Product Innovation in Digital Financial Services in India
As part of efforts to support the financial inclusion agenda in India, MicroSave has conducted five research studies across India. The research studies were as follows:
-
Exploring Agent Networks for Digital Finance– To understand the preferences of low-income households for digital finance agents.
-
Understanding Remittance Networks– To understand the channels used by family members of migrant workers to receive money at home.
-
Cost and Willingness to Pay–This study assessed the current level of costs that the poor have to pay to access existing savings accounts and their willingness to pay for a safe, secure and convenient agent-based digital financial services.
-
Dormancy in No-Frills Accounts– To examine the reasons for dormancy and provide recommendations for improving the design, delivery, and associated services of these accounts to increase uptake and usage.
-
Relative Risk to Savings of Poor People– The study was conducted in three Indian states - Rajasthan, Uttar Pradesh, and Tamil Nadu. It was aimed at understanding poor people’s savings behaviour and the associated risks.
The findings from these studies has been used to inform a series of action research partnerships to develop client responsive digital finance systems involving collaborative arrangements between banks, mobile network operators and technology service providers.