| Quarterly Newsletter, December 2017 |
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'Voice Receipts' are changing how MFIs are reaching their borrowers
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Photo: Krishna (right), an IRCS loan customer with his wife.
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Leading NBFC IFMR Rural Channels and Services (IRCS) was facing a unique challenge with microfinance borrowers in Tamil Nadu. They had invested in a technology solution for loan officers to generate EMI payment receipts for customers using thermal printers in the field. However, since these receipts were in English, most customers were unable to read and understand crucial transactional information such as the payment amount officially received by IRCS. In addition, IRCS was sending customers real-time SMS-based receipts but found these messages ineffective due to customers’ low literacy levels and unfamiliarity with using SMS.
Awaaz.De worked closely with IRCS to design and implement personalised voice payment receipts as a replacement to SMS. Seamlessly integrated with IRCS’ MIS, the solution fully automates dynamic, near real-time, Tamil-language voice payment receipts targeting 250,000 customers monthly, empowering customers with timely transaction information to prevent discrepancies with cash collections. Once the system launched, the Awaaz.De team conducted in-person user research and feedback surveys with customers to understand impact and made recommendations on how to improve the current system. Many customers who have come to depend on these communications for official payment confirmation by IRCS stated that they otherwise would visit their respective branches if they were not to receive these calls. Latest IRCS data reveal a 65% call completion rate on average and 79% pick-up rate.
The mobile voice payment receipt solution has resulted in increased transparency and customer trust for IRCS, which can be an advantage in a competitive microfinance market. Moreover, after validating voice as a channel for customer communications, IRCS is now also using Awaaz.De to promote new products and services within the company’s portfolio.
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Awaaz.De and Accion collaborate to advance
'The Business Case for Financial Literacy in India’
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Awaaz.De hosted some of the most innovative banks, NBFCs, fintech companies, and foundations in Mumbai to help advance the cause of Financial Literacy in India as a part of Accion's global event FinclusionWeek on November 2, 2017.
The participants debated whether financial literacy initiatives generate ROI for financial institutions. Attendees agreed that financial literacy programmes do indeed benefit both customers and service providers, but the group was split over the short vs. long time horizon for this financial return to service providers. Ms. Maya Vengurlekar, Executive Director of CRISIL Foundation, noted an example of recipients of financial education requesting smaller loans but maintaining better repayment records, indicating a long-term pay-off on financial awareness. Additionally, participants discussed potential conflicts of interest for service providers offering financial education to customers that gives preference to the same financial institution's own products. As such, Mr. Raul Rebello, Head - Rural Lending at Axis Bank, asserted that only separate, non-business groups within banks, such as CSR arms, should be responsible for delivering financial awareness campaigns to customers.
Thanks to leaders from YES BANK, Suryoday Small Finance Bank Limited, Accion, CRISIL Foundation, WitFin, RBL Bank, Aditya Birla Idea Payments Bank, Axis Bank, and ftcash for sharing their valuable insights on ‘The Business Case for Financial Literacy in India’.
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Thought Leadership in Financial Inclusion
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Elliot Rosenberg, VP-Business Development was invited to be on a panel at Sa-Dhan conference on 'Financial Education and Digital Financial Literacy: What works best for clients' in New Delhi on 15 September. The conference provided stakeholders with a platform to deliberate on specific sectoral concerns and challenges in the implementation of India’s Financial Inclusion programme.
Elliot spoke about Awaaz.De's financial behaviour data collection project funded by the Gates Foundation, which showed that engaging, story-based content delivered via phone calls in local language increased banking customers' understanding of digital financial services (DFS) by 73%. Moreover, Elliot emphasized the need for customer-centric approaches to communications in financial literacy campaigns, such as IVR for lower-income groups who are semi-literate and less likely to be advanced users of smartphones.
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| The Awaaz.De team wishes you & yours a peaceful & prosperous 2018. |
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Awaaz.De Messenger released
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Awaaz.De Messenger is a new product, built on our next-generation platform. Messenger is an upgrade of the existing Streams product and features a modern, user-friendly interface, revamped contact management, personalized IVR archives, Google Sheets integration, advanced reports, and more. Contact us for a demo.
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NABFINS- Awaaz.De partners on financial literacy
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| Photo (l-r): Dr.B.S.Suran (MD, NABFINS), Elliot Rosenberg (VP- Business Development, Awaaz.De), O.P.Dhoundiyal, (GM, NABFINS) |
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Nabard Financial Services (NABFINS) partnered with Awaaz.De to increase self-help group microfinance borrowers’ awareness of positive financial behaviours. Awaaz.De is broadcasting a series of seven story-based, edutainment ‘podcasts’ to 18,000 customers in Karnataka.
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Ms. Nina Gené, CEO, Jasmine Social Investments, and Ms. Terry Baxter, Foundation Manager, Jester Foundation visited Awaaz.De's Ahmedabad office for a tête-à-tête with the team.
Jester Foundation currently supports social enterprises like Medic Mobile, Noora Health, Educate! and many more. And Jasmine Social Investments has organisations like Educate Girls, Last Mile Health, and Precision Agriculture Development (PAD) as a part of their global portfolio.
Ms. Gené cited an experience of the risk of mission drift for social enterprises who receive funding from more commercially-focused investors who push for 'exits.' Also interesting was that impact investors are more likely to back ventures with a clear sectoral focus as opposed to those working in different verticals because social impact metrics are simpler and more focused.
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Awaaz.De CGO Sonali Mehta-Rao was an invited speaker at SOCAP2017 - the world's leading conference on impact investing and social enterprise.
From the event, the Huffington Post catalogued Sonali’s advice among 65 successful social entrepreneurs’ insights on leadership. Said Sonali, “The most important thing in the early days is physical proximity to your customer or user. Live in the communities/countries where you work, and always put your customers first.”
Photo Credit: Sumit Kohli
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The Awaaz.De team participated in a 'Kindness Day' in Ahmedabad as an opportunity to reflect on and practice kindness in their daily lives. Team members did various activities in and around Ahmedabad, including sharing food, giving hugs, picking up trash, and planting trees - the experience was priceless.
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Curious about how our last-mile communication solutions can help your organisation?
Drop us a line at in...@awaaz.de or call
+91 7940086740.
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