Financial Inclusion in Action

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The Ebb and Flow of Customer-Centricity in Financial Inclusion Part 3 – What Happened and Where Are We Today?

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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

The Ebb and Flow of Customer-Centricity in Financial Inclusion Part 2 – Beyond the Basics

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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

Embracing A Market-led Approach To Developing Product Concepts

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According to the World Bank’s Global Financial Inclusion Database, more than 2.5 billion adults do not have an account at a financial institution. Among the many factors that are responsible for this high level of financial exclusion, poor design of financial products is key. Why, then, is it so difficult to design financial services for… Continue reading

Making Digital Financial Services Relevant – Part 3

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Some Design Ideas and Principles to Make Digital Financial Services Relevant Across the globe, there is an exponential growth in the adoption of technology and digital tools. Technology enabled advancements including smartphones, social media adoption and data usage are increasingly penetrating the mass market, in India as elsewhere. This is further accentuated by the ever-declining… Continue reading

Making Digital Financial Services Relevant – Part 2

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How do People Manage their Money? In part 1 of this blog series we looked at the customer profile for digital financial services. In this blog, we explore the mechanisms used by customers for managing money and the key drivers for adoption of these mechanisms. This blog post borrows quite heavily from Money Resolutions, A Sketch… Continue reading

Making Digital Money More Relevant, More Often – Part 1

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Who are the Customers? Adoption of digital financial services are growing year on year, across most developing country markets. GSMA, in its 2014 State of the Industry Report, states that mobile money is now present in 89 out of 135 markets, and in 16 countries the number of mobile money accounts exceeds the number of… Continue reading

Solving Customer Service Issues in Digital Finance – Can Do, Must Do

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There is a growing interest in, and appreciation of the importance of, customer service in digital financial services (DFS), for reasons explained highlighted in the previous blog in this series  (See “In Our Digital Financial Service We Trust?”). GSMA recently released a code of conduct for mobile money service providers. CGAP is also playing a… Continue reading

Bending the Rules for Better Customer Service is probably a Good Thing

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Recently, a team of qualitative researchers interviewed sixty mobile money agents and users in Kenya and Uganda to understand the drivers of important behaviours like non-compliance.  The findings were intriguing since it was clear that the driver of agents breaking some rules and regulations was their ambition to provide excellent customer service and thus increase… Continue reading

“Clients Should Be At The Centre Of Your Business” – So What’s New?

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“This may seem simple, but you need to give customers what they want, not what you think they want. And, if you do this, people will keep coming back.” – John llhan, Crazy John’s mobile phone retail chain. "Investing in quality talent, and ensuring they have the skills, training and tools that enable them to… Continue reading

How to Make Financial Education Better…Maybe

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It may just be a branding problem. "Financial Education (FE)" and "Financial Literacy" really do sound both condescending AND boring.  Its new and improved name, "Financial Capability (FC)" is slightly less insulting (perhaps), but still fails to clarify what's on offer to very poor people whose only real incapability is very limited financial resources and no prospect of… Continue reading