Her company, currently working in India, is trying to change that with a product called InSight, an accounting tool that works through SMS to help low-income individuals and business owners do basic accounting and financial tracking. Within 15 days, the tool creates a unique credit score and links qualified users to various financial institutions to help them obtain capital, such as personal loans or insurance.
Instead of merely pitching the standard benefits of accounting, like driving sales or increasing savings, inVenture goes a step further and links customers to other consumer products, in hopes of improving “financial inclusion” for entrepreneurs seeking a way out of debt and poverty.
“It’s about empowering the user to do this themselves,” Siroya said. “It gives people a choice of financial products and creates a competitive and transparent financial ecosystem.”
She shared her observations about revolutionizing the financial services sector in a panel discussion on “Mobile Technologies in Development: Opportunities to Engage the Private Sector” at the 2012 Net Impact Conference in Baltimore.
With her company’s SMS tool still in open beta, one thing stands out so far: ”Women are getting the product much faster than men,” Siroya said.
She noticed marked differences between the men and women in her company’s “ecosystem:”