In 2018 FiDA Partnership conducted interviews with several key platforms in Africa looking at how platform business models are evolving in terms of financial services. This blog discusses three important ways that platforms are changing the landscape for financial inclusion
As we explored platform business models, we found examples of practices that we hypothesize could impede the participation of the financially excluded. We discuss considerations for improving several business practices that could be problematic for financial inclusion, and we highlight three problems and offer suggestions for organizations to consider or areas for researchers to explore more deeply
Why would a tractor company need to be in the insurance business? Why would a ride-hailing company start offering credit? It’s actually an old story. From store credit cards in the US and carnês de loja in Brazil, to Ally Financial—the bank started by General Motors—the line between financial services and consumer goods and services has always been blurry. We’re seeing this again: in the recent wave of platformization, platforms are getting into the finance game to support their core business.
Platforms—a dozen massive ones, and perhaps 500 smaller ones—play an increasingly critical role in the livelihoods of hundreds of millions of people around the world. In almost every economic sector, platforms have introduced new “multi-sided” markets, matching buyers and sellers in attention, goods, services, and labor at massive scales. Websites and electronic supply chains are replacing bazaars and storefronts. Gig work is augmenting salaried work. Algorithms and finely-tuned digital user experiences are supercharging traditional buyer/seller relationships.
The report is based on a representative sample of 1,000 Kenyans with data-enabled mobile phones—“Digital Kenyans”—gathered between September and November 2017 by Caribou Data.
In this post we highlight factors that might influence how conversational interfaces (CIs) are viewed, used, and interacted with across emerging markets in the future.
It is often easier and less costly for CI providers to white label their conversational interface to a revenue partner rather than go direct to customer.
This is post number 4 of the Conversational Interfaces Blog Series and has been prepared by Teller Technologies, Inc., with whom some of our research was conducted, based on their pilot with Orange Money Madagascar.
Conversational interfaces (CIs) are currently being deployed to help extend access to financial education and services across emerging markets with strong results. In one pilot in Tanzania, CGAP found that farmers who used Arifu’s interactive learning platform saved at rates five times that of farmers who did not use the platform. Although these findings are preliminary, they suggest these tools have a significant potential to change behavior.
As mentioned in the primer, using CIs to interact with customers through freeform African languages can be challenging given the limited amount of localized digital content to source.