Making Impact Via Cross-Selling

 

Our Mission

BFA, with the support of MetLife Foundation, and fiscal sponsor Rockefeller Philanthropy Advisors (RPA), aims to support financial institutions’ strategic and tactical thinking to optimize cross-selling strategies and build better financial services portfolios for their low-income customers.  Their customers will be able to actively using multiple products and, ideally, become dedicated, life-long customers of the institution which can better fulfill its customers’ financial needs.

Since 2016, OPTIX has been working with four financial institutions – SAJIDA Foundation, Banco WWB, Cooperativa Acreimex and Capital Aid Fund for Employment of the Poor (CEP) – in four markets—Bangladesh, Colombia, Mexico and Vietnam—to more intentionally pursue cross-selling strategies that positively impact the institutions and their customers. These institutions are 4 successful financial institutions with a deep commitment to improving the lives of the poor, offer multiple products and show agile management capabilities.

 

About the OPTIX Partners

MetLife was founded on a simple, powerful insight: Everyone needs access to the right financial tools to achieve their goals. In 2013, this understanding inspired MetLife Foundation to refocus its grantmaking toward financial inclusion. To support its vision and mission, the Foundation has committed $200 million over five years to help low-income individuals and families get access to safe and affordable financial products and services. As it enters the second half of its five-year strategic plan, MetLife Foundation is right on track, disbursing more than $100 million against that goal.

Since its creation in 1976, MetLife Foundation has provided more than $700 million in grants to make a positive difference for the people, families and communities it serves.

 
 
 

BFA is a global consulting firm specializing in the development of financial services for low income people around the world. Its approach is to seek out, create and implement solutions to the challenges faced by low income people in managing the financial matters that underpin their lives.  BFA purposefully partners with cutting-edge financial and non-financial institutions that touch the lives of low income customers. In creating solutions, BFA integrates its deep expertise in customer insights, business strategy, new technology and growth-enabling policy & regulation. Founded in 2006, its clients include donors, investors, financial institutions, policymakers, insurers and payment service providers. BFA has offices in Boston, New York, Nairobi and Medellín.

 

Rockefeller Philanthropy Advisors (RPA) is a nonprofit organization that currently advises on and manages more than $200 million in annual giving. Headquartered in New York City, it traces its antecedents to John D. Rockefeller Sr., who in 1891 began to professionally manage his philanthropy “as if it were a business.” With thoughtful and effective philanthropy as its one and only mission, Rockefeller Philanthropy Advisors has grown into one of the world’s largest philanthropic service organizations, having overseen more than $3 billion to date in grantmaking across the globe from four regional offices in the United States.


The Goals FOR OPTIX

  • Equip four socially-driven, financially sustainable institutions in developing countries with the tools to better serve their 700,650 customers through targeted products and appropriate service reach.
  • Ensure low income customers have a relevant and accessible array of financial products to protect themselves from unforeseen emergencies and to take advantage of opportunities to improve the lives of their families.
  • Provide greater knowledge to the broader financial inclusion community about how to develop and use a set of analytical tools to develop better information-driven strategies

Benefits for the Institutions

The institutions benefits by tapping into a new pool of revenue and raising profitability of existing products, by better leveraging existing customer relationships and increasing customer retention, loyalty and promotion.
 

Benefits for the Clients

Customers will benefit from savings on sign up costs, one stop shop convenience and more tailored products that suit their wide range of financial needs.

Our partners have proven experience reaching low-income customers with a variety of savings and credit products. This unique partnership and learning model will allow these organizations to broaden their overall financial portfolios, which should help them become more sustainable. MetLife Foundation is excited to be a part of this initiative because of its ability to meet nearly one million clients’ holistic financial needs, and increase the sustainability of the institution serving them.
— Dennis White, president & chief executive officer of MetLife Foundation