Anita’s interview with Professor Aparajita Agarwal (INSEAD) covered Aparajita’s career path, research motivations, and scholarly work on mobile money, financial inclusion, and technology in emerging markets.

Summary of the Conversation

1. Introduction and Background

Aparajita studies firm and entrepreneurial strategy in emerging markets, focusing on how firms use technology and data to drive growth and inclusion, with particular interest in financial markets. Her background includes over a decade in industry at BCG, Godrej, and Amazon across India, Africa, and the UK.  She holds a PhD from Wharton and an MBA from IIM Bangalore.

2. Transition from Industry to Academia

The idea of becoming a researcher began during her MBA exchange at UNC Chapel Hill, where she was inspired by exposure to social science research.  A professor advised her to first gain industry experience to confirm her interest.  Over time in consulting and corporate roles, Aparajita realized she missed the intellectual freedom and depth of research.  After much introspection, she decided to pursue a PhD at Wharton.

3. Links Between Industry Experience and Research

              Her consulting experience at BCG on financial inclusion projects and later work at Amazon on digital adoption among small businesses shaped her research questions.  She observed how technology is not a frictionless solution—businesses faced adoption barriers despite potential benefits. These experiences influenced her focus on how technology shapes inclusion and institutional development.

4. Mobile Money and Financial Inclusion

Aparajita’s 2023 Organization Science paper analyzes how mobile money affects financial inclusion in low-income settings.  Initially, mobile money solved basic problems—safe storage and transfer of funds where traditional banking was inaccessible. Over time it enabled additional services (loans, deposits, insurance), but also introduced new challenges like privacy risks, predatory fees, and over-reliance on digital intermediaries.  Despite limitations, its absence would leave millions unserved.

5. The “Last Mile” and Agent Relationships

In new research coauthored with Valentina Asanova (from Wharton), Aparajita studies the last-mile distribution of financial products through local agents.  When firms shift their focus from growth to profit, local agents often resist passing costs to customers despite pressure.  Agents embedded in tight-knit communities (e.g., same caste or social group) prioritize community reputation over profit, reducing transaction volume after profit-oriented policy shifts.  This reveals a mismatch between firm expectations and local social norms.  Firms often underestimate these social dynamics, assuming agents act purely as rational, income-maximizing actors.

6. Lessons and Advice

Reflecting on her consulting past, Aparajita says she would now advise firms to engage more deeply with stakeholders—especially local intermediaries—when implementing policy changes.  Open dialogue, co-created expectations, and transparency on value distribution are key to sustainable, profitable operations in such markets.  Pushing top-down policies without social sensitivity jeopardizes both community trust and firm success.

7. Optimism and Motivation

• Aparajita remains inspired by:
1. The evolving role of technology in shaping both business and societal outcomes.
2. Engaging with practitioners and policymakers, bridging theory and real-world impact.
3. Her personal journey—having found her true professional fit in academia after varied experiences.
• She sees endless research opportunities as technology transforms emerging economies and inclusion pathways.

The conversation deals with how Aparajita connects practical experience with theoretical research, exploring the intersection of technology, markets, and social structures in resource-constrained settings. Her work deepens understanding of how digital innovation can promote inclusion—if firms respect the relational and community dynamics that underpin trust in the “last mile.”