State of the Savings and Retail Banking in Africa
To retain customers and attract new clients financial service providers need to understand customer needs and develop a portfolio of products that truly respond to customers’ needs, especially when targeting the low-income market, so often underserved. How to mine the rich resource of public data about customers profiles and behaviors is the topic of the new case study by WSBI’s Scale2Save program for financial inclusion. This study takes the standpoint that data is key to developing customer-centric banking and enhancing financial inclusion because it helps truly understand (potential) customers and their needs.
This publication looks in detail at the challenges of finding and using data in African countries and takes the examples of three financial service providers who are already reaping the benefits of a transition to data-driven, customer-centric operations and product portfolios.