For Financial Service Providers (FSP) looking to increase the use of their services among low-income customers, the key to success resides in providing an excellent customer experience. What constitutes customer experience can be gauged from developing a clear understanding of customer needs? More and more FSPs are realizing this but often are stumped by where to start and how to improve the existing experience for the customer.
In emerging economies not all network service providers are equal, with slow networks prevalent in the rural areas, where the sizeable target customers reside. Therefore, the smartphones offerings need to better cater to the varying network constraints in order to ensure that the final digital products designed are compatible not only across emerging markets but also between rural and urban areas.
There is a greater need to tailor the app offerings to the local environment in order to ensure that the apps are not only data sensitive but also customized according to local languages, ensuring the best and most effective use possible.
Keeping in mind that the potential new customers are mostly situated in emerging markets and rural areas, they are more likely to have variety of low-end devices. These devices have wide ranging specifications from screen size, memory, computing power, software version and battery life. In order for digital financial services to succeed, it is crucial that when designing the digital products and services, the financial service providers take all these factors into account.
After taking all the above into consideration, only then a solution that could be a good fit for low-income providers can be developed, ensuring greater use of the services provided.