1) SMS reminders were effective at encouraging savings deposits and loan repayments among microfinance clients.
2) Negatively framed messages performed better for regular savings reminders, while positively framed messages were more effective for dormant account reminders.
3) The impact was greater for female clients, wealthier clients, and those with past experience saving at formal institutions.
Created by Loren Sklar for Chatsby Films, this document is an overview of the current climate for media investment and the opportunities that exist. Qualified sophisticated investors may contact Chatsby Films for more information.
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- Cloud-based mobile payments (Please elaborate applepay, google, paypal and others)
- Audio signal-based payments
- Direct carrier/bank co-operation
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For more information, contact Pinch Media at www.pinchmedia.com or e-mail support@pinchmedia.com.
Created by Loren Sklar for Chatsby Films, this document is an overview of the current climate for media investment and the opportunities that exist. Qualified sophisticated investors may contact Chatsby Films for more information.
USING NEW CHANNELS TO EXPAND MICROFINANCE SEVICESMABSIV
Mr. Melvin Yu of Cantilan Bank shares their technological development to illustrate how far banking technology has come – and what its implications have been during the 2012 RBAP-MABS National Roundtable Conference on June 8.
Different Types of Mobile payments
Payment Models
- SMS/USSD-based transactional payments
- Direct mobile billing
- Mobile web payments (WAP)
- QR Code Payments
- Contactless Near Field Communication
- Cloud-based mobile payments (Please elaborate applepay, google, paypal and others)
- Audio signal-based payments
- Direct carrier/bank co-operation
An evolving historic technological revolution is under way, which is creating new industries, new products, new services and, unmercifully redefining or even destroying others. It is more powerful, with greater reach and is growing faster than any other media-ecology. Let´s try to understand the Giant!!
What we've learned from 30,000,000+ downloads - AppStore structure, average active user base, suitability of advertising vs. paid application sales, average session time, and more.
For more information, contact Pinch Media at www.pinchmedia.com or e-mail support@pinchmedia.com.
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I'm looking for a cofounder for YCombinator Winter 2010. If you are interested email: yc.w10.founder@gmail.com or follow me on Twitter: @YCW10
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2. SMS reminders to save
Mo#va#on
• Small, frequent deposits make it easy for low‐income
households to accumulate savings;
• But they oOen don’t have a habit of saving;
• In a previous study, we found that a large number of
clients in a savings program forgot that they had
savings accounts
Reminders may help them to make more
frequent deposits
4. SMS reminders to save
Timing of messages
• Regular (monthly) reminders
• Late reminders: sent to clients who made no deposit
for more than 30 days
Framing of messages
• Posi>vely framed: highligh>ng the benefits of saving
“Frequent deposit into the Gihandom Savings account will
make your dream come true. A reminder from 1st Valley
Bank”
• Nega>vely framed: highligh>ng the downsides of
failing to save. “If you don't frequently deposit into the
Gihandom Savings account, your dream will not come true. A
reminder from 1st Valley Bank ”
5. SMS reminders to save:
Summary sta>s>cs
Opened an Did not open an
All account account
Female 67.3% 80.5% 63.3%
Age 34.079 34.170 34.052
Married 64.1% 67.5% 63.1%
Saved at formal ins#tu#ons 30.2% 40.8% 27.1%
A;ended some college 44.4% 55.7% 41.1%
Has piped water in household 57.8% 73.3% 53.2%
Income for the past 7 days 1093.30 1508.08 969.36
Does not have a cellphone 55.8% 33.1% 62.5%
Number of observa#ons 10058 2314 7744
6. SMS reminders to save: Results
# Clients
Total savings Number of 450
deposit clients 400
350
300
No SMS P 1721.38 268
250 Regular
200
Late
reminder
150
100
50
Regular text reminders 0
No SMS Posi>ve Nega>ve
PosiGve +2.9% 344 Savings Deposit
1950
NegaGve +12.1%** 382 1900
1850
Late text reminders 1800
Regular
PosiGve +9.2%* 421
1750
1700
Late
1650
NegaGve +3.1% 433 1600
No SMS Posi>ve Nega>ve
7. SMS reminders to save: Results
# Clients
Propor#on Numb 450
er of
400
350
clients
300
250 Regular
200
No SMS 19.7% 268
Late
150
100
reminder 50
0
Regular text reminders No SMS Posi>ve Nega>ve
Propor>on
Posi>ve +1.2% 344
22.50%
Nega>ve +7.6%** 382 22.00%
21.50%
21.00%
Late text reminders 20.50% Regular
20.00% Late
Posi>ve +7.6%* 421 19.50%
19.00%
Nega>ve +2.1% 433 18.50%
No SMS Posi>ve Nega>ve
12. SMS Reminders for loan payments
Results on framing
Timing
Day of 1 day 2 days
payment before before Number Percent
No SMS reminder 109 31.3%
Posi>ve, client name 15 16 19 50 14.4%
Nega>ve, client name 24 17 25 66 19.0%
Posi>ve, AO name 18 20 21 59 17.0%
Nega>ve, AO name 24 19 21 64 18.4%
Note: This analysis excludes 1) data from holy week, and 2) clients who
have 100% late payments (i.e., never repaid on >me)
13. SMS Reminders for loan payments
Results on framing
Propor#on of late weekly Number of
payments clients
No SMS reminder 17.7% 102
Posi>vely frame 13.2% 93
Nega>vely frame 17.6% 118
Summary
• Clients who receive posi>vely framed messages have lower
propor>on of late weekly payments
• The effect is not sta>s>cally significant (i.e., non‐conclusive),
and a longer observa>on may provide us more concrete
results
14. SMS Reminders for loan payments
Results on personaliza>on
Propor#on of late Number of
weekly payments clients
No SMS reminder 17.7% 102
Account Officer’s name 12.9%* 111
Client’s name 18.8% 100
Summary
• Clients who receive messages with AO’s name have a
lower propor>on of late weekly payments by 4.8
percentage points;
• The Effect is sta>s>cally significant;
15. SMS Reminders for loan payments
Results on Timing
Propor#on of late Number of
weekly payments clients
No SMS reminder 17.7% 102
2 days before 17.9% 76
1 day before 14.1% 64
Day of the payment 14.8% 71
Summary
• No effect found on messages sent 2 days before payment due;
• Clients who receive reminders 1 day before, or the day of the
payment have lower rate of late payments
• The effect is not sta>s>cally significant (a longer observa>on is
needed)
16. Summary
• Sending text messages is an easy way to
– remind clients to save/make loan payments
– help clients form a habit of saving/making loan payments
• But need to put some thoughts into what messages
to send
– Nega>vely framed regular messages are more effec>ve in
encouraging clients to save;
– Posi>vely framed messages seem to reduce late payments
– Personalizing the messages with AO’s name reduces late
payments
– Reminding clients about the payment too far in advance (2
days before) doesn’t seem to reduce the late payments