[Experiment Adopted]: Village Banks (4/4) - Channel Preference
Lean Phase: Channel Testing
Assumptions: customers served by the village bank lack access to formal credit, or prefer to access credit through village-based credit systems). Reasons may include the fact that:
1. Distance to a formal institution is too far, or costs too much to visit frequently
2. People were rejected in their application for a loan, and thus excluded from formal credit
Time Period: 1 week (or time taken to survey 6-8 village banks)
Success Metrics:
1. % of people who prefer obtaining loans from village banks as opposed to formal credit institutions
[ideally, sample size of 10+ per village bank; otherwise, based on anecdotal evidence from village chief]
Criteria:
Success Point: if more than 50% of customers prefer accessing credit via village banks than other alternatives (including, but not limited to, formal credit institutions)
Green Light: proceed to Loan Structure experiment
Orange Light Point: if 20-50% of customers prefer accessing credit via village banks than other alternatives (including, but not limited to, formal credit institutions)
Orange Light: Why do they prefer a formal credit institution? Is it a) more trustworthy, b) can approve higher loan amounts, or c) other?
Failure Point: if less than 20% of customers prefer accessing credit via village banks than other alternatives (including, but not limited to, formal credit institutions)
Red Light: look at other ways in which we can service the needs of these customers - learning from why they prefer other channels.
Experiment Build:
1. Create a survey based on the above metrics
2. Identify village banks to validate assumptions with
3. Organise village visits
4. Execute survey
5. Measure results and post experiment results
Kurt Michl 3 months ago
Hey will, really clear layout of the 4 step process. I'm sure its implicit but in the design I would imagine you would want to "Identify village banks to validate assumptions with" and use this same sample of village banks for the 4 steps of the process.
just thought it should;d be explicitly said :)
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Ella Grier 2 weeks ago
Status labels added: Experiment adopted, Complete
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