CGAP (a World Bank affiliated but independent policy and research center dedicated to advancing financial access for the world’s poor) has partnered with Janalakshmi Financial Services, one of Indiaâ€™s largest urban microfinance institutions to implement customer centricity in providing financial services to the urban poor. As a first step, the team commissioned Innovation Labs (consulting division of IMRB International, India) to build innovation capability within Janalakshmi and use new approaches to understand customers.
A Facebook journal follows the project over the next several months as it goes through the different phases of understanding customers, designing effective delivery and making the economics work. Here are the three initial posts:
Entry 1 – Creating a Customer-Centric Culture
The project with Janalakshmi Financial Services kicked off in Bangalore on July 1, 2013 with a workshop â€˜Customer Centric Innovationâ€™ conducted by Innovation Labs team for over 20 stakeholders at Janalakshmi from various functions including product marketing, strategy, IT and service centers.
Entry 2 – The Inside-Out View: How does a provider think about its clients?
A deep dive into Janalakshmiâ€™s perspective on the customer and how this understanding affects their financial services offering.
Entry 3 – Ground Reality: Finance Management Skills of the Financially Underserved
The project team visited six households in Bangalore to gain a nuanced understanding of the lives of current and prospective customers. The purpose was to see how the customer-view of financial services matches up with that of Janalakshmiâ€™s.