Olga Morawczysnki, project Manager of Grameen Foundation’s AppLab Money Incubator (a CGAP-sponsored new initiative that develops mobile financial products for the poor) and Jan Chipchase, executive creative director of global insights at frog, argue that large scale adoption of (mobile) financial services by the poor will only happen if providers in this sector approach the problem of financial inclusion like service designers, and look at the current experience of banking in poor communities.
“Imagine if a banker approached the problem of financial inclusion from the perspective of a service designer. For starters, the banker would leave his comfortable air-conditioned office and drop his assumptions about the poor. He would spend time in the villages, travelling by overcrowded shared taxis, to learn about the lives of this segment. He would look at the drivers of financial behaviors, and build a richer understanding of why particular financial habits exist. He would also quickly recognize that “the poor” are not a homogeneous group, and that ample opportunities exist for creating segments, such as traders, cash-crop farmers, mechanics and shopkeepers.”
A longer and more thorough reflection on the same matter can be found in the paper “Mobile Banking: Innovation for the Poor” by Tashmia Ismail and Khumbula Masinge of the University of Pretoria’s Gordon School of Business Science (GIBS).
Access to, and the cost of, mainstream financial services act as a barrier to financial inclusion for many in the developing world. The convergence of banking services with mobile technologies means however that users are able to conduct banking services at any place and at any time through mobile banking thus overcoming the challenges to the distribution and use of banking services (Gu, Lee & Suh, 2009). This research examines the factors influencing the adoption of mobile banking by the Base of the Pyramid (BOP) in South Africa, with a special focus on trust, cost and risk including the facets of risks: performance risk, security/privacy risk, time risk, social risk and financial risk. The research model includes the original variables of extended technology acceptance model (TAM2) (Venkatesh & Davis, 2000).
Data for this study was collected through paper questionnaires in townships around Gauteng. This research has found that customers in the BOP will consider adopting mobile banking as long as it is perceived to be useful and perceived to be easy to use. But the most critical factor for the customer is cost; the service should be affordable. Furthermore, the mobile banking service providers, both the banks and mobile network providers, should be trusted. Trust was found to be significantly negatively correlated to perceived risk. Trust therefore plays a role in risk mitigation and in enhancing customer loyalty.
We are an international experience design consultancy helping companies and organisations to innovate their products, services and processes by putting people and their experiences first.
Wide ranging partnership also covers collaboration with design schools and public events on service design “Finding the way forward for independent design means building new business models for service design consultancies in the age of the company buy-out.” Michele Visciola, President, Experientia PRESS RELEASE It seems the business world is finally realising that service and […]
Another EPIC conference come and gone, and no, we’re not using “epic” in the way under-10s use it about cool things on the internet. EPIC is the Ethnographic Praxis in Industry Conference, one of the most important annual events for practitioners of anthropology, ethnography and related disciplines. Ethnography is one of Experientia’s key methodologies, underpinning […]
Service Design Intern: Lausanne, Switzerland and Turin, Italy Experientia, an international experience design consultancy, is looking for service design interns for our Turin, Italy office, to support research, concept development and design. The ideal candidate will be a holistic thinker and designer, with a systems approach to enable complex service offerings, driven by an understanding […]
Senior Service Designer: Lausanne, Switzerland and Turin, Italy (*) We are looking for service designers with outstanding design skills, methodical thinking, and experience in designing complex service ecosystems using a human-centered design methodology. Required 2-5 years’ experience in service design and/or user experience design University and/or advanced degree(s) in Service Design, Interaction Design, User […]
Lead Service Designer: Lausanne, Switzerland and Turin, Italy (*) Experientia is seeking a Senior Service Designer to lead service design projects from the Turin, Italy office (*) or the Lausanne, Switzerland office. The Senior Service Designer will have experience leading a team of behavioral analysts and service modelers in research and service design projects lasting […]
by Erin O’Loughlin – Photos: Naz Kazazoglu In Turin, you only need to tell your taxi driver “Take me to the skyscraper” to end up at the impressive Innovation Center of the Intesa Sanpaolo bank, rising in the heart of Turin, with a fine view of the Turin hills and the Italian alps. Here on […]