Understanding people core strategic goal of World Bank financial inclusion group
The Consultative Group to Assist the Poor (CGAP) is an independent policy and research center, affiliated with the World Bank, dedicated to advancing financial access for the world’s poor.
Their next five-year strategic direction lays out five priority themes, desired outcomes, and activities against each priority. The first one is “Understanding demand to effectively deliver for the poor”.
“To ensure that access to financial services improves the lives of poor, low-income and underserved people, financial inclusion must be client-centric. Client-centricity is about providing financial solutions based on a deep understanding of poor people’s needs, preferences, and behaviors. This will require a shift from a transactional approach (i.e., narrow focus on selling a product to a customer) to a relationship approach (i.e., broad focus on understanding the dynamic needs and behaviors of customers over their lifecycle).”
The strategic direction document provides quite some detail on how they intend to implement this user-centered approach.
CGAP is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty. The Group provides market intelligence, promotes standards, develops innovative solutions and offers advisory services to governments, microfinance providers, donors, and investors.
