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CGAP case study examines branchless banking and mobile financial services models in Colombia
Consultative Group to Assist the Poor case study examines problems with branchless banking and mobile financial services models that put consumers at risk in Colombia. Explores solutions to mitigate risks while encouraging innovation in the finances markets that serve the poor. Key highlights: i) clients report that network outages are the most frequent problem they face in digital financial services; ii) clients are most concerned about the lack of clarity about where to complain; iii) despite difficulties in using digital financial services, clients are proactive about being vigilant and not being scammed; iv) while temporary PINs may increase security, difficult-to-use interfaces obfuscate mobile financial products; and v) aligning agent and agent network managers' incentives with a good customer experience has potential to reduce problems at the agent channel.
Publisher:
International Organizations
Release date:
Dec 2014
Country:
Colombia
Type:
Consultative, discussion and issues paper
Topics:
Financial inclusion, Consumer education and protection, Transparency and disclosure
Sectors:
Banking, Microfinance
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