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> Posted by Alissa Fishbane and Allison Daminger, Ideas42
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What does it take to successfully design, pilot, and scale an effective new financial product or service? Much more than most would realize! That’s why CFI’s recent behavioral insights workshop in Bogota, Colombia, had a clear focus: understanding the challenges of applying behavioral science to the operations of Latin American financial institutions. CFI asked ideas42 to kick off the day with an overview of behavioral science and its implications for the design and scale-up of financial products.

At ideas42, we use insights from behavioral science to diagnose behavioral bottlenecks preventing people from taking their desired actions, and design remedies that help organizations overcome them. We then measure the impact of these remedies through a randomized evaluation before they are fully scaled. Any successful program that hinges on people’s decisions and actions, as nearly all consumer finance initiatives do, requires a behavioral approach. Read the rest of this entry »

> Posted by Susy Cheston, Senior Advisor, CFI

The Credit Reporting section of the FI2020 e-zine (click to read)

The Financial Inclusion 2020 Round-Up 2014 e-zine, found on the CFI website, takes a look at progress toward financial inclusion in the year following the FI2020 Global Forum. It was at the Global Forum that five Roadmaps to Financial Inclusion were presented after two years of being developed and debated by dozens of financial inclusion experts. Now, imagine the editorial challenge of collapsing a year’s worth of activity around each Roadmap into just two pages each.

While it’s a fun read, I admit to a little cognitive dissonance as I page through the Round-Up. The brief analyses of where we stand around each of the Roadmaps to Financial Inclusion can be summed up in the quote “we’re not as far along as we think we are.” While that quote was about the Technology Roadmap, it could just as easily be said of the other Roadmaps: Financial Capability, Addressing Customer Needs, Client Protection, and Credit Reporting.

Yet despite the clear-eyed look at the ongoing challenges, the e-zine also tells a story of intense and productive activity by a wide range of actors. Legacy financial service providers—the heavy hitters with big resources and even greater reach—are investing heavily in financial inclusion. It’s not just for corporate social responsibility any more; it’s part of a new business strategy inspired by the discovery of an untapped and (they hope) profitable new market. Sprinkled in and around those vignettes are stories of scrappy start-ups doing the social entrepreneurship thing. Some of those services may not make it past 2015, but some of them have a “why didn’t I think of that” inevitability about them. The diversity of actors and the energy are impressive.

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> Posted by Bhuvana Ramakrishnan, Daniella Llanos Flores, and Singyew Foo, Credit Suisse

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The Financial Inclusion 2020 project has been talking to the experts lately to get their views on the main recommendations that came out of the 2013 Roadmap to Inclusion process. A group of Credit Suisse Virtual Volunteers conducted interviews with various experts within Credit Suisse. Insights from those conversations helped shape this post.

What can a new shampoo formula teach us about financial services? Quite a bit, as it turns out.

Procter and Gamble (P&G), one of the world’s largest fast-moving consumer goods companies (FMCGs), has an annual research and development budget of $2 billion – with nearly a half a billion going towards consumer research. In emerging markets, this money funds field research that aims to identify how existing products are used and how a new product could become a part of someone’s daily routine. In China, P&G has a simulated Hutong (a typical Chinese home) where researchers can observe consumer behavior and make on-the-spot modifications to product prototypes. They have sent teams around the country to observe how women wash their hair. Such research yielded a shampoo that suds and washes out with little water – a response to the shortage of water and privacy in the villages visited.

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> Posted by Danielle Piskadlo, Manager, Investing in Inclusive Finance, CFI

Fifteen years ago in the microfinance space you may have been able to get away with understanding very little about your clients. Without much competition, MFIs could probably still make a decent profit by offering one product to all their clients using only one delivery channel. Thankfully, those days are gone.

The base of the pyramid is no longer a hidden or forgotten market segment. In fact, according to the recently-released 2014 Microfinance Banana Skins report, the pendulum is swinging in the opposite direction. Overindebtedness once again tops the charts as the biggest perceived risk, perhaps indicating that many clients are now able to gain access to multiple services providers. In some areas, an excess of providers may now be crowding the market.

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> Posted by Amanda Lotz, Financial Inclusion 2020 Consultant, CFI

The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. This blog series spotlights financial inclusion efforts around the globe, shares insights from the FI2020 consultative process and highlights findings from “Mapping the Invisible Market.”

If you are new to the financial inclusion industry, or just looking to uncover more about some of its key action areas, there’s a new online portal sharing resources that we at the Financial Inclusion 2020 project believe are essential: the FI2020 Resource Library.

The FI2020 team compiled some of its favorite resources on financial inclusion, including publications, blog posts, white papers, websites, data, and policy sources. The resources are organized around FI2020’s five focus areas – Financial Capability, Technology-Enabled Business Models, Client Protection, Credit Reporting, and Addressing Customer Needs – as well as the areas of policy, data, and general financial inclusion discussion.

We invite you to explore our suggestions, each featuring its own annotation, and contribute your own. In line with the consultative approach of the FI2020 movement, we are eager to hear what your recommended resources are and continue to build the library. You can submit them to us at the library webpage.

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> Posted by Elizabeth Davidson, Financial Inclusion 2020 Consultant

What’s Financial Inclusion 2020 going to do next? Since the conclusion of the FI2020 Global Forum just a few weeks ago, we’ve gotten this question a lot. For me, the more interesting question is, “What are you going to do?”

Over 140 Global Forum participants answered this question by filling out a postcard with their personal commitment to advancing financial inclusion.

Here’s a sampling of what financial inclusion leaders plan to do to advance to full financial inclusion by the year 2020.

Work together.

“Partner with government and the development community to not only launch scalable and relevant products but also build usage to ensure true financial inclusion.”

“Foster stronger collaboration through best practices between developed and developing countries.”

Increasing collaboration emerged as a huge theme, with over one-third of respondents referencing their commitment to increase work with other financial inclusion stakeholders and more than 20 participants identifying collaboration as the key component of their commitment. For us, this is exciting: collaboration is a key tenet of FI2020. We believe collaboration among different kinds of actors will be a big part of the solution to reaching full financial inclusion.

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Credit Suisse is a founding sponsor of the Center for Financial Inclusion. The Credit Suisse Group Foundation looks to its philanthropic partners to foster research, innovation and constructive dialogue in order to spread best practices and develop new solutions for financial inclusion.

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The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.