This study is an extension of the work that MicroSave has been doing over the years on understanding how different types of people practice money management. It draws from industry literature on the subject, such as the financial diaries in Bangladesh, Kenya, Mexico, and Zambia. Drawing insights from studies conducted in India, the report analyses the behaviour of mass market customers in order to offer providers design for universally appropriate financial products and services.
The market insights from the Indian mass market has yielded important lessons for financial services providers all over the world. The research uses ourMarket Insights for Innovation & Design approach with a supposition that service providers want to look at the mass market as a whole and not as specific segments. A broad overview of the mass market construct and corresponding behaviour would allow them to create generic products. Customers in the mass market would then find their own value proposition in these products and will adopt to accommodate multiple use-cases. We believe, for financial service providers, this approach is better than focussing on specific solutions, such as types of payments; or on specific types of customers such as migrants or G2P beneficiaries.