Articles by Innocent Ephraim
The Secret Ingredient in Product Design: How Crossing the ‘Emotional Gateway’ Can Boost Financial Services
Banks can be intimidating places for people who have never set up an account, let alone stepped foot in one. But people love and trust their savings groups, which are a mainstay of financial security in dozens of countries. Innocent Ephraim at the Financial Sector Deepening Trust and Daryl Collins at Bankable Frontier Associates (BFA) ask: How can formal providers offer financial services that appeal to users in the same way?
In emerging economies throughout the world, people have flocked to mobile payment solutions, whether it’s to send money home, facilitate informal business transactions or pay bills. Yet most digital accounts are empty and serve mainly as a pass-through for such payments, which limits the transformational potential of mobile money. Here are several factors which make digital accounts an illogical store of value for people with low and uncertain incomes, and six ways providers can address this issue.