Download - Savings and Financial Education For Girls
ZTN-SMX-CPTrain-09-05-00-FMRCopyright © 2000 Monitor Group — Confidential — CAM© 2011 Women’s World Banking
Janiece GreeneDirector, Marketing
Women’s World Banking
Savings and Financial Education For
Girls
European Microfinance
Platform
Luxembourg
November 3, 2011
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Women’s World Banking: A Leading Microfinance Support Organization and Network
Services
• Core network of 39 MFIs in 27 developing countries serving 26 million clients, more than 80% of them women
• Technical assistance, insight and training for financial institutions in and out of network
• Peer learning and knowledge dissemination for the industry
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The Business Case
Business Objectives:• Capture larger share of customer wallet in deposit
products• Build brand awareness and equity • Create differentiated market positioning • Increase loyalty among existing customers and
next generation
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Two generations of bank clients
Financial education class
Social Objectives:• Teach valuable planning and savings skills• Children learn how to manage money and plan for
the future, not just blindly save• Families and children, especially girls, build their
own liquid assets• Combat cycle of dependency and lack of
investment in girls
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Attractive, Cost-Effective Marketing and Branding
Mongolia: Temuulel
(“Aspire”)
Dominican Republic: Mía
(“Mine”)
Bank-sponsored event on the first day of school“Savings makes you big”
Demand Deposit, Time Deposit, Debit Card for 14-17 year olds
Demand Deposits for 7-15, 16-24 year olds
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Background: Mongolia – “Aspire”
PRODUCTS: Demand Time
Age 14-24
Minimum opening balance
MNT 3,000(US$2.50)
Minimum ongoing balance
3,000
Term None3-24
months
Interest rate 6% 10-14%
Fees
Withdrawal: 100
Account close: 1,000
Passbook: 500
Passbook: 500
Requirements to open account
Photo, ID (birth certificate or ID)
Financial Education Program
• Managed by experienced local NGO: Mongolian Education Alliance
• Taught by university students (urban) and bank staff (rural) to groups of 20-25 girls in secondary school, as “after-school” activity
• 8 sessions covering saving, goals, communication, reducing spending, banking, and budgeting
Passbook:
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Financial Education Program - Mongolia
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The Dominican Republic – “Mía”
Products: Younger Older
Age 0-15 16-24
Minimum opening balance
DOP 100 (US$2.50)
DOP 200 (US$5)
Minimum ongoing balance
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Term None
Interest rate 2.5%
FeesDOP 10 / month after 6 straight
months of inactivity
Requirements to open account
Guardian with ID
Own ID
Financial Education Program
• Managed by ADOPEM NGO
• Taught by school teachers to groups of 25 girls in school, as “after-school” activity
• 3 sessions covering saving, goals, banking and reducing spending
For boys:
Passbooks:
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Financial Education Program – The Dominican Republic
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Youth Products vs. Adult Products
Minimum Balance
(70% lower)
(60%, 20% lower)
Interest Rate
(5% lower)*Same
Fees
Passbook fee is 50% lower; otherwise same
Same
TermSame
(both available)None
(only Demand)
*Adult demand deposit IR=6.6%Girl demand deposit IR=6.3%
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Mobile Phone-based Deposit Calculator
• Aspire-branded deposit calculator built with JavaME– Downloadable over the internet or
bluetooth
– 3 calculators (e.g. How much do I need to save each month to reach my goal in X months, using Y product?)
– Savings tips, information on program and bank
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Results to Date For Girls Accounts (June, 2011)
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Months since beginning of product pilot 26 18
Statusnationwide roll out
22 months agogradually rolling out
nationwide
Accounts open 6,089 4,679
Average % of accounts transacting / month (last 6 months)*
50% 39%
Average balance US$62 US$16
Financial education participants 17,143 2,533
*As of March, 2011
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Marketing / Behavioral Change Frameworkwww.swwb.org/publications
“Girls can save for a goal, for
medium or long term”
Learn ways to save/reduce
spending
Begin to save; set goals, make plan
Continue saving, achieve goals,
track performance
Traditional Framework:
For Girls Savings:
Get inspired, motivated; feel comfortable; overcome
barriers
Become aware of XacBank,
Aspire
Learn about account
Open account Use account
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“Institutionalizing” Girls as Customers in Banks
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Institutionalizing Girls as a Customer Segment
Requires integration of:•Product and marketing targets into global targets and budgeting—from head office to field offices•Branch-level promotional responsibilities into job descriptions•Sales, event performance into performance evaluations, incentive schemes•Evaluation of marketing tactics into monitoring systems and feedback loops• Girl-specific customer service into staff trainings• Product management and marketing of products
into appropriate head office departments and JDs
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8 10 12 14 16
Investments made in ability to earnStart Situation as Teen
AGE
BOY
1)
2)
Expenses
Income
1)
2)
Girl needs money, Boy has money Cycle of dependency, risky behaviorGirl needs money, Boy has money Cycle of dependency, risky behavior
1)
2)
3)
Expenses
Income
1)
2) ???
GIRL
X
Next Steps: Combatting the Cycle of Dependency
ZTN-SMX-CPTrain-09-05-00-FMRCopyright © 2000 Monitor Group — Confidential — CAM© 2011 Women’s World Banking
Thank You For Your Attention
swwb.org
ZTN-SMX-CPTrain-09-05-00-FMRCopyright © 2000 Monitor Group — Confidential — CAM© 2011 Women’s World Banking
APPENDIX
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• Aspirational, cute• Market tested; variations based on season, context
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Design Concepts
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In-Branch Marketing
• Brochures, Posters, Stands, hanging logos• Cross-selling to existing clients
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• School-opening events, “Aspire Days”
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School-Based Promotions
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• Financial Education classes with product presentation, branch visit• Aspire, financial education posters in schools
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School-Based Promotions
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Design Concepts
• “Mine”
• “Savings makes you big”
• Aspirational
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Design Concepts
• Positioning of the product for younger girls: a savings account for younger girls, facilitated by parent / guardian
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• Girls Corner• Brochures, Posters• Girl customer service training for staff
Marketing Through Branches
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Summary Research Findings (low income market)
− Girls love pink; want to be treated differently than boys− Girls understand importance of saving, but most are not− “Girls” are not one customer segment
− “Medium” savings, banking culture; less sophisticated + inexpensive marketing environment
− Ranked #54 on UNHDR education index* (behind Singapore)
− Cultural support for girls education− Girls often had bad experiences in banks− High cell phone usage; moderate-high internet use
− “Low” savings, banking culture; sophisticated + expensive marketing environment
− Ranked # 105 on UNHDR education index* (behind Indonesia)
− Culture of female dependency− Girls love going into bank branches− Medium internet use; low cell phone use
Common Findings
* 2007; www.hdr.undp.org/en/
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Marketing Savings Products to Women vs. Girls
(Control over account)(Little / No control
over account)
Perceived need to save Highest need Less need Lowest need
Familiarity, comfort with saving in a bank Most familiar Less familiar Least familiar
Engagement required with gatekeepers Variable Variable + More needed
Convenience needed Variable + Variable More needed
Comfort with saving for the long term Variable Less comfort More comfort
AdultWomen
Oldergirls
YoungerGirls
NOTE: Contextual differences can change rankings, categories
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External Promotional Events
• Booth at “ExpoKids” Event, National Children’s Museum
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