Provide technical expertise and leadership on rural financial inclusion project

Women’s World Banking is dedicated to ensuring the future of the economically empowered woman. WWB seeks to design and test viable solutions for the Banks rural/semi urban branches by leveraging the vast network of rural banking correspondents as well as the existing communities and women groups (SHGs and FPOs) in communicating and reaching women.

The project focused primarily on the following:

Build Awareness, Welcome Women:

• Marketing communication to build awareness and welcome women to the bank.
• A community engagement strategy to reach & influence her via non-banking channels
  – Like SHG groups, FPOs and other community organisations

Make the bank relatable to women’s needs by:

• Designing a small savings scheme and encouraging women to save in small accounts with the bank; and reward them by unlocking access to savings linked overdraft facility
• Exploring additional bank products (including micro-insurance & specific agri-products) which will be relevant for them and deepen their engagement with the bank.

Engaging women via an accessible channel by:

• Ensuring the existing BC channel is motivated to reach and influence women
  customers
• Increasing the number of women BCs (BC Sakhis) as a viable distribution model for the bank. In particular we seek to use this channel as a trusted engagement channel to
  nudge women to save; and increase uptake of linked bank products.

A mixed research approach, comprising of desk and primary research, was employed to achieve the study’s objectives. Primary research utilized mixed methods, combining qualitative and quantitative techniques, to comprehensively map the banking needs of low-income women in rural areas.

Following were Samavit’s deliverables:

1) Provided technical expertise and leadership on program activities that focus on rural 
low-income customers based on strong understanding of the Indian financial 
inclusion context.

2) Identified opportunities to contribute to women’s financial inclusion through working 
directly with financial service providers (Public Sector Banks, Business Correspondent channels, MFI, FPOs, SHG Groups etc.).

3) Used customer data & market insights to design solutions that can increase women’s financial inclusion through these partner organizations.

4) Provided field based expertise and insights aimed towards building customer-centric products & delivery channels.

5) Led local initiatives among various organizations such as financial service provider associations, state/region level SRLM, NRLM bodies NABARD, SFAC, NSDC etc. and held regular meetings to develop/strengthen relationships.