ZTN-SMX-CPTrain-09-05-00-FMR Copyright © 2000 Monitor Group — Confidential — CAM © 2011 Women’s World Banking Janiece Greene Director, Marketing Women’s

ZTN-SMX-CPTrain-09-05-00-FMRCopyright © 2000 Monitor Group — Confidential — CAM© 2011 Women’s World Banking

Janiece GreeneDirector, Marketing

Women’s World Banking

Savings and Financial Education For

Girls

European Microfinance

Platform

Luxembourg

November 3, 2011

© 2011 Women’s World Banking; www.swwb.org 2

Women’s World Banking: A Leading Microfinance Support Organization and Network

Services

• Core network of 39 MFIs in 27 developing countries serving 26 million clients, more than 80% of them women

• Technical assistance, insight and training for financial institutions in and out of network

• Peer learning and knowledge dissemination for the industry

© 2011 Women’s World Banking

The Business Case

Business Objectives:• Capture larger share of customer wallet in deposit

products• Build brand awareness and equity • Create differentiated market positioning • Increase loyalty among existing customers and

next generation

3

Two generations of bank clients

Financial education class

Social Objectives:• Teach valuable planning and savings skills• Children learn how to manage money and plan for

the future, not just blindly save• Families and children, especially girls, build their

own liquid assets• Combat cycle of dependency and lack of

investment in girls

© 2011 Women’s World Banking 4

Attractive, Cost-Effective Marketing and Branding

Mongolia: Temuulel

(“Aspire”)

Dominican Republic: Mía

(“Mine”)

Bank-sponsored event on the first day of school“Savings makes you big”

Demand Deposit, Time Deposit, Debit Card for 14-17 year olds

Demand Deposits for 7-15, 16-24 year olds

© 2011 Women’s World Banking5

Background: Mongolia – “Aspire”

PRODUCTS: Demand Time

Age 14-24

Minimum opening balance

MNT 3,000(US$2.50)

Minimum ongoing balance

3,000

Term None3-24

months

Interest rate 6% 10-14%

Fees

Withdrawal: 100

Account close: 1,000

Passbook: 500

Passbook: 500

Requirements to open account

Photo, ID (birth certificate or ID)

Financial Education Program

• Managed by experienced local NGO: Mongolian Education Alliance

• Taught by university students (urban) and bank staff (rural) to groups of 20-25 girls in secondary school, as “after-school” activity

• 8 sessions covering saving, goals, communication, reducing spending, banking, and budgeting

Passbook:

5


Financial Education Program - Mongolia


The Dominican Republic – “Mía”

Products: Younger Older

Age 0-15 16-24

Minimum opening balance

DOP 100 (US$2.50)

DOP 200 (US$5)

Minimum ongoing balance

25

Term None

Interest rate 2.5%

FeesDOP 10 / month after 6 straight

months of inactivity

Requirements to open account

Guardian with ID

Own ID

Financial Education Program

• Managed by ADOPEM NGO

• Taught by school teachers to groups of 25 girls in school, as “after-school” activity

• 3 sessions covering saving, goals, banking and reducing spending

For boys:

Passbooks:


Financial Education Program – The Dominican Republic


Youth Products vs. Adult Products

Minimum Balance

(70% lower)

(60%, 20% lower)

Interest Rate

(5% lower)*Same

Fees

Passbook fee is 50% lower; otherwise same

Same

TermSame

(both available)None

(only Demand)

*Adult demand deposit IR=6.6%Girl demand deposit IR=6.3%


Mobile Phone-based Deposit Calculator

• Aspire-branded deposit calculator built with JavaME– Downloadable over the internet or

bluetooth

– 3 calculators (e.g. How much do I need to save each month to reach my goal in X months, using Y product?)

– Savings tips, information on program and bank


Results to Date For Girls Accounts (June, 2011)

11

Months since beginning of product pilot 26 18

Statusnationwide roll out

22 months agogradually rolling out

nationwide

Accounts open 6,089 4,679

Average % of accounts transacting / month (last 6 months)*

50% 39%

Average balance US$62 US$16

Financial education participants 17,143 2,533

*As of March, 2011


Marketing / Behavioral Change Frameworkwww.swwb.org/publications

“Girls can save for a goal, for

medium or long term”

Learn ways to save/reduce

spending

Begin to save; set goals, make plan

Continue saving, achieve goals,

track performance

Traditional Framework:

For Girls Savings:

Get inspired, motivated; feel comfortable; overcome

barriers

Become aware of XacBank,

Aspire

Learn about account

Open account Use account



“Institutionalizing” Girls as Customers in Banks


Institutionalizing Girls as a Customer Segment

Requires integration of:•Product and marketing targets into global targets and budgeting—from head office to field offices•Branch-level promotional responsibilities into job descriptions•Sales, event performance into performance evaluations, incentive schemes•Evaluation of marketing tactics into monitoring systems and feedback loops• Girl-specific customer service into staff trainings• Product management and marketing of products

into appropriate head office departments and JDs


8 10 12 14 16

Investments made in ability to earnStart Situation as Teen

AGE

BOY

1)

2)

Expenses

Income

1)

2)

Girl needs money, Boy has money Cycle of dependency, risky behaviorGirl needs money, Boy has money Cycle of dependency, risky behavior

1)

2)

3)

Expenses

Income

1)

2) ???

GIRL

X

Next Steps: Combatting the Cycle of Dependency


Thank You For Your Attention

swwb.org


APPENDIX

swwb.org


• Aspirational, cute• Market tested; variations based on season, context

19

Design Concepts


In-Branch Marketing

• Brochures, Posters, Stands, hanging logos• Cross-selling to existing clients


• School-opening events, “Aspire Days”

21

School-Based Promotions


• Financial Education classes with product presentation, branch visit• Aspire, financial education posters in schools

22

School-Based Promotions


Design Concepts

• “Mine”

• “Savings makes you big”

• Aspirational


Design Concepts

• Positioning of the product for younger girls: a savings account for younger girls, facilitated by parent / guardian


• Girls Corner• Brochures, Posters• Girl customer service training for staff

Marketing Through Branches

25


Summary Research Findings (low income market)

− Girls love pink; want to be treated differently than boys− Girls understand importance of saving, but most are not− “Girls” are not one customer segment

− “Medium” savings, banking culture; less sophisticated + inexpensive marketing environment

− Ranked #54 on UNHDR education index* (behind Singapore)

− Cultural support for girls education− Girls often had bad experiences in banks− High cell phone usage; moderate-high internet use

− “Low” savings, banking culture; sophisticated + expensive marketing environment

− Ranked # 105 on UNHDR education index* (behind Indonesia)

− Culture of female dependency− Girls love going into bank branches− Medium internet use; low cell phone use

Common Findings

* 2007; www.hdr.undp.org/en/


Marketing Savings Products to Women vs. Girls

(Control over account)(Little / No control

over account)

Perceived need to save Highest need Less need Lowest need

Familiarity, comfort with saving in a bank Most familiar Less familiar Least familiar

Engagement required with gatekeepers Variable Variable + More needed

Convenience needed Variable + Variable More needed

Comfort with saving for the long term Variable Less comfort More comfort

AdultWomen

Oldergirls

YoungerGirls

NOTE: Contextual differences can change rankings, categories


External Promotional Events

• Booth at “ExpoKids” Event, National Children’s Museum

28

Documents

ZTN-SMX-CPTrain-09-05-00-FMR Copyright © 2000 Monitor Group — Confidential — CAM © 2011 Women’s World Banking Janiece Greene Director, Marketing Women’s