FINO Financial Literacy Program

Transcription

1 FINO Financial Literacy Program

2 Problems to Service BoP Foolproof Identity Illiterate Populace Infrastructure Accessibility & Reach Information Gap Product Delivery Through Biometric Smart Cards, POT Machines & Mobiles Achieved More Than 57mn Customers In 6 Years Clients Bank At The Doorstep FINO provides end-to-end technology and operational solutions to Financial Institutions, revolutionizing the way their services reach the bottom of pyramid(bop) customers, through its unique products Social Impact A Unique Identity for Every Indian Regular Employment & Prompt Payments Fast & Secure Payment to Villagers Healthcare for All FINO Products

3 Project Objective To improve knowledge to evaluate various savings options To increase knowledge of customers to evaluate financial products To bring change in the financial attitude of people and to empower customers to make informed financial decisions To increase trust & confidence among customers To enhance the capabilities of the agents FINANCIAL INCLUSION FINANCIAL LITERACY FINO FINANCIAL WELL BEING

4 Introduction Process Flow: Development of FE tools Training of Trainers Agent Training Intervention(Delivering FL Workshops for Bandhus and End Beneficiaries) Training Plan: Training of Trainers(2 Full Day Training) No. of Batches 1 No of Trainers to be trained 10 Training for BCs(2 Full Day Training) No. of batches 10 No. of bandhus trained per batch 10 Total no. of bandhus trained 100 Training for Beneficiaries( 3 Day 2 hrs workshop) No. of workshops per bandhu 1 No. of beneficiaries per workshop 15 Total no. of workshops 100 Total no. of beneficiaries trained 1503 FINO 4

5 Delivery Channel Administrative channel Training Training Feedback Feedback Delivery channel for FLP FINO 5

6 Content Training Module Contents Financial Planning and Budgeting Saving and Investment Borrowing and Loan Management Mitigating Risk and Insurance Discussion about objective of session How to keep track of income and expenses Creation of personal budget and its categories Importance of regular saving and diff between saving and investment Importance of saving account and diff avenues of saving Long term saving and planning for major future event Concepts of wise borrowing planning personal loan mgmt Planning for emergency needs to avoid overindebtness Meaning and usefulness of insurance Discussion on diff insurance products like life insurance, health insurance, crop insurance etc Pension planning for target segment Formal Financial Services Knowhow Basic knowhow about Banking services and insurance co. Need for including oneself in formal financial system FINO 6

7 FE Tools Leaflets Comic Flipchart Audio Visual Games FINO

8 Client Feedback Feedback on quality of training 22% 10% 31% Very good Good Average 37% Scope for improvement Sample : 388 respondents FINO 8

9 Effect on Institution Institutionalization: FL becoming an integral part of FINO s value chain Nurture client relationship & respond to their demands Effective tool for internal departments in FINO Focus on field staff motivation 1 INCREASED RESPONSIVENESS FINO FINO Increased interest among banks, regulatory bodies and other players in the industry 2 CLIENT RELEVANCE FINO FINO FINO 9 3 INCREASED CUSTOMER ENGAGEMENT Awareness among customers Increased skills, knowledge and confidence among the FINO bandhus

10 Front Staff Feedback 44% Overall Bandhu & Trainer Feedback 0% 16% 40% Poor Average Good The instructor was able to explain the concepts in an easy to understand manner The length of the training program was comfortable Strongly Agree Agree Neutral Very good Disagree Strongly disagree 0 0 FINO 10

11 Challenges FE tools had dependency on availability of electricity Bandhu engagement Gather shorlisted end beneficiaries Lack of time Lack of interest Festivals impact attendence FINO 11

12 Things Worked Well Choice of FE tools Role of Incentives Games and Q&A Timing FINO 12

13 Key Learning's Importance as Other Financial Product Client as a Partner Understand the Socio Economic Context Success Factors Continuous Field Monitoring Active Support from Field Staff Access to Financial Services FINO

14 We Teach People to Bank with Smile FINO

15 Financial Inclusion Network and Operations, India Thank You. For more information, please log on to No part of these presentations shall be reproduced, copied, forwarded to any third party either in print or in electronic form without prior express consent of the company. FINO 15