The Kenyan Financial Diaries project found that many poor households prioritized savings over liquidity when it came to their household budgets. Many viewed this as the way to get out of poverty and secure a longer term future.
More financial service providers are changing the way they do business and adopting a customer-centric model. What does that take? Hear from heads of companies who know - who took part in the CGAP Leadership Series on Customer Centricity.
For governments, the collection of sex-disaggregated data begins a virtuous cycle, where its availability informs stronger, evidence-based policymaking and helps regulators evaluate the effectiveness of policies intended to promote financial inclusion.
In our last post, we shared findings from the South African, Bangladeshi and Indian Financial Diaries that built the case for formal and informal financial services serving different purposes in the portfolios of the poor. We found that the two should be viewed as complements rather than alternatives to each other.
“If you start early, it gets into the DNA of the institution," says Radhakrishnan, the CEO of Janalakshmi, on an organization's journey to customer centricity. Watch the video interview for insights on how financial service providers can become more customer-centric.