An App, a Conversation and a New Account: A Novel Approach to Talking About and Tailoring Term Deposits

Reverse engineering the loan officer-client conversation provides key insights

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“How much money do people typically imagine they should have when saving for emergency needs? Is that different from what they need for the children’s education? What kinds of conversations are field staff having?”

These and similar questions are quite familiar to financial institutions trying to mobilize long-term savings from low-income clients through their field staff. In this blog post, we share the story of how mobile application usage data allowed SAJIDA Foundation, an OPTIX partner from Bangladesh to gain insights into member-staff conversations without actually being there: a kind of virtual “fly on the wall”. They gained an unprecedented look into how financial planning really unfolds as they sought to tailor a term-deposit product to people’s needs.

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How SAJIDA Foundation Nearly Doubled Customer Uptake of Savings Accounts

Afsana works at a garment factory in Dhaka and has two young daughters. She recently opened an Astha term deposit account with SAJIDA Foundation for 10,000 Bangladeshi Taka ($120) after learning about its benefits from a loan officer. For Afsana, Astha has allowed her to lock away a lump sum which is difficult to do on her limited salary and pressing needs. She explains, “My children are studying. I want to invest money for their higher education. I would also like to save up to build a house in the village one day.”

Astha, a term deposit account, allows SAJIDA Foundation members to save toward a purchase or financial goal. Members can deposit small amounts for a specified length of time while earning at-market interest. Astha, meaning “reliance and dependability” in Bengali, is a product of SAJIDA Foundation, an NGO which offers a microfinance program and various health and other development initiatives throughout Bangladesh, including long-term savings options for unbanked or underbanked individuals like Afsana.

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