Customer Data Training to Drive Products and Programs with Vision Fund, Sathapana plc and Amret
Financial Service Providers (FSPs) capture large amounts of customer data through regular banking operations. However, it can be challenging for them to make optimal use of it for product development, banking operations and market expansion.
Under its Customer Journey Action Research SHIFT capacitated three large Cambodian Financial Service Providers - Sathapana, Amret, and Vision Fund - in analysing and utilizing their supply-side customer data to help improve product development, banking operations and financial inclusion monitoring. In total, 47 staff were trained on data analysis and engaged with 45 senior and top managers in knowledge management workshops on data-driven and customer focused product development.
Staff enjoyed the analysis training indicating that it improved their product development and evaluation skills. As highlighted by a Vision Fund Manager, “The dashboard tool developed during the training helps to tell the customer story immediately so that it directs product development.” It allows financial institutions to instantly disaggregate loan and saving mobilization by sex, marital status, education, age and other household variables, thereby helping them to tailor product and services to the needs of customers better. On the last day of the training, SHIFT presented some of the real-time results to the management team and facilitated several breakout sessions to help support data driven product innovation.
The training activities are part of a larger Customer Journey Action Research that involves four of the largest Cambodian financial institutions to conduct big data research in collaboration with UN Pulse. So far, the program has curated around 5 million client records to help examine savings account dormancy and borrower exit and improve financial service usage.
In the upcoming months we will use the Big Data to gain powerful insights into women’s financial service usage. We will examine the duration women customers stay with the financial institutions and what savings and loan products they take up during their journey.
UNCDF’s SHIFT aims to expand women's economic empowerment through financial inclusion. SHIFT advances financial markets by changing the behavior of market actors to stimulate investment, business innovations and regulatory reform in growing inclusive enterprises. SHIFT catalyses innovative partnerships to accelerate financial inclusion and women's economic participation in the least developed countries of the ASEAN region. The SHIFT programme is jointly co-funded by UNCDF and the Australian Government Department of Foreign Affairs and Trade (DFAT).
The dashboard tool developed during the training helps to tell the customer story immediately so that it directs product development.