Product Development for Girls: Girls' Saving and Financial Education
This case study narrates how Women's World Banking (WWB), a global network of microfinance providers and banks, supported one of its network members, XacBank (Mongolia), in designing and rolling out savings products and financial education programs for girls.
The project presented in the study involved simultaneous development of savings products, financial education campaigns and marketing strategies. The objective of the project was to enable girls aged 14-17 years to understand the importance of savings, learn savings strategies, open savings accounts and develop a savings habit.
The case study highlights key aspects of the product development process. These include:
- In-depth research and continuous stakeholder feedback;
- Designing a flexible, inclusive and simple product offering;
- Engaging expertise of NGOs when required;
- Launching a pilot with clear learning objectives and a robust monitoring plan;
- Developing mutually beneficial partnerships to reach clients;
- Integrating financial education delivery and product promotion;
- Developing efficient direct marketing strategies.