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Preliminary Evaluation of Consumer Education Tools for Mobile Phone Banking: The Philippines
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Preliminary Evaluation of Consumer Education Tools for Mobile Phone Banking: The Philippines

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Microfinance Research Officer Craig Tower presents the preliminary results of the outcomes assessment of the Financial Education for Branchless Banking Project during the 2012 RBAP-MABS National …

Microfinance Research Officer Craig Tower presents the preliminary results of the outcomes assessment of the Financial Education for Branchless Banking Project during the 2012 RBAP-MABS National Roundtable Conference on June 8.

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  • 1. Session  8:   Consumer  Educa2on  Tools  for  Mobile   Banking:  The  Phillipines   Craig Tower Microfinance Opportunities   2012 RBAP-MABS National Roundtable Conference June 7-8, 2012 Hyatt Hotel & Manila  
  • 2. Preliminary Evaluation of ConsumerEducation Tools for Mobile PhoneBanking: The Philippines  Craig Tower, Ph.D.Presented to the MABS NRTJune 8, 2012
  • 3. Contents•  Project background•  The consumer education campaign•  Research, results and potential future uses3 © Microfinance Opportunities 2011
  • 4. Project background4 © Microfinance Opportunities 2011
  • 5. Consumer Education for Branchless Banking (CEBB)5 © Microfinance Opportunities 2011
  • 6. What is Consumer Education (CE)?Teaches the Knowledge, Skills and Attitudes (KSAs) required to:•  Adopt good money management practices•  Address challenges with the use of BB services6 © Microfinance Opportunities 2011
  • 7. Program Objectives•  Determine how Consumer Education: • Can increase uptake and use of Branchless Banking services (BB). •  Combined with BB help low income people improve their financial well being.7 © Microfinance Opportunities 2011
  • 8. Why Consumer Education Matters Increase     Product  use   Increase  in   Money   uptake  and   KSAs   financial   management   usage  of   (leverage   well-­‐being   KSAs   branchless   technology)   banking   MoneyManagement KSAs 8 © Microfinance Opportunities 2011
  • 9. Global Project Locations•  Philippines, India, Zambia, Malawi•  Mobile phone banking•  Smart cards9 © Microfinance Opportunities 2011
  • 10. In the PhilippinesWorking with:Microenterprise Access toBanking Services (MABS)Rural Bankers Association ofthe Philippines (RBAP)GM Bank, LuzonCantilan Bank, Mindanao1st Valley Bank, MindanaoObjective:Increase uptake and use of amobile wallet for bankingtransactions10 © Microfinance Opportunities 2011
  • 11. The consumer education campaign11 © Microfinance Opportunities 2011
  • 12. Consumer Education Campaign Knowledge,   Skills, and Awareness     Attitudes Raising   Direct  Training   Prac2ce  by   Reinforcement   customer   Customer Use12 © Microfinance Opportunities 2011
  • 13. From Learning Objectives to CE tools 1.  Awareness 2.  Knowledge 3.  Attitudes 4.  Skills - money management - product use13 © Microfinance Opportunities 2011
  • 14. Awareness:   Exposure  to  a  new  technology  and  basic   understanding  of  its  purpose  Poster for branchstaff andmerchants   14 © Microfinance Opportunities 2011
  • 15. Poster and table tent15 © Microfinance Opportunities 2011
  • 16. Understanding  that  enables  customers  to    Knowledge: decide  about  use  of  the  technology   Flip book for bank staff16 © Microfinance Opportunities 2011
  • 17. Starter Kit for clients17 © Microfinance Opportunities 2011
  • 18. Attitudes: Thoughts,  fmobile  phone  banking  hat  mupport   the  use  of   eelings  and  opinions  t s to   anage   money  effec=vely    Starter Kit – How to get help 18 © Microfinance Opportunities 2011
  • 19. Skills: Money What  consumers  must  be   able  to  do  to  try  out  mobile  Management and phone  banking  and  use  it   Product Use effec=vely    Starter Kit - Find the money to save19 © Microfinance Opportunities 2011
  • 20. Skills: Money What  consumers  must  be   able  to  do  to  try  out  mobile  Management and phone  banking  and  use  it   Product Use effec=vely    Starter Kit – How to use Text-A- Deposit20 © Microfinance Opportunities 2011
  • 21. Starter Kit: How to read your SMS21 © Microfinance Opportunities 2011
  • 22. Starter Kit: Tracking your transactions22 © Microfinance Opportunities 2011
  • 23. Research, results, and potential uses23 © Microfinance Opportunities 2011
  • 24. Research methodology•  Conducted with 1st Valley Bank•  Sample: •  1 pilot branch with CE tools; •  1 comparison branch without tools•  Qualitative in-depth interviews •  Useful for assessing pilot program Segment   Pilot  (Zamboanga)   Comparison  (Ipil)   Clients   12   14*   Merchants   4   4   Branch  staff   6   3   *  3  merchants  interviewed  as  clients.  24 © Microfinance Opportunities 2011
  • 25. Preliminary Results •  Branch staff •  Merchants •  Clients25 © Microfinance Opportunities 2011
  • 26. Branch staff•  Facilitates marketing•  Focuses messaging and knowledge transfer•  Builds partnerships and leverages trust in rural bank26 © Microfinance Opportunities 2011
  • 27. Merchants•  Engages merchants in marketing•  Provides reference tool•  Provides visual evidence of bank partnership27 © Microfinance Opportunities 2011
  • 28. Clients•  Facilitates understanding of service•  Provides reference tool28 © Microfinance Opportunities 2011
  • 29. Challenges•  Interest triggered by CE tools must be nurtured by bank•  Client age, disability, or lack of access•  Client inability or lack of interest in saving29 © Microfinance Opportunities 2011
  • 30. The Limits of Consumer Education Increase    Product  use   Increase  in   Money   uptake  and   KSAs   financial   management   usage  of   (leverage   well-­‐being   KSAs   branchless  technology)   banking   Opera=onal   issues   30 © Microfinance Opportunities 2011
  • 31. Operational issues •  Limited number of cash conversion outlets •  Limited operating hours •  Lack of liquidity of agents •  Network outages31 © Microfinance Opportunities 2011
  • 32. Potential for future uses•  Targeted marketing: •  To entrepreneurs •  To students and parents •  To salaried employees•  Promoting related innovations •  ATM debit cards32 © Microfinance Opportunities 2011
  • 33. Thank you Craig  Tower,  Ph.D.   craigt@mfopps.org     Special thanks to: John Owens (MABS); Cheryl Balingit (MABS); Jing Gusto (Consultant); Elda Montero and ARMDEV; And the staff, merchants and clients of 1st Valley Bank branches in Zamboanga City and Ipil33 © Microfinance Opportunities 2011