Savings and Financial Education For Girls

1. Savings and Financial Education For Girls November 3, 2011 European Microfinance Platform Luxembourg Janiece Greene Director, Marketing Women’s World Banking

2. Women’s World Banking: A Leading Microfinance Support Organization and Network Services • Core network of 39 MFIs in 27 developing countries serving 26 million clients, more than 80% of them women • Technical assistance, insight and training for financial institutions in and out of network • Peer learning and knowledge dissemination for the industry

3. The Business Case • Business Objectives: • Capture larger share of customer wallet in deposit products • Build brand awareness and equity • Create differentiated market positioning • Increase loyalty among existing customers and next generation Two generations of bank clients • Social Objectives: • Teach valuable planning and savings skills • Children learn how to manage money and plan for the future, not just blindly save • Families and children, especially girls, build their own liquid assets • Combat cycle of dependency and lack of investment in girls Financial education class

4. Attractive, Cost-Effective Marketing and Branding Dominican Republic: Mía (“Mine”) Mongolia: Temuulel (“Aspire”) Demand Deposit, Time Deposit, Debit Card for 14-17 year olds Demand Deposits for 7-15, 16-24 year olds “Savings makes you big” Bank-sponsored event on the first day of school

5. Background: Mongolia – “Aspire” Passbook: 5

6. Financial Education Program - Mongolia

7. The Dominican Republic – “Mía” For boys: Passbooks:

8. Financial Education Program – The Dominican Republic

9. Youth Products vs. Adult Products *Adult demand deposit IR=6.6% Girl demand deposit IR=6.3%

10. Mobile Phone-based Deposit Calculator • Aspire-branded deposit calculator built with JavaME • Downloadable over the internet or bluetooth • 3 calculators (e.g. How much do I need to save each month to reach my goal in X months, using Y product?) • Savings tips, information on program and bank

11. Results to Date For Girls Accounts (June, 2011) *As of March, 2011

12. Marketing / Behavioral Change Framework www.swwb.org/publications  Traditional Framework: For Girls Savings: “Girls can save for a goal, for medium or long term” Become aware of XacBank, Aspire Learn about account Learn ways to save/reduce spending Open account Begin to save; set goals, make plan Continue saving, achieve goals, track performance Use account Get inspired, motivated; feel comfortable; overcome barriers

14. “Institutionalizing” Girls as Customers in Banks

15. Institutionalizing Girls as a Customer Segment Requires integration of: • Product and marketing targets into global targets and budgeting—from head office to field offices • Branch-level promotional responsibilities into job descriptions • Sales, event performance into performance evaluations, incentive schemes • Evaluation of marketing tactics into monitoring systems and feedback loops • Girl-specific customer service into staff trainings • Product management and marketing of products into appropriate head office departments and JDs

16. Next Steps: Combatting the Cycle of Dependency AGE Investments made in ability to earn Situation as Teen Start Expenses Income 1) 2) 1) 2) BOY 8 10 12 14 16 Expenses Income X 1) 2) 3) 1) 2) ??? GIRL Girl needs money, Boy has money  Cycle of dependency, risky behavior

17. Thank You For Your Attention swwb.org

18. APPENDIX swwb.org

19. Design Concepts • Aspirational, cute • Market tested; variations based on season, context

20. In-Branch Marketing • Brochures, Posters, Stands, hanging logos • Cross-selling to existing clients

21. School-Based Promotions • School-opening events, “Aspire Days”

22. School-Based Promotions • Financial Education classes with product presentation, branch visit • Aspire, financial education posters in schools

23. Design Concepts • “Mine” • “Savings makes you big” • Aspirational

24. Design Concepts • Positioning of the product for younger girls: a savings account for younger girls, facilitated by parent / guardian

25. Marketing Through Branches • Girls Corner • Brochures, Posters • Girl customer service training for staff

26. Summary Research Findings (low income market) • “Low” savings, banking culture; sophisticated + expensive marketing environment • Ranked # 105 on UNHDR education index* (behind Indonesia) • Culture of female dependency • Girls love going into bank branches • Medium internet use; low cell phone use • Girls love pink; want to be treated differently than boys • Girls understand importance of saving, but most are not • “Girls” are not one customer segment • “Medium” savings, banking culture; less sophisticated + inexpensive marketing environment • Ranked #54 on UNHDR education index* (behind Singapore) • Cultural support for girls education • Girls often had bad experiences in banks • High cell phone usage; moderate-high internet use Common Findings * 2007; www.hdr.undp.org/en/

27. Marketing Savings Products to Women vs. Girls NOTE: Contextual differences can change rankings, categories Younger Girls Adult Women Older girls

28. External Promotional Events • Booth at “ExpoKids” Event, National Children’s Museum