This note explores that majority of the savings product currently available to the poor are mainly those that have been either in existence for quite some time now or have been replicated from somewhere. These products fail to understand the customised needs of the poor clients and thus lack adaptability.
Several researches including “”Portfolios of the poor”” have shown that poor people do and want to save for life cycle events like marriages illness etc. Poor’s dependence on community based services exposes the fact that the current offerings do have certain hurdles for the poor to access services from the current service providers.
The note discusses a few important points that financial service providers should focus on while designing and rolling out a savings product for clients.