prateek shrivastava
DESCRIPTION
Prateek Shrivastava is the Managing Director of Accendo Associates, an advisory practice delivering digital financial services at scale for the unbanked in emerging markets working on branchless banking services in China for the IFC and with Indonesia’s largest bank – Bank Mandiri. He is also Co-Founder of BeyondBranches International, an merchant-centric shared-services technology and processes platform currently deploying in Nigeria in partnership with Interswitch. Since 2004, Prateek has focused on using technology to help increase access to financial services. During this period, he worked with ABSA South Africa, Barclays Bank Ghana, Monitise plc in India, Uganda, Egypt, Indonesia, China, Brazil and Jordan. Most recently, as MD for Emerging Markets and Africa at Monitise, he led the project from inception, design, negotiation and implementation of the mobile banking and payment systems platform in Nigeria. This project was one of the subjects of a visit by the Rt. Hon. David Cameron, Prime Minister of the UK to Nigeria.TRANSCRIPT
Using Technology to Support Financial LiteracyAR-CSR conference in Calabar
20 June 2014
Prateek Shrivastava: Co-Founder, BeyondBranches
“Financial education helps people understand financial products and concepts and, through information,
instruction and/or objective advice, develop the skills and concepts to become aware of (financial) risks and opportunities, to make informed choices, to know where to go for
help, and to take other effective actions to improve their financial
wellbeing and protection” Source: Organization for Economic Cooperation and Development (OECD)
“Over 2.7 billion people in the world live on $2 or less a day. They manage to put food on the table, keep a roof over their heads, plan for medical emergencies,
and even save for retirement”
Source: Portfolios of the Poor (2009)
But they may not know the number of choices available to them.
This is a Global Problem.
Source: http://www.masterintelligence.com/content/intelligence/en/research/reports/2013/mastercard-index-of-financial-literacy-report-2013h1.html
Technology can be used to provide Just-in-Time reminders
and calls-to-action
Don’t forget your deposit this month! You will be one step closer to your savings goal. If you make all of your deposits, you will receive a total of 5% in additional interest rate incentive!
Maintain your Ecoaguinaldo life insurance! Don’t forget your deposit this month! You will keep your insurance by making all of your deposits on time.
Katie quickly moves funds from her current account/wallet into the life insurance-linked deposit account
Social media is a fantastic tool to help increase financial literacy
How mobile can build Awareness in the farming communityUse case – awareness, education, knowledge-share and information
MobileBanks/MFIs
Aid Agencies
Farmer
Insurers
Agent Network
Buyers
EquipmentSellers
What is it and does mobile help? • Mobile can be used as a tool educate
customers about news trends, and important information (e.g. Weather information) that shapes their decisions/choices
• Transaction information via the mobile can be stored centrally and used as inputs for such processes as credit score and segmentation
What are the benefits?• Information is less subjective as is based
on raw data
• Cost-effective method effecting attitudinal change
• Updates more like to be read (not like email spam)
VAS :TransportCo-Op etc
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Financial Literacy in Nigeria
MoneyTALKS is a platform where users can get audio tutorials in multiple languages on specific financial issues that Nigerians face
MoneyLife is a simulation game that involves kids budgeting, earning, saving, spending accumulated funds around real-life scenarios. Based on their performance, they get awarded points and can vie for top spot on a leaderboard.
Financial IQ is a mobile learning platform with content on financial management and financial products from different service providers.
The Key Take-aways
People are financially savvy already
People need to be aware of and understand the new options available to them
Technology can be used to spread the word but cannot be the only channel
Design the education package around the various products
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For more information, please contact
Prateek Shrivastava: Co-Founder, BeyondBranches and Managing Director Accendo Associates Limited
[email protected] or [email protected]
Thank you!