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Xerox Banking Innovation Accelerates Availability of Financial Services in India, Other Developing Markets

India and other developing markets face an increasing demand for the most basic of banking services. But with India’s 1.2 billion multi-lingual population spread over 1.2 billion square miles, servicing their banking needs comes with challenges.

Researchers at Xerox (NYSE: XRX) have invented a banking solution that reduces the cost of establishing branches – even in rural areas – and automates much needed personal banking services, like opening a bank account or applying for a loan, making it simple for consumers in India and other developing countries to manage their money.

“This innovative approach puts the power of technology into the hands of customers by eliminating paperwork, lines and inconvenience,” said Nischal Piratla, senior entrepreneur in residence at Xerox Research Centre India (XRCI). “The solution is so simple and effective we see it also being used in some of the most remote corners of the world.”

Xerox innovation automates basic banking tasks by connecting a bank’s standardized back-office operations with its customer-facing operations – making it economically feasible for banks to set up rural branches.

How It Works

Developed through ethnographers surveying the issues around getting financial services to rural areas, Xerox plans to pilot the technology in kiosks with one of India’s leading banks. These are easy to replicate, install and secure in both remote and densely populated areas. The solution builds upon the capability of Xerox multifunction devices to not only scan hand written forms, but to also interact with the resulting content. This eliminates the need for fully staffed bank branches, reduces paper-based processes and provides clients with a user-friendly experience. A prospective bank client walks up to the kiosk and inputs key information that can accommodate several languages. The system automatically verifies and validates the information, and populates back-end databases with the correct information.

Innovations from Xerox built into the banking solution include:

  • Automatic validation of completeness and correctness of handwritten paper forms
  • Language conversion of forms without the need for translation
  • Secure technology to overcome slow, error-prone data transmission over satellite networks commonly used in rural areas.

About Xerox

With sales approaching $23 billion, Xerox (NYSE: XRX) is the world’s leading enterprise for business process and document management. Its technology, expertise and services enable workplaces – from small businesses to large global enterprises – to simplify the way work gets done so they operate more effectively and focus more on what matters most: their real business. Headquartered in Norwalk, Conn., Xerox offers business process outsourcing and IT outsourcing services, including data processing, healthcare solutions, HR benefits management, finance support, transportation solutions, and customer relationship management services for commercial and government organizations worldwide. The company also provides extensive leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. The 140,000 people of Xerox serve clients in more than 160 countries. For more information, visit, or For investor information, visit

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XEROX®, XEROX and Design® are trademarks of Xerox in the United States and/or other countries.

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