Re-imagining how Cooperatives in India could deliver their banking services with KRED

Introduction to Cooperatives:

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others.

The cooperative sector thus plays a very important role in providing banking services to the semi-urban and rural population of India.

Today, however the cooperatives work in traditional ways and have not really evolved how they operate. They still depend on branch-based delivery of services, manual operations of data entry and accounting, and continue to be using physical cash.

As a member of a cooperative, who depends on them for their banking needs like savings accounts, and access to micro loans, one does not get the same modern banking experience like the urban millennial.

To help their cooperative members succeed and achieve their life goals, they need to get access to all the banking services at the tip of their fingertips: savings accounts, loans, and payments, and also other key financial services like micro-insurance.

Problem: How cooperatives are run today

  1. Branch-based operations: Use of manual processes to run operations
  2. Physical Cash management: Use of physical cash to disburse and collect loans
  3. Manual accounting and bookkeeping: Lack of automation and depending on manual inputs

This is how most cooperatives run their institutions. Cooperatives ends up wasting billions in operations every single year. And these have been the reasons why cooperatives have not been able to grow or improve efficiencies to provide better services, reaching a larger audience.

To overcome these challenges, we had to re-imagine how a cooperative should function.


KRED: Modern Digital Banking for Cooperatives

Solution: Cooperatives powered by KRED:

  1. Cloud-based operations: Use of a branch-less, operationally light service delivery
  2. Digital Cash Management: By integrating with modern banking infrastructure, provide cutting edge online, mobile and key offerings like ATM cards, UPI, IMPS among others.
  3. Automated Accounting & bookkeeping: Automation removes manual inputs that leads to inefficiency, lack of transparency, errors, and possible frauds.

The KRED Platform for Cooperatives

coop by KRED is a cloud-based banking platform that enables all the cooperative institutions to become like a modern digital bank.

Top management can now get a bird's eye view on the performance of the cooperative in real-time.


The KRED account (mobile app + ATM Card) that their members now get is similar to a digital-only bank account like what popular Neobanks provide their users.

Features of KRED

  • For Cooperatives: They can now on-board, manage and serve their members through a simple but secure web browser.
  • For Members of Cooperatives: They will now for the very first time in their lives get a digital bank account linked to an ATM card thus enabling them to receive loans remotely / digitally. The same goes for repayment of small loan amounts monthly which has always been a hassle.

Benefits of KRED

  1. Reduce cost of operations by automating processes and operations.
  2. Improve customer retention by providing an experience that is localised, mobile and instant.
  3. Provide cooperatives with new revenue streams by providing access to a holistic financial services marketplace.

KRED is here to provide cooperatives with the right set of tools to help them function like a modern digital bank.

And by providing their members with their first financial digital footprint, we empower these under-banked individuals to also get access to other services for a better financial future.

Stay Tuned.

The Kred Team