The risks associated with digital financial services (DFS) are varied and a growing area of attention and assessment. At the same time, digital payments and broader digital financial services introduce added complexity, with new participants constantly entering the market, new products regularly introduced, and value-chain dynamics in constant flux. In MicroSave’s recent research for the… Continue reading
In our previous blog, OTC Money Transfer in India: The Remittance Silver Bullet for Migrants, we explained how OTC remittances work in India, and described the typical transactional processes. In this blog, we map the customer’s experience (CX) while conducting OTC transactions. To understand the real experience of customers, MicroSave staff posed as customers, visited… Continue reading
“Ready money is Aladdin’s lamp”― Lord Byron Globally, mobile money services are being offered primarily over the counter (OTC). This underlines the demand for readily available, quick and convenient fund transfer services. For instance, 90% of WING’s transactions in Cambodia, 70% of EasyPaisa’s transactions in Pakistan, and 50% of bKash’s transactions in Bangladesh are OTC based. Due to… Continue reading
Gayatri Devi lives in Ghumka village in Chhattisgarh. She takes care of an extended family of eight. Her husband works in a cloth mill in Gujarat, and comes home once in 6 months. He sends money every month for household expenditures, some of which Gayatri deposits at the agent point in her village. Women are… Continue reading
The Ebb and Flow of Customer-Centricity in Financial Inclusion Part 3 – What Happened and Where Are We Today?
In the previous blog “The Ebb and Flow of Customer-Centricity in Financial Inclusion Part 2 – Beyond the Basics” we discussed the details of building a customer-centric, or market-led financial service provider – and the intricate jigsaw puzzle of skills, processes, incentives, planning and execution required to pull it off. Results So, did all of… Continue reading
In the first part of this blog, we saw how just understanding customer demand is not enough to deliver mass financial inclusion … or even a successful product. Supply-side factors are key…if rather more difficult that a quick market research exercise. Even after careful pilot-testing and a structure roll-out, it turned out that all that… Continue reading
The Ebb and Flow of Customer-Centricity in Financial Inclusion Part 1 – Why Being Customer-Centric is a Supply Side Strategy
In recent years Human Centred Design became a new focus area in the financial inclusion world. It focused financial service providers on the design of products and services based on customer insights. Design firms became part of the technical provider fraternity, servicing financial service providers in the quest to improved inclusion. At the same time, the… Continue reading
Disseminating knowledge to aid sectoral growth has always been a critical aspect of our work. In the year 2015, we continued to accentuate our efforts to reach out to the readers with best of our research work; evaluation of industry developments and challenges ahead. In this blog we present a collection our top viewed publications:… Continue reading
Disseminating knowledge to aid sectoral growth has always been a critical aspect of our work. In the year 2015, we continued to accentuate our efforts to reach out to the readers with best of our research work, our evaluation of industry developments and published over 31 blogs. Here are our top viewed blogs: Over the… Continue reading
Role of Bank Mitrs in Direct Benefit Transfer Ecosystem: Are Banks and Government Ignoring Their Brand Ambassadors?
The direct benefit transfer (DBT) programme is an important and far-reaching initiative of the Government of India. The successful rollout of DBTL (DBT for subsidy transfer of domestic LPG) could save Rs. 7,700 crore (USD 1.167 billion) for the government. This is about 38% of subsidy budget of Rs. 20,000 crore (USD 3.01 billion) for… Continue reading