A financial sector that works for consumers has a suite of products and features that are suitable to consumers’ needs, are safe from cybercrime and that protect consumers’ privacy. Ideally, empowered consumers exercise an informed choice, understand the information disclosed to them, and have their voice heard in their interaction with financial services providers and agents.
The reality is often different. Cenfri’s consumer outcomes work aims to bridge the gap. We have worked with Consumers International, CGAP, GIZ, FSD Kenya, FSCA South Africa and the SADC Secretariat. Our track record includes policy briefs, regional consumer protection guidelines, financial inclusion measurement, measurement of consumer outcomes, and country-level consumer protection technical assistance.
We also have a significant body of work on behavioural science and its application in the financial sector.
As we explore how behavioural science can narrow the gap between customer intention and customer action, we have started to look at examples from specific financial services. Two sectors identified as playing a role in improving the lives of the financially excluded are insurance and formal remittances. Behavioural interventions and
Africa’s financial service providers reach more individuals than ever before. However, challenges remain that undermine the contribution of these services to the welfare of many Africans. Unintended consumer friction points such as over-indebtedness, late credit repayments or defaults, insurance lapses or dormant accounts have left many providers seeking better ways to achieve positive customer outcomes. We have
We highlight key insights from our research into behavioural interventions and how they could assist financial service providers to better understand the financial needs of consumers. Financial services can help individuals to manage their money, plan for risks, start entrepreneurial ventures and build assets over time. These benefits are, however,
The recent 2017 Findex findings have triggered another round of important discussions on usage in financial inclusion. They highlight that, in the absence of usage consumers don’t get value from the services they have and providers don’t make money. It’s a lose-lose situation. Understanding usage is important for financial inclusion
Women are significantly less likely to use formal banking services than men, due to a range of barriers to access and use. A lack of gender-disaggregated data makes it difficult to identify specific ways in which women may interact with financial products and services differently than men. One area that is little understood
Whereas financial inclusion has seen a steady increase over the past few years, this positive trend has not necessarily taken women along. A gender gap in financial access and usage persists, and has not decreased over the years. Our efforts at understanding and closing the gender gap are hampered by
“A behavioural intervention is any customer interaction that has been explicitly designed to influence the financial decision (or behaviour) of an existing or potential customer.” Financial service providers (FSPs) are continually looking for innovative ways in which they can design and deliver financial services to reduce cost and increase the
This report contains the findings of a diagnostic study on the provision of microinsurance to rural workers in China. The study was commissioned by the Access to Insurance Initiative (A2ii) and approved by the China Insurance Regulatory Commission (CIRC) in 2010. The study covers the provision of personal and property
This database reflects a systematic review of behaviourally informed interventions that have significantly impacted the financial decisions of individuals as they engage with credit, savings, payment and insurance products (excluding health insurance). The criteria for inclusion were studies where: Rigorous research (RCT, lab or field experiments) was undertaken A behavioural
From 2009 to 2015 the proportion of adults, financially excluded from any financial service, decreased from 63% to 41% in Zambia, which exceeded the Zambian Government‘s national target of 50%. More than 14% of these adults now use mobile money services, whilst the largest growth has been in the use
As we explore how behavioural science can narrow the gap between customer intention and customer action, we have started to look at examples from specific financial services. Two sectors identified as playing a role in improving the lives of the financially excluded are insurance and formal remittances. Behavioural interventions and
Africa’s financial service providers reach more individuals than ever before. However, challenges remain that undermine the contribution of these services to the welfare of many Africans. Unintended consumer friction points such as over-indebtedness, late credit repayments or defaults, insurance lapses or dormant accounts have left many providers seeking better ways to achieve positive customer outcomes. We have
We highlight key insights from our research into behavioural interventions and how they could assist financial service providers to better understand the financial needs of consumers. Financial services can help individuals to manage their money, plan for risks, start entrepreneurial ventures and build assets over time. These benefits are, however,
The recent 2017 Findex findings have triggered another round of important discussions on usage in financial inclusion. They highlight that, in the absence of usage consumers don’t get value from the services they have and providers don’t make money. It’s a lose-lose situation. Understanding usage is important for financial inclusion
Women are significantly less likely to use formal banking services than men, due to a range of barriers to access and use. A lack of gender-disaggregated data makes it difficult to identify specific ways in which women may interact with financial products and services differently than men. One area that is little understood
Whereas financial inclusion has seen a steady increase over the past few years, this positive trend has not necessarily taken women along. A gender gap in financial access and usage persists, and has not decreased over the years. Our efforts at understanding and closing the gender gap are hampered by
“A behavioural intervention is any customer interaction that has been explicitly designed to influence the financial decision (or behaviour) of an existing or potential customer.” Financial service providers (FSPs) are continually looking for innovative ways in which they can design and deliver financial services to reduce cost and increase the
This report contains the findings of a diagnostic study on the provision of microinsurance to rural workers in China. The study was commissioned by the Access to Insurance Initiative (A2ii) and approved by the China Insurance Regulatory Commission (CIRC) in 2010. The study covers the provision of personal and property
This database reflects a systematic review of behaviourally informed interventions that have significantly impacted the financial decisions of individuals as they engage with credit, savings, payment and insurance products (excluding health insurance). The criteria for inclusion were studies where: Rigorous research (RCT, lab or field experiments) was undertaken A behavioural
From 2009 to 2015 the proportion of adults, financially excluded from any financial service, decreased from 63% to 41% in Zambia, which exceeded the Zambian Government‘s national target of 50%. More than 14% of these adults now use mobile money services, whilst the largest growth has been in the use
