SIGNATORY SERIES | FINANCIAL EDUCATION FOR RESPONSIBLE DIGITAL INCLUSION

Shea Flynn, Camille Parker, and Allison Ryder
07 Feb 2020

Financial inclusion has garnered broad support across the public and private sectors, with a range of actors developing innovative technologies and programs to help consumers in emerging markets gain access to financial products and services. However, with insufficient financial education, literacy and capability, vulnerable populations are likely to encounter over-indebtedness, fraud, or simply choose the wrong products for their financial needs.  Financial education has the power to build trust and […]

Digital Financial Services: Challenges and Opportunities for Emerging Market Banks

25 Sep 2017

The digital transformation that has upended industries from retail and media to transport and business-to-business commerce is now sweeping the financial services industry, through the wide dissemination of digital financial services. This was inevitable, as ubiquitous computing power, pervasive connectivity, mass data storage, and advanced analytical tools can easily and efficiently be applied to financial services. After all, money was already extensively (though not exclusively) created, used, stored, processed, and […]

Building a Secure and Inclusive Global Financial Ecosystem

08 Sep 2017

The 2017 Brookings Financial and Digital Inclusion Project (FDIP) report evaluates access to and usage of affordable financial services by underserved people across 26 geographically, politically, and economically diverse countries. The report assesses these countries’ financial inclusion ecosystems based on four dimensions of financial inclusion: country commitment, mobile capacity, regulatory environment, and adoption of selected traditional and digital financial services.  The report further examines key developments in the global financial inclusion landscape, highlights selected financial […]

Swadhaar, ACCION & AirTel Money: Mobile Money Training for Female Customers in India

20 Jun 2016

Customer marketing and education are always important to driving the adoption of mobile money, but they are absolutely crucial for female customers, who generally take more time than men to trust and start using mobile money services. In India, where uptake of mobile money has been slow—only 3% of women have heard of it and 0.1% have used it — customer education must be a key part of any successful […]

Customer Experience Playbook

16 Jun 2016

CGAP partnered with Janalakshmi, the largest urban microfinance institution in India serving 3 million poor Indian women, and global development advisory, Dalberg, to understand the Janalakshmi customers’ journey and design and test customer experience improvements for them. One of the outputs from this work is this Customer Experience (CX) Playbook, which aims to help FSP staff serving poor customers, to implement customer experience improvements, and ultimately influence their organizations to build a culture […]

The Status of Financial Inclusion, Regulation, and Education in India

29 Apr 2016

India’s financial inclusion agenda has witnessed a paradigm shift over the last decade, away from an emphasis on credit to a more comprehensive approach toward financial services (e.g., opening bank accounts and offering basic financial products, such as insurance). This paper describes the structure of banking and microfinance institutions in India relevant to the developing model of financial inclusion, as well as relevant regulatory structure and modes of delivery. It […]

The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases

12 Nov 2015

Lessons on financial education from a field experiment in India This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal […]

Voice of the Client: An analysis of client satisfaction and consumer protection across four microfinance institutions in India

01 Nov 2015

This report presents the findings of the Voice of the Client project in India, a ground-breaking initiative in the microfinance industry developed by Hivos and MIX to leverage mobile technologies as a means to analyze the level of satisfaction of clients with the suite of products and services offered by their MFIs. The analysis is based on data related to client protection principles which were collected from nearly 6,000 clients […]

Six Randomized Evaluations of Microcredit: Introduction and Further Steps

16 Sep 2015

This paper seeks to identify the causal effects of expanded access to microcredit on borrowers and communities using six randomized evaluations. The evaluations are based on a variety of sampling, data collection, experimental design, and econometric strategies. The methods are deployed across urban and rural areas of six countries in four continents representing vast disparities in terms of borrower characteristics, loan characteristics, and lender characteristics. The paper finds a consistent […]