Applied Product Innovation in Branchless Banking
This series looks into the efforts of various providers to launch product labs that demonstrate new ways of understanding clients, testing ideas and designing breakthrough products.
This is the second of a two-part blog series presenting some of the key findings from CGAP’s Applied Product Innovation program with the Indonesian Bank BTPN.
CGAP recently completed an Applied Product Innovation (API) project with Bank BTPN in Indonesia. The goal of such API projects is to develop new financial service offerings that are relevant to customers’ lives.
The design firm Continuum Innovation found that simplified ATM receipts and photographic instructions helped poor women in Pakistan access their money with more confidence.
Literacy is often a hidden hurdle to bringing financial inclusion to the unbanked. This means that the onus is on the designer of financial systems to make sure clients can use them confidently.
In our work through applied product innovation, we are learning that being open about the products that didn’t work can be an important mandate for all providers—as what is discarded by some can be a treasure for others.