Join the Conversation on Addressing Customer Needs

in addressing customer needs / 6 comment(s)

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Our Assessment
All providers believe they’re customer-oriented—but do they really understand their customers and design services to meet their needs? The access/usage gap suggests not. If investments in access are to yield positive returns, improved value to consumers will be a business imperative.

Now, we want to hear from you! How do you think the world is doing on Addressing Customer Needs?

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9 Comment(s)

  • Tim Liu

    POSTED ON OCTOBER 7, 2015 at 1:41 AM

    The key point is that MFIs or finanancial institutions have their double bottom-line or not. If not, they might claim they provide products and service based on customer needs but actually not simply because costs of customer tailored product and service are much higher and need innovation. Only large scale MFIs with well management could provide low cost product and servce while MFIs could yield positive returns. Microfinance industry development in the world is unbalanced. In China, traditional banks are declaring to provde MSME fianance to lower income groups and claim they meet client needs but they do not provide microfinance products. Even over 10,000 microcredit companies (MCCs) in China has only less 1% of them providing microcredit products and services to BoP, which include ACCION Microcredit Company in China. If rating of this section in China, only 1 of 10 is scored, 90% of efforts should be made in the next 5 years and it is likely potential to make it since China government has made positive steps to push financial inclusion and microfinance development.

  • Mary Mumba Munansangu

    POSTED ON OCTOBER 29, 2015 at 1:25 PM

    Addressing customer needs can be achieved once the financial profiles are understood as clearly indicated in the report. However financial services providers end up providing one product fits all type of arrangement hence still excluding some people as needs differ. This aspect works hand in hand with what delivery channels are used to address these needs to cover up on operational costs which are a hindrance to financial inclusion. The need to adopt less costly delivery channels such as agency banking (use of POS terminals) and mobile banking.