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A Journey in Customer-Centricity Liberia · Rwanda · Zambia a Journey in Customer-Centricity

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A Journey in Customer-Centricity Liberia · Rwanda · Zambia a Journey in Customer-Centricity A Journey in Customer-Centricity Liberia · Rwanda · Zambia A journey in customer-centricity Content Forewords 4 1. The journey to customer-centricity 6 2. Translating customer needs into bank value propositions 9 alwaysAccessible 3. Customer Insights gathered 10 4. Focus on Active Youth 14 5. The partners 16 2 3 A journey in customer-centricity A journey in customer-centricity CUSTOMER CENTRICITY PRESSING THE RESTART BUTTON ON CUSTOMER-CENTRICITY When our banks started operating in 2006, it for data processing and analytics. On the other As a bank, we have always strived to put the cus- On the back of the insights we gained from the was in a market that was shaped by the suppli- hand, we need to maintain physical contact with tomer first, but after conducting customer needs Customer Needs Analysis project, we have al- ers of services, not the customers. Nobody con- our business clients – although on a much-re- analysis research we have found that there is ready begun to make changes in the way we op- sidered what clients specifically wanted outside duced level – to understand client needs, to de- much more to becoming a truly customer centric erate and what we offer our clients. Structurally, extending micro-loans to them. liver responsible financial services and prevent business. we have broken down the silos that stood in the over-indebtedness. Customer needs analysis is way of responding to customer needs in a seam- Market conditions have changed considerably an essential part of this endeavour. Digitisation Before embarking on the research, we segment- less way. Instead of operating as separate teams, since then. We realised that if we wanted to re- and organisational change are the other two ed clients into two broad categories: clients who offering clients either loans or savings products, main competitive as a business, we would need critical transformations required to further fos- had set up their own business operations and our credit and retail teams have been merged to adjust our products, channels and the way we ter customer-centricity. those who were employees. In retrospect, we and the business officers have been trained to interact with clients. Ultimately, we will need to were looking at our clients from a product per- serve the customer based on their individual advance our digital capabilities while still giving A change like this requires a dramatic mind shift. spective, putting them all into boxes and pre- needs rather than selling them products. banking a human face. Employees need to see the world from the out- senting them with the same solutions. side in, through the eyes of the customer, instead These changes, I believe, are a good start to our The core clients of the AccessGroup are micro of the inside out. We are in a perfect position In early 2018, when we kicked off the research customer centricity journey. However, we under- and small businesses, their family members, staff to achieve this change as our staff members are project, we sought to better understand our ex- stand that in order to keep abreast of changing and business partners. Delivering meaningful fi- part of the local communities we serve, and our isting and potential clients through a series of customer needs and preferences, we will need to nancial services to small businesses and, in par- people work with our clients face-to-face daily. one-on-one interviews and focus groups. The keep in touch with our customers. Thus, we have ticular, extending business loans will continue insights we got from the research enabled us to set up a department responsible for innovation, to require physical interactions with our clients, Bernd Zattler come up with detailed customer personas that which will capture client feedback, conduct pe- including first-time visits and debt recoveries. CEO AT ACCESS MICROFINANCE HOLDING AG articulated the different pain points experienced riodic focus groups and put together an annual by our clients. These personas have allowed us customer satisfaction survey. We will then revis- Technology helps us automate internal process- to gain a far deeper understanding of the differ- it, refine and adapt our offerings based on these es, become accessible to our customers 24/7 ent needs and aspirations of customers, which ongoing customer insights. on various channels and reduce costs by digit- has also helped us identify which products and ising information and thus making it available services will fulfil these. Arah Sadawa CEO AB RWANDA Forewords4 5 A journey in customer-centricity A journey in customer-centricity In this publication, we take you through our exciting journey The journey to where we set out to get a more detailed and comprehensive understanding of how existing and potential bank customers customer-centricity fulfil their current financial needs. In three banks in our net- work, AccessBank Liberia, AB Bank Rwanda, and AB Bank Zam- bia we elaborate on how this understanding, is used to build and deliver solutions based on the needs of our customers. 1 SEGMENTING OUR TARGET MARKETS All over the world, consumers have the same CGAP segmentation toolkit 1 and guided by the general needs. They want to improve their lives, question: what determines the financial behav- have better health outcomes, educate them- iour and needs of our clients and where do we selves and their children, save for old age, and have the most significant potential to meet their enhance their resilience, among other things. needs? Typically, our main target group, the en- However, the values, needs, and behaviour of dif- terprises, are defined by their business size or ferent low-income customer segments are very their debt capacity. We, however, looked deeper nuanced, and it is crucial to understand these if into the way they conducted their business. Us- Youth Salaried Day to Dayer Doers and Advanced you want to meet their financial needs. To do so, ing a multi-segmentation approach, we assigned Employees Makers Enterprise we needed to segment the target markets to get enterprises into categories such as “day to day- a deeper understanding of each segment’s aspi- ers/hustlers” and cash-based, family or advanced rations, financial needs and, behaviour, as well enterprises. These segments encapsulated the as attitudes towards financial institutions. We way they saw their business, as well as how they believed a needs-based segmentation of cus- managed finance and their businesses. In each UNDERSTANDING NEEDS tomer groups would country, we came up with slightly different seg- AND BEHAVIOUR identify new growth mentations both for businesses and for consum- A needs-based opportunities, uncover ers. However, the exercise highlighted and rein- segmentation of customer groups areas where we could forced the fact that the priority segments of the We developed an outline for research to de- The target segments, products and would identify new growth streamline product of- banks were small businesses (both urban and ru- termine each segments’ financial and banking service offerings on which banks ferings and improve ral). In all three banks, we also identified young needs and the context in which they made finan- opportunities should focus. profitability by provid- adults, or, as we called them, “active youth”, as a cial decisions. We aimed at detailing what trig- 1. ing tailored products, priority segment. Creating a segmentation that gered the uptake of financial services and prod- services and pricing and thereby transforming truly worked required an in-depth study of not ucts and what decision processes influenced How the bank could positively the banks into customer-focused organizations. only each segment’s unmet needs and potential continued usage or disruption of usage, i.e. we influence uptake of its products In all three banks, we used a combination of tools impact of these on their lives, but also attitu- wanted to explain the pathway clients followed 2. and services. and instruments to review existing segmenta- dinal and behavioral insights into how the seg- from beginning to do business with a particu- tion and arrive at the new needs-based segmen- ment related to money and financial services in lar bank to, hopefully, becoming loyal clients. If tation of the banks’ target markets in Liberia, different aspects of their life. the different elements that influenced decisions How the bank could influence Rwanda, and Zambia. The methods used to de- around uptake usage and continued usage were continued usage and enhance velop the segmentation were based on the well understood, clear decisions could be made on: 3. client loyalty. 1 www.cgap.org/research/publication/customer-segmentation-toolkit 6 7 A journey in customer-centricity A journey in customer-centricity Using the insights we achieved, namely understan- Translating customer ding what customers required to manage the dif- needs into bank ferent aspects of their financial lives, enables us to move away from being product-centric and towards value propositions putting our customers at the centre of how we do business. DESIGNING IN DEPTH RESEARCH A qualitative deep-dive methodology was re- In each country, around 40 in depth one-hour 2 It puts us in a position to ensure that our products one hand, we are looking at the services and quired, based primarily upon face-to-face in interviews were conducted. These were comple- and services meet the specific, and deep-seated products we can bundle, reorganize, and design depth interviews and focus group discussions. mented by up to 10 focus group discussions. It needs, of our customers; helping them achieve to match the needs of the identified segments. Research would ex- should be emphasised that qualitative research their dreams and attain their financial goals. The On the other hand, we are refining the way we The research was also used to identify plore very specific samples are purposive and quota-driven in na- financial benefits bank products and services -of communicate and market to the segments and patterns in what people need aspects of uptake of ture; they have no statistical validity or reliabili- fer can be turned into compelling value propo- the public overall.
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