Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Tailoring Mobile Financial Services Products


Published on

Tailoring mobile based financial products to any market can be achieved through a simple planned approach.

Published in: Business, Economy & Finance

Tailoring Mobile Financial Services Products

 SERVICES Creating Successful Product & Service Offerings for varied Socioeconomic Backgrounds SCOTTEBALES.COM
  2. O B J E C T I V E S basics of product development understanding ecosystems entering new markets leveraging segments & personas incentivizing adoption evolving products & service
  3. + Product Place People Price Promotion Position Marketing 6 P’s B A C K T O B A S I C S
  4. + ** 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
  5. + 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 E N T E R I N G N E W M A R K E T S
  6. + 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 and international provide the most obvious p2p opportunity Use p2p as a customer acquisition opportunity P 2 P PAY M E N T S
  7. +M O N E Y I N A L I F E
  8. + Is it the way to get users to be continuous subscribers? 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
  9. +O P P O R T U N I T I E S
  10. +
 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 Z E A D O P T I O N
  11. + Applying to people with different background Use the market identification & entry models Find engaged local partners and seek to understand: People Maintain the Product, tailor the Distribution & Positioning Collaboration between Banks & Operators (Product & Place (Distribution) Model) Visit & Listen to the communities Work with the community on pilots and proposition testing A foreigner learning local language builds a bridge of trust E V O L U T I O N
  12. + 12 Stakeholder Engagement Penetrate Accessibility Control Sustain & Learn Re-Plan Execute JourneyT H E L O N G G A M E Continuous building, measuring and learning
  13. 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
  14. TAILORING FINANCIAL SERVICES s c o t t e b a l e s . c o m / f e e d b a c k