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Tailoring Financial Services - Myanmar Banking & Finance Conference 2015

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Tailoring Financial Services - Myanmar Banking & Finance Conference 2015

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Myanmar is hot market that faces many challenges and opportunities. I take the conference through the key success stories and frameworks that could guide the development of the Myanmar financial ecosystem over the coming decade

Myanmar is hot market that faces many challenges and opportunities. I take the conference through the key success stories and frameworks that could guide the development of the Myanmar financial ecosystem over the coming decade

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Tailoring Financial Services - Myanmar Banking & Finance Conference 2015

  1. + TAILORING FINANCIAL 
 SERVICES Creating Successful Product & Service Offerings for varied Socioeconomic Backgrounds SCOTTEBALES.COM @SCOTTEBALES
  2. O B J E C T I V E S Why Financial Inclusion? basics of product development understanding ecosystems entering new markets leveraging segments & personas incentivizing adoption evolving products & service Common Goal
  3. scottebales.com @scottebales Why Financial Inclusion 2.5 Billion Poverty Premium Ripe with Corruption Security Risks Inclusive Markets
  4. scottebales.com @scottebales Goals of Financial Inclusions Access at reasonable cost for all households to a full range of financial services, including savings or deposit services, payment & transfer services, credit & insurance; Sound & safe institutions with by clear regulation & industry standards; Financial & institutional sustainability, to ensure continuity & certainty of investment; and Competition to ensure choice and affordability for clients.
  5. scottebales.com @scottebales Early Pioneers
  6. scottebales.com @scottebales Early Services
  7. scottebales.com @scottebales Grameen Bank Prof Mohammad Yunus Group lending Village inclusion funding village infrastructure Danone partnership
  8. scottebales.com @scottebales Portfolios of the Poor high velocity multiple instruments balancing cash flow resilience for fluctuation planning for life events frequent use of informal instruments
  9. scottebales.com @scottebales Non-Formal Players cash remittances & loan sharks
  10. scottebales.com @scottebales The Pain Point Funeral, Medical & Marriage
  11. scottebales.com @scottebales Industry friends
  12. scottebales.com @scottebales Mobile Money
  13. scottebales.com @scottebales Bank led vs Telco Led
  14. scottebales.com @scottebales Positive Case Studies
  15. scottebales.com @scottebales Lessons learned
  16. W H AT 
 D R I V E S 
 S U C C E S S ?
  17. Product Place People Price Promotion Position Marketing 6 P’s B A C K T O B A S I C S
  18. ** Maslow’s Hierarchy of Needs Common Price Sensitivity Loyalty Eco-Systems Trust &Tangibility** Poverty Premium Biological Safety Needs Single Use Purchasing Variable Disposable Income Belongingness** Language Skills Technology Skills Entrepreneurship Geographic Spread Source of funds Local Religious National Saving Method Family Model M A R K E T I D E N T I F I C AT I O N People
  19. Turning subscribers into banking clients People: Research & Identify Market Traits Identify the Community Unit Sample Test Penetration Activities Build a Sustainable mCommerce Community Unit Document & Refine Penetration Approach Follow Natural Cash Flows and re-apply Stakeholder Engagement Penetrate Accessability Control Sustain & Learn Re-Plan Execute Journey S U B S C R I B E R S T O B A N K E D
  20. M O N E Y I N A L I F E
  21. Which segment and type of client use P2P payments? Everyone has the potential to use p2p Identify community members that sent money, but either: Pay a premium for basic money transfers Find it inconvenient to send money Understand the movement of money within a community and it’s affiliated communities Migrant workers, both domestic & international provide the most obvious opportunity Use p2p as a customer acquisition opportunity, NOT revenue P 2 P PAY M E N T S
  22. Is it the way to get users to be continuous users? Adoption of electronic money in the community is key Place: The best entry points are the communities source of funds The largest source of funds is labor markets. Also, the employer of the largest p2p opportunity Positioning: Salary Payments ‘win-win’ for employer and employee But how do you get salary money to remain in the system? S A L A RY PAY M E N T S
  23. O P P O R T U N I T I E S
  24. 
 How to get the customer to use the mobile for bill payments, funds transfer, etc?
 Re-visit market identification data & community cash flows Look for pain-points in current cash services Appeal to the dreams and aspirations of the market Positioning: Perception of attainability Incentivise entire value chain & reward loyalty Promotion: Education, Trust & Awareness are key I N C E N T I V I S E A D O P T I O N
  25. Applying to people with different background Use the market identification & entry models Find engaged local partners & seek to understand: People Maintain the Product, tailor the Distribution & Positioning Ecosystem Collaboration (Product & Place (Distribution) Model) Visit & Listen to the communities Work with the community on pilots & proposition testing A foreigner learning local language builds a bridge of trust E V O L U T I O N
  26. TAKEAWAYS
  27. Stakeholder Engagement Penetrate Accessibility ControlSustain & Learn Re-Plan Execute Journey T H E L O N G G A M E Continuous building, measuring and learning
  28. scottebales.com @scottebales The Secret Recipe CAC Customer Acquisition Cost LCV Lifetime Customer Value
  29. scottebales.com @scottebales The Future ecosystem focus tiered closed & open loops more push to mobile basic services microtisation extend to microtrade, p2p
  30. scottebales.com @scottebales a shared agenda: cashless society
  31. y o u r g u i d e t o m o b i l e s u c c e s s T H E F U T U R E I S M O B I L E b i t . l y / m o b i l e re a d y b o o k
  32. TAILORING FINANCIAL SERVICES w w w. s c o t t e b a l e s . c o m / f e e d b a c k s c o t t @ s 3 b . c o

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