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Between 2011 and 2014 as financial inclusion efforts grew around the globe, 721 million accounts were opened. Of this number, 55 million were mobile accounts, two-thirds of which were used less than once every three months. Most of the remainder were “mailbox accounts,” with customers immediately withdrawing all cash upon receipt of wages or social benefits.
Lack of use translates into lack of revenue for the financial services provider. A CGAP high-level analysis shows that at current use rates, providers will find it difficult to recoup the $13.3 billion it cost them to open these accounts. Low use confronts many providers with some core business challenges: What does it take to encourage customers to leave money in an account and to use digital payments mechanisms? How do you retain customers? How can you provide customers with a comprehensive suite of products and services? How do you expand customer portfolios?
The CGAP Customer-Centric Guide explores these challenges and emphasizes strategies and actions that lead to value for the business and for the customer. It offers guidance on how organizations can move toward customer-centric business models.
|Year of Publication||2018|
|Number of Pages||20 pp.|
|Region / Country||Global /|
|Primary Language||English (en)|