Remittance is the most common entry point for mobile money systems as it not only addresses significant pain points for customers but also builds trust in the system. However offering only remittance - the star product - is rarely sufficient. Expanding the product suite to offer other services and products is essential. Providers need to look beyond remittances both to drive profitability of mobile money systems and to cater to the huge unmet financial needs of the masses. However, it would be a mistake to assume that clients are essentially homogenous.
The easiest way to get the product suite right is to listen to clients carefully and to match their needs with the organisation's capabilities. Broadening the product suite enables a mobile money platform to expand its client based, drive the number of transactions on the system and ultimately to reap the benefits of what are almost infinite opportunities.
- Remittances
- Product Development
- Mobile Banking
- Strategy
- Electronic Benefit Transfer
- M-Banking
- Briefing Note
Related Documents
- Briefing Note 101: Mobile Money - Questions That Your Clients Will Ask You
- Briefing Note 116: Building Business Models for Mobile Money
- Briefing Note 115: Process Mapping for Mobile Banking Initiatives
- Briefing Note 111: Managing Customer Satisfaction in Agent Banking
- Briefing Note 110: Managing Channel Satisfaction in Agent Banking
- Briefing Note 109: Incentivising E/M-Banking Agents
- Briefing Note 108: Incentives for E/M-Banking Customers to Drive Usage
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