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The role of customer centric
products in changing business
models
African Microfinance Conference
August 2013
How was instant coffee perceived by housewives in the 1950s?
2
Consumer insights lead to new ideas
Ingoing
perception:
Housewives
would appreciate
the efficiency
Consumer
insight:
Thought it made
them ‘lazy
housewives’
New
Marketing:
Liberates time
for more
important duties
3
Needs, not products
CORE
ACTUAL
AUGMENTED
Developed by Monica Brand, Accion
4
Hear from a provider in India: Janalakshmi Financial Services
5 5
Strategies for client centric financial inclusion
6
Understand Current/Potential
Customers
Make the Economics/
Business Case Work
Design Effective Organizational
Delivery
6
Benefits of client-centricity
7
CUSTOMERS
• Diverse needs met with better financial solutions
• Greater social welfare benefits from access to finance (resilience, economic opportunities)
PROVIDERS
• Gaining greater share of wallet now and over time
• Reaching new markets and client segments
ECOSYSTEM
• More robust and responsible system
• Better leverage existing infrastructure
7
An integrated approach: KGFS example
KGFS – Wealth Management for the Poor
8
Understanding customers – KGFS approach
http://115.113.193.38/fwr/fwr_input.php?customer_id=22679 Wealth Management at the
core
Community-focused financial
intermediation
9
Effective delivery and making the business case work
Economies of
scope through
multiple
product front-
end
High reliance
on
technology
for process
efficiencies
Locally
hired and
highly
trained
staff
Strong risk
management
and internal
control
* Source: IFMR presentation December 2011
10
Resources
• Lessons from Applied Product Innovation in Three Countries: http://www.slideshare.net/CGAP/api-better-insights-for-better-products
• How Can Institutions Listen and Learn from their Clients: http://www.slideshare.net/CGAP/listening-to-clients
• IDEO Human Centered Design Toolkit: http://www.hcdconnect.org/toolkit/en
• Follow a CGAP demonstration project with a provider in India: http://cgap.org/news/client-centric-financial-inclusion-cgap-and-janalakshmi
11
Advancing financial access for the world’s poor
www.cgap.org 12