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Tailoring Mobile Financial Services Products

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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

  1. + TAILORING FINANCIAL 
 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

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