Note From the Philippines: Client Learnings on Microsavings
This note focuses on the learnings from a market research conducted by CARD Bank in Philippines about how clients save and what they liked or disliked about CARD Banks savings products. CARD Bank enlisted Microsaves expertise for market research, product development and pilot testing processes.
The market research was part of a three year partnership between CARD Bank and Grameen Foundation in the Philippines to scale up CARDs offering of safe, convenient, and affordable savings products to poor clients. Findings indicate that:
- Clients ranked security of funds, accessibility and affordability as important attributes of savings products
- Savings programs have to earn the trust of clients to be successful;
- Technologies such as ATMs provide accessibility;
- Technology must be implemented carefully to ensure that clients are comfortable with the technology and can trust that it is reliable.
The market research helped CARD Bank to learn about clients savings behavior and build a long lasting savings program.