TRENDING products , like insurance . The Mukuru customer journey department has been established to do just that . It links with the contact centre to keep a pulse on our campaigns ’ impact and gather invaluable insights straight from our customers .
Sandy Rheeder , CIO at Mukuru in cash . So , the real challenge is merging the cash and digital economies effectively .
Many of our customers are using WhatsApp . This makes it a natural platform for us to embrace when it comes to engagement . For instance , when we rolled self-sign-ups on WhatsApp in Botswana , we used our business intelligence and analytics division not just to gauge the uptake but to understand the reasons why some customers who have gone to the trouble of registering are still not transacting .
Now , keeping data updated and maintaining its accuracy are challenges in themselves . It is a rigorous process that demands constant updates using customer logs , surveys , and other soft data points . Often , it requires going on a journey with the customer to understand their pain points and develop solutions specifically designed to address those . This requires having a detailed digital financial profile for all customers , even those who operate with cash .
The insights gained from this data can help anticipate customer needs and inform the development of new
A powerful example of how data analysis and its understanding can assist customers can be found in the pandemic . We collaborated with Finmark Trust and found a segment of our customer base who had stopped sending small remittances home . This was caused by the surge in unemployment resulting from the pandemic .
Using this data , with the help of the FCDO , were able to send funds directly to those affected . We then followed that up with a qualitative study with the recipients to understand how they used this grant , providing us with insights into their spending habits during the crisis .
But data goes beyond identifying broader trends . It is not just about the numbers , but rather about understanding individual customer behaviour , the unique characteristics of specific communities , and having insights into how best to integrate all these aspects . By partnering with companies like FinMark Trust , data can be dissected and analysed to develop far more effective and tailored financial solutions .
The journey to true financial inclusivity is a long one . By combining data , technology and commitment to understanding the needs of those facing financial exclusion , the path can be paved . Financial services are not just a luxury but a basic right accessible by all .
As we stand on the dawn of this new age of financial inclusivity across the continent , we must remember how important the transformative power of data is . Every piece of information , every transaction , and every feedback loop pushes us closer to a future where every citizen , regardless of their socio-economic background or geographic location can confidently navigate the digital financial landscape .
The potential is significant . But if it is to be realised , it will need dedication , innovation , and collaboration . Having committed fintechs , forward-thinking partners , and an engaged customer base will contribute greatly to the realisation of this potential .
As we continue to demystify and democratise the digital financial world , let us remember that shared vision is built on the foundation of every individual ’ s financial empowerment . The momentum is with us , and with data as our guiding star , we will ensure that Africa ’ s financial future is inclusive , vibrant , and full of promise . p
20 INTELLIGENTCIO AFRICA www . intelligentcio . com