Project Everest

Experiment Results

[Experiment Results] Offer Test Microfinance Amisen April 2019

by
Andrew Vild
Andrew Vild | 3 months ago | in ROA **TRAINING**

Reference to Experiment Post: Offer Test Microfinance Amisen April 2019.

This experiment focused on validating whether unbanked households and individuals feel frustrated because they lack access to financial services or financial support services.

Experiment post: https://projecteverest.crowdicity.com/post/1315250

Lean Phase: Customer Segment & Problem

Assumption: Unbanked locals feel frustrated because they lack financial support services.

Results:

Channel 1: Rural Market Place - Face to face Interviews at Market Place with Stall Owners

18 stall holders engaged, positive response from seven stall owners and cautious responses from another eight - who seemed to misunderstand our presence. Three were not interested in any form of financial assistance.

The seven stall holders made comments they would offer a wider variety of produce if they could have the initial capital, however, their capital requirements are too small for banks to consider, even if they were banked.

Therefore, for the identified customer segment, an orange light has been achieved with 39% success rate. A better understanding of the problem and cultural risk-adverse behaviour with respect to loans needs to be understood.

Channel 2: Tuk Tuk Stands - Face to face interviews with drivers and passengers

23 individuals approached at tuk-tuk stands

Only 8 interviews conducted at the tuk-tuk stands, however, 13 people’s numbers were recorded as they were interested in answering questions around microfinance at another time.

Of the 8 that finished the survey, 6 articulated they felt anxious by a lack of safe access to financial services and provided their details.

Locals were questioning whether we were a financial organisation as we weren’t wearing the typical attire and weren’t offering loans. Being clear that we do not intend to be a microfinance organisation and that we are investigating other means in which we can support locals, seemed to ease the tension.

Therefore, for the identified customer segment, a green light has been achieved with 75% success rate.

Those spoken to were asked whether they were banked, if they wanted access to financial services or support surrounding financial services when it comes to education of the benefits and how to apply for financial services.

Villagers did seem adverse to the idea of a loan due to the perception it was hard to get and that it is something poor people do when they are out of options. A re-framing of the utility of a loan will be required to enable a positive response and change of perception toward the value of loans.

Channel 3: Visiting individuals in their homes

40 households were visited

32 of the people engaged in the survey and 25 finished the survey.

Of the 25 that finished the survey, 48% of households agreed with the statement of feeling frustrated because they lack access to financial services, and provided us with their contact details for a follow up meeting.

It should be noted that 90% of positive responses came from Vengara and Jumtha, Keisala felt adequately supported with the financial services available and their knowledge of them.

Therefore, for the identified customer segment, a green light has been achieved with 48%. (Given a broad approach was made, 48% of people spoken to is an excellent result).

Those spoken to were asked whether they were banked, if they wanted access to financial services or support surrounding financial services when it comes to education of the benefits and how to apply for financial services.

Villagers did seem adverse to the idea of a loan due to the perception it was hard to get and that it is something poor people do when they are out of options. A re-framing of the utility of a loan will be required to enable a positive response and change of perception toward the value of loans.

Validated Learning:

Results confirm that unbanked individuals are our customer segment, with an orange light on business owners and the understanding that many are cautious of financial services in general. They also affirm the assumption that individuals feel unsafe or helpless when it comes to engaging with financial services and either have too little purchasing power or no education how to navigate red tape.

Next Move:

The next experiment to be conducted is further offer testing and then currency testing with the unbanked customer segment.

 

edited on 25th April 2019, 21:04 by Andrew Vild

Andrew Vild 3 months ago

Status label added: Experiment Results

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