This Note discusses the first element of MicroSave’s Strategic Marketing Framework, i.e., “Corporate Brand Strategy” as applied to e/m-banking context. This Note examines the role that branding can play in promoting e/m-banking products and services to the un-banked and under-banked. It discusses how e/m-banking providers create a brand (in most cases leverage an established brand such as that of an MNO or bank) and corporate identity, and then communicate it internally as well as externally through marketing/promotions and public relations.
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Top Marketing Challenges for E/M-Banking (2/5)
Marketing cannot only be seen as an expense to avoid or incur as little as possible. Through marketing, customers are told about a service and how it addresses their need and gives them a reason to use the service. In case of e/m-banking, while there has been significant investment in marketing and promotions, not many providers (except for a few) have achieved significant scale in customer adoption.
This Note attempts to summarise the key challenges that the e/m-banking service providers face while promoting their services and also covers potential, actionable steps that could address the challenges.
Individual or Institutional BCs: The Banker’s Perspective
This Note provides perspective on how individual and institutional BCs are perceived by banks. The Note examines how banks might choose between the two approaches, by using the decision parameters such as:
(a) Customer Acquisition and Outreach,
(b) Customer Relationship and Retention,
(c) Control: Monitoring and Support, and,
(d) Resources.
It serves as a starting point for discussion and decision-making for banks interested in entering the BC business, and for BCNMs interested in partnering with them.
Individual or Institutional BCs: The Client’s Perspective
This Note is the first of a two-part series, which provides some perspective on how individual business correspondents (BCs) and institutional BCs are perceived by clients and banks.
This Note approaches the question from the client’s perspective. It concludes that institutional BCs have the advantage of delivering better on most of the key parameters: trust and customer relationship; quality of service delivery; consumer protection and cash availability, primarily because the BCNMs are dedicated to, and focused on, the success of the overall system. In the case of individual BCs, clients may find that the local bank branch does not have the motivation or the resources to provide dedicated teams to provide superior service. This is especially true in India where the banks prefer to outsource their priority sector/financial inclusion activities (for both credit and savings).
Microfinance in India – Is Business Correspondent the Way Forward?
This Note explores the shape and direction of the future of microfinance sector in India and proposes a model where MFIs act as agents of banks.
It tries to make a win-win case wherein clients benefit from the wider bouquet of product offerings; MFIs de-risk their operations and banks get intermediaries with closer to the ground presence and a more equitable risk – return ratios.
Marketing E/M-Banking More Deliberately and Strategically (1/5)
The Note is the first of a series of technical briefs focused on strategic marketing for mobile money, covering the following topics:
Challenges in marketing,Branding,Product marketing, and, Parallel links with successful marketing efforts to the rural poor by other industries.
This Note, in particular, attempts to highlight the need for marketing e/m-banking services and derives its content from several field research initiatives undertaken by MicroSave along with its Action Research Partners (ARPs) in India, Indonesia, Kenya, South Africa, Colombia, Papua New Guinea and the Philippines.The Note also introduces the strategic marketing framework of MicroSave and how it applies to e/m-banking context.