Project Everest

Customer Segment

[CUSTOMER]: Microfinance in Amisen - Inadequate access to Financial Resources - April 2019

by
Isabella Strapp
Isabella Strapp | 5 months ago | in ROA **TRAINING**

Lean Canvas: Customer Segment

Context:

From research and interviews conducted with community members in the rural villages of Jumtha and Vengara, insights into the experiences of these people were uncovered. This allowed the team to understand how we might best serve these segments, and who within them might be our early adopters.

 

Overview:

Our early adopters, within our customer segment, are members of rural communities who are unbanked. From these interviews, consistent behaviors, emotions and concerns exhibited by these early adopters became evident.

Link to results post:

https://projecteverest.crowdicity.com/post/1321080

Emotions:

It was identified that this customer segment feel a range of emotions in relation to their inability to access financial services and the insecurity of their financial positions. Unbanked rural community members often feel overwhelmed and anxious by a lack of access to financial services. When discussing whether they had access to banks they often stated they felt frustrated that they weren’t able to earn enough money to open bank accounts or access formal loans.

Rural community members also identified with feeling helpless by a lack of knowledge surrounding financial institutions. In relation to questions regarding their savings, many stated they didn't have the knowledge to structure their savings or hadn't seriously thought about saving for the future.


Behaviours:

A range of early adopter behaviours have been observed. Most unbanked rural community members who identified with the above emotions are either responsible for their own business or are also responsible for supporting a family. In the interviews conducted, these customers identified that their priorities, in terms of their spending, is oriented towards supplies for their businesses, such as replacing broken farm tools, or for supporting their families including paying for education. As a result of the financial strain of purchasing these necessities, these customers often felt the most frustrated with their inability to access financial resources.

An additional behavior that was evident in our early adopters is that they lack financial literacy. Many interviewed did not have a strong grasp on the concept of savings and most identified their lack of understanding of the processes for accessing loans and bank accounts as being the primary barrier to them accessing such resources. It is evident that this has further affected their trust of formal financial services. Despite their lack of trust they recognise that there money needs to be put into a central location as they often use the village chief or an appointed community member to aid and manage their money.


Conclusion:

The emotions and behaviors we have witness make this customer segment an incredibly strong and stable platform for a form of financial planning service.









Tagged users

Andrew Vild 5 months ago

Status label added: Customer Segment

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