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Keywords

FMEA, Financial Inclusion, Financial Literacy, Potential Failure & Potential Causes

Abstract

Failure mode and effect analysis (FMEA) is an operational tool which systematically, proactively evaluates the method to spot where the potential failure might occur and identify the potential causes, which would help to reduce the relevant impact of various failures in the process. Financial inclusion generally understood to mean the method of ensuring access to appropriate financial products and services needed by all sections of society including vulnerable groups at an economical cost. It's an immediate impact on the expansion of the economy of the country. This paper analyses the effect of Indian citizen participation in financial inclusion and identifies issues faced by the individuals during investments in financial products. The paper is based on the primary data. Here, Failure mode and effect analysis (FMEA) is used to analyse the risk associated with the investment process which the general public will face while investing and eliminate or reduce the risk by providing solutions for the development of future processes or take appropriate risk mitigation methods. Hence the outcome of this research paper will be useful for financial institutions which are in need to optimize their resources for selling the financial products and spreading awareness about the same.

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