Project Everest

Experiment Results

[FEB 19] Problem/Customer Segment Results (Problem/Customer Segment) - Fiji SoCon

[FEB 19] Problem/Customer Segment Experiment Results - Fiji SoCon

Reference the Experiment Design Post

Due to the nature of the experiment focusing on empathising, we had no direct assumptions and collated solely qualitative data regarding Financial Institutions (FI’s) pain points and operations. Resultantly, we took our survey results and coded it into a binary format (Y/N). This binary analysis allowed us to quantify the qualitative data collated when empathising with FI’s, enabling us to see the similarities and differences between them.

From this, we defined that when 100% of FI’s required the same criteria when offering loans it was defined as a block. On the other hand, when less that 100% of FI’s required this criteria to give out a loan it was defined as a barrier.

Lean Phase: Problem/Customer Segment


FI’s have a strict and stringent set of requirements for customers to access a loan, due to underlying factors which can be characterised as blocks or barriers.

  1. Blocks - An element of the loan process required by every FI in order to approve a loan application. This element is needed in all FI's Standard Operating Procedure (SOP) but not necessarily enforced by law.

  2. Barriers - A problem faced by FI’s which is passable with different systems and procedures which can and will be explored by PEV to find a viable operating space.

It is important to look at blocks and barriers for FI’s as it tells us how they operate, which we need to learn so that PEV can find any key information that must be adhered to. Furthermore it allows us to challenge and optimise existing barriers to find a more efficient way of working and find our own niche.


Results Spreadsheet

Key Results and Data

Success Metric:

% of FI’s that identify the same block or barrier with regards to each stage discovered and empathised with (Qualitative data depicting the characteristics that the FI’s require from customers for a loan).


Collateral was defined as a block, in that 5/5 FI’s identified it as a necessary stage to collect collateral as a part of the loan application process. However barriers were found in relation to this block were:

  • Only 3/5 (60%) FI’s allowed collateral in the form of Capital
  • 2/5 (40%) FI’s allowed a financial form of Collateral.
  • 2/5 (40%) FI’s required a signature from a personal guarantor.
  • This represents that we will need to acquire some sort of collateral, but we are able to optimise the procceses around what type we require.
  • Employment:
  • The applicants occupation was also defined as a block, as 5/5 (100%) of FI’s saw this as an important stage of the risk assessment. However particular factors in terms of the applicant’s occupation were defined as barriers:
  • Only 3/5 (60%) of the FI’s saw that a stable income was necessary for the applicant to be successful in getting a loan.
  • 3/5 (60%) FI’s required collection of the applicants spouse information (including income and occupations).
  • 2/5 (40%) Considered the reputation of the applicant’s business/occupation as an important part of the loan application process.

This suggests that we are able to be flexible in the way we look at the applicant’s occupation, as certain FI’s consider more complex risk factors such as income flow, employer’s reputation and the potential of the spouse acting as a personal guarantor. There’s also the opportunity to ideate ways to overcome the bias associated with the applicant’s occupation and/or work with it.


  • 5/5 (100%) of FI’s required the following applicant’s documentation in order to approve the loan request:
  • TFN
  • Passport
  • Letter of Employment
  • Voter Registration Card
  • LTA Drivers License
  • Bank Account Statement
  • Business Registration Number

We can conclude that these are documents required by the government to be collected by the FI’s in order to secure a loan. However the following documents have been used as replacements or additional proof of the applicants differing levels of risk:

  • 2/5 FI’s required marriage certificate
  • 4/5 FI’s required Citizenship certificate
  • 4/5 FI’s required Government or Employer Photo ID card
  • 1/5 FI’s required Proof of Student Identity
  • 2/5 FI’s required Land/property Ownership Documents
  • 4/5 FI’s required Balance Sheet and Profit and Loss Statement
  • 2/5 FI’s required Vehicle Quotation.

After empathising with the FI’s, we have collated a list of blocks which are a standard procedure/feature of a loan application that all FI’s interviewed followed.

In this experiment we have achieved a green light,  this allows us to continue to the BMC generation stage to idiate upon the blocks and barriers.

Validated Learning:

We discovered both blocks and barriers when empathising with FI’s, however we faced limitations. These included the fact that we looked at only 5 financial institutions, having more data points allows us to make better judgements on how FI’s in Fiji operate. Another limitation we faced was that we did interview 2 different branches of the same institution, this allows us to get a better understanding of how the FI operates but arguably can be seen as a waste of resources. Contrastingly we looked at a range of different sized FI’s across Fiji, meaning we got a broad range of perspectives.

By evaluating the findings we have distinguished that there are two varying blocks that are associated with FI’s, the primary block being legalities that must be adhered to as demonstrated on the Key Results & Data document. The secondary block can be defined as an operational block where 100% of FI’s adhere to the same procedures in what is assumed is required to run successfully. The operational blocks can then essentially be investigated in future through the adaptation of a BMC which can determine whether these blocks need to be adapted or can be ignored.

The results clearly define the blocks and barriers that FI’s incorporate into their SOP’s. As mentioned above only some of these blocks are enforced by law, therefore it is possible to ideate and develop ways of operating with minimal blocks.

Following these results and learning, we will be creating an experiment to investigate if operation with the same blocks and barriers is a viable option for PEV. This experiment will explore various BMC’s to determine if operation as a social enterprise is possible for future development.

Next Move:  

This experiment successfully validated that there is a problem space faced by FI’s in the form of internalised blocks and barriers. Knowing this we can create BMC’s which try work around such blocks and barriers. Offer testing of these business models created will be conducted to see if they solve the customer segments problems and has a UVP, making it a potentially viable option for PEV to develop in future.

Lucy Preiss 11 months ago

Status label added: Experiment Results

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Rose Martin 11 months ago

Did you end up finding a list of things from the government which is required by FIs to operate? I see the documentation stuff there which you have assumed is needed, but did you get any info from the government itself? If so can you add in here to these results? Thank you!

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Jamie Butler 11 months ago

Due to time constraints it would have been very hard to meet a government official or solicitor, so we had no direct interaction with the government. However when speaking to FI's about documentation, we asked if such documents were a legal requirement- which is how we gauged what documentation is compulsory. This has been reinforced with secondary data we found from the Fiji Financial Intelligence Unit who state that there are certain criteria a new customer buying a financial product must validate- very similar to the Australian 100 point system.
Please find attached a picture of this secondary data which we believe to be the government standard of the level of identification for all FI's.
Hope this answers your question!

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