Press release: CGAP Launches Customer-Centric Guide
CGAP today launched the Customer-Centric Guide, a web-based collection of toolkits and experiments to help financial service providers deliver products and services that better meet the needs of low-income customers.
The number of people with a financial account grew by 721 million between 2011 and 2014, reducing the ranks of the unbanked by 20 percent to 2 billion. While the number of people with formal financial accounts is growing worldwide, many poor people seldom use them, suggesting they find the accounts have little value. According to the World Bank’s Global Findex report, in developing countries about 20 percent of adults left their accounts unused for at least a year. For banks, mobile money services and other financial providers, this represents a lost business opportunity after spending an estimated $13.3 billion to open these accounts. For poor customers, it limits their opportunities to build financial resilience, make choices and improve their lives.
The CGAP Customer-Centric Guide is designed to help bridge this gap between financial access and usage.
Photo courtesy of John Twohig.