Modern Technologies Used
3. Feasibility and Scalability of Your Solution.

Submission
The solution needs to be submitted in the form of a presentation. It
should not include more than 6 pages (excluding the cover page). Use
graphics only if it adds substantially to the solution.