Save for a Target: Customer Journey (5 E s) Entice Enter Engage Exit Extend. The process of signing up for an account.

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1 Save for a Target: Customer Journey (5 E s) Entice Enter Engage Exit Extend Finding out about Pride and it s offerings. How do clients learn about this product? What makes it stand out? How is it better than the other available options? The process of signing up for an account How do clients sign up for this product? What does the application process look like? How long does this process take? Using the Account How do clients learn to use this product? How is money deposited? How is money withdrawn? How is money transferred? How does Pride communicate with clients? How are they kept up to date? Closing the account or paying off the loan What happens when a client meets a saving goal? How can a client close an account? Continued engagement with Pride How does Pride engage with past clients? How does Pride connect clients to additional products? Pride Microfinance 9

2 Entice Finding out about Pride and Save for a Target Address Fears Many poor people fear banks and MFI s, specifically the recovery process and monthly fees that could drain their accounts. Offer loans that use customers savings as security to address the fear of the recovery process. Offer no monthly fees and minimal costs of usage to compete with alternate savings mechanisms such as cash boxes, mattresses, and mobile money wallets. Make it Accessible Many people we spoke with feel they do not currently have enough money to have a bank account yet they aspire to have a bank account one day. Offer low minimum balance that matches people s current budget Offer anytime, anywhere, affordable services In marketing and education use examples that match poor clients lifestyles e.g.: use imagery of saving for a cow vs. a big tractor. Build Relationships Despite negative perceptions of banks and MFI s, potential clients hope to build relationships with these financial institutions. Conduct outreach and marketing with a friendly, informative approach. Invest time in educating potential clients about their financial options and opportunities. Pride Microfinance 10

3 Enter The process of signing up for the account Make It Affordable For many people the cost of the required photographs can be a barrier. Additionally, some clients do no live near a photo shop. Offer free photography at sign up Make It Easy Current clients want easy access to signing up for Save For A Target Offer pre-approval of current clients with no need for additional photos or letters of recommendation Make It Accessible Many potential clients do not access financial services simply because they live no where near a branch, others cannot read and feel intimidated by the required paperwork. Mobilize Pride officers to reach potential clients in remote areas Assist clients who may be unable to read through the application process Pride Microfinance 11

4 Engage Using the account Make It Flexible People s income and finances fluctuate unpredictably. Offer savings contracts based on timelines and quantities that work for customers. Offer the opportunity to renegotiate the length of the savings contract when money becomes low. Offer A Helping Hand Opening up an account is a journey to be undertaken by both Pride and the customer. Support customers by answering questions and helping with problems, even those customers in remote regions Set clients up for success by monitoring their progress and being proactive in reaching out to clients who are not succeeding. Educate Many people have no experience with or understanding of financial services. Offer education about financial literacy, even for customers in remote areas Empower and incentivize Pride officers to have educated customers Show Progress Customers want to track progress of their own effort. Send SMS messages to confirm receipt of deposits and payments Offer free mobile balance inquiries Promote Savings Customers already have strong savings behaviors. Help them to add Pride to their savings mechanisms. Have high withdrawal fees to discourage withdrawals. Offer small emergency loans so customers can continue to save, even when urgent financial needs arise. Reward Successful Savers Success needs to be celebrated for continuity. Potential customers want tangible rewards such as t-shirts that announce their success. Offer attractive interest rates on savings Pride Microfinance 12

5 Exit Meeting the target/goal Reward Successful savers Offer incentives for meeting goals such as t-shirts or certificates of completion Offer incentives for successful customers that help educate and enroll new customers Avoid Dormancy Entice near-dormant account holders with rewards for savings. Monitor near-dormant accounts and if appropriate, reach out to customers to set up new savings target contracts. Make it easy for customers to close accounts when appropriate Renew relationship Make it easy for customers to renew the relationship. Develop mechanisms that allow building loyalty. Pride Microfinance 13

6 Extend Continued engagement with Pride (after closing the account or paying off the loan) Encourage Repetition Reach out to customers to encourage them to recommit to growing their savings and access larger loans. Offer Graduation Some clients will progress financially and become ready to graduate to other Pride products. Educate clients about Pride s other products which they may now qualify for. Pride Microfinance 14