Some 20 WSBI member banks from different regions were introduced to a sample set of case studies, tools, experiments, and references from the new CGAP Customer-Centric Guide during a November 24 workshop on customer centricity.
Held after the Cape Town WSBI General Assembly and run by CGAP, in partnership with WSBI‘s Making Small Scale Savings Work (MTripleSW) programme, the workshop equipped participants with ideas and tools to create empowering customer experiences. Based on concrete case studies, participants discussed their business challenges, looked at what they are learning from customers and how solutions can be designed. The workshop provided further insights on how executives can lead their organizations in becoming more customer centric.
Workshop organiser Weselina Angelow from WSBI Advisory Services said: “The workshop and guide demonstrated that good customer experience is comprised of touch points that add value to the customer, and pave the way for business value. Being a customer-centric organization begins by understanding your customer and designing and delivering solutions according to their needs, wants and behaviours.”
According to the World Bank’s Global Findex report, about 20 percent of adults leave their accounts unused for at least a year.If we look at activity rates – one transaction every six months – rates are even higher. For savings and retail banks and the overall industry, both high dormancy and low activity rates represent a lost business opportunity after spending, in aggregate, millions or event billions of U.S. dollars to open these accounts.
For people at the bottom of the pyramid, it limits their opportunities
to build financial resilience, make choices and improve their lives.
Angelow added: “The journey to customer-centricity for financial
service providers to the bottom of the pyramid segment begins
with understanding how access to financial services can add value
to the lives of lower-income customers.”
WSBI Conference in Cape
Town gives real-world examples
Customer centricity is not new nor is it a full business concept, but
learning how to better understand people’s financial behaviour
and offer the financial products and services they want and will
use is crucial for developing a business case for small scale savings
and financial inclusion beyond.
Discussing the business case for small scale savings was therefore
also a topic during the conference held in Cape Town following
the WSBI statutory meetings. Participants from host South Africa
Postbank as well as from Postbank Uganda, Fedecredito and the
MTripleSW programme agreed that high dormancy rates is a killer
to any business case and high retention rates and a loyal active
customer base can only be achieved when successfully tapping
into the open market space by offering a whole range of products
and services alongside the entire value chain. Digital solutions are
hereby a key driver but can only be a means rather than a goal
and awareness raising of and trust and buy-in from low-income
people are crucial for achieving high volumes of small scale
savings necessary for building a case.
Back in September 2017, CGAP launched their new CustomerCentric
Guide, a web-based collection of toolkits and experiments
to help financial service providers deliver products and services
that better meet the needs of low-income customers. The guide
can be accessed via a resource library containing toolkits, case
studies, tips and templates and other useful references.
What’s ahead in 2018
Throughout 2018, WSBI will continue giving a hand to banks
wishing to deploy the toolkits and in order to help partner banks
identify and design a customer experience project within their
organization. For more information, please contact Weselina
Angelow at Weselina.email@example.com.
Good customer experience is no mistake. From offer to delivery, it is comprised of touch points that add value to the customer, and pave the way for business value. This workshop will equip you with ideas and tools to create empowering customer experiences. It will allow you to identify and design a customer experience project within your organization. We will cover a set of case studies, tools, experiments, and references to inspire participants.
Being a customer-centric organization begins by understanding your customer and designing and delivering solutions according to their needs, wants and behaviors. The workshop introduced the CGAP Customer Experience Toolkit that guides you through different phases of a customer experience project in your organization.
We it looked at common business challenges banks are trying to solve, such as acquisition, retention and expansion, and how an improved customer experience can help to address them. Hosts demonstrated tools that can help WSBI members figure out research and design methods that you can use to focus on the customer. With illustrative case studies, they showed how banks can plan, take action and make a customer experience project work.
The workshop included interactive exercises where participants will be able to run through a strategic and practical customer experience project. This will allow the participants in the room to apply the concepts and tools learned in the workshop and apply it to a specific case. Focusing on good customer experience teaches us that when we deliver products and services that poor customers will choose and actively use, everybody wins.
The Consultative Group to Assist the Poor, or CGAP, is a global partnership of 24 leading organizations that seek to advance financial inclusion. CGAP develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale. Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.
>> Visit: CGAP website
>> Making Small Scale Savings Work