GAFIS Focus Note 5: Building customer understanding

GAFIS Focus Note 5_Dec2014

Reflecting on the experience of the GAFIS banks, this Focus Note 5 explores how banks, which are seeking to scale-up financially viable savings propositions, can address the issue of building customer understanding of the core product features. We find a number of challenges arise here, namely, as banks introduce alternative delivery channels (e.g., agents and mobile phones) to improve the viability of the overall product proposition (e.g., lower costs, improved customer convenience), these intermediaries introduce risk of miscommunication or missed communication and, in turn, misunderstanding or missed understanding. Of course, these risks should not turn financial institutions away from introducing ADCs, but rather they need to be aware of the risks and design products and communications carefully in light of them. The Focus Note highlights these issues and potential pitfalls, and also sets forth some guidelines for actionable methods to enhance customer understanding.

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