Building Dynamic Relationships in Digital Financial Services

Confidential

Juntos uses messaging to make banking personal again

• Warm, individualized, automated conversations

• Automated, customized support for your new customers

• Our SMS channel allows Juntos to reach any phone in the world

• Engagement and deeper customer relationships at massive scale

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Juntos applies human-centered design to develop relationships

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Based on design thinking methodologies from Stanford University, JUNTOS uses an iterative, human-centered design process to guide the strategy of each project. At its center is that the solution is found within the customer.

Stages of the Human-Centered Design Process

User Research Ideation Prototyping Iteration

Uncover user needs, habits, and

perspectives

Develop a variety of approaches to

addressing user needs

Implement simple versions of the

solutionGet feedback from

users

Improve solutions based on user

response

Relationships are valuable to both the customer and the institution

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• Long term relationships with customers result in higher levels of activity and higher customer value

• The foundation of strong relationships is mutual understanding, which Juntos develops with customers through user research and learning from customer engagement during the iterative process of optimizing the SMS chatbots

• Juntos’ engagement with customers reveal that they want financial institutions to understand that they care about certainty and security more than ease of access

• Juntos uses learnings like these to develop initial prototypes of SMS chatbots

“I am not very good in banking dealings and funds transfer and the like, I get

anxious about misunderstanding the service, or being robbed, for example, or

withdrawal of additional fees or losing certain amounts and so on. Therefore, I

need to trust the service first before using it.” – Juntos user research participant

Relationships are dynamic and require flexibility

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Your customers’ needs for support tomorrow may not be the same as today

Confidential

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Juntos uses this methodology for partner financial institutions in 12countries on 4 continents

CGAP-Juntos-DFS Collaboration

Partnering with CGAP to Strengthen Relationships in DFS

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Juntos partnered with CGAP to provide dynamic, two-way SMS chatbots with the goals of:

Increase wallet transactions

Increase Instaloanuptake

Drive communication

engagement

Increase wallet transactions

Encourage registration

Mynt Tigo Money

Learnings

• Giving customers options of topics for messaging (e.g., savings, starting a business, etc.) was the most engaging approach

• Prompting product experience feedback resulted in customers feeling empowered and engaging with Juntosand the product more

• Focusing on the customer’s reality before discussing transaction behavior led to higher engagement

• Agents were interested in strengthening collaboration with Tigo to build their own business

• Explaining to both customers and agents why they needed to complete a KYC before giving instructions strengthened the network

Examples of Optimizing the Chatbot

• Messaging was more effective when it was targeted by gender

• For Mynt customers, advice helping customers learn how to leverage their account for their financial well being was more relevant than basic account usage tips

• Messaging more frequent than once a week overwhelmed Paraguyan users; once a week engagement was more targeted and impactful

Learnings & Relationships

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Communication Results

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6%

11%

25%

38%

0%

5%

10%

15%

20%

25%

30%

35%

40%

April June August October

Tigo Money Deployment

21%

27%27%

21%

29%

0%

5%

10%

15%

20%

25%

30%

35%

40%

February April June August October

Mynt Deployment

Enrollment for both deployments was above 95% and our most successful messaging tests resulted in high response rates between 20-30% at deployment maturity

Confidential

J

J

J

J

GCASH: We miss you. Enjoy this free SMS guide, JUNTOS. To continue text G. You can stop at any time by texting CANCEL.

Lack of ways to top up cash. 7 eleven in our area not working

JUNTOS: We noticed that you have not used your GCash account recently. We hope that you might give us another chance. Is there something we can help with?

Yes, but those other locations are too far for me.

June 7, 2016

JUNTOS: Thank you for telling us! Other GCash users also load their accounts at: Globe Stores, Puregold, SM, Tambunting or Villarica Pawnshop. Hope this helps!

June 10, 2016

Hi, I'm from Kapitolyo Pasig

JUNTOS: Visit www.globe.com.ph/gcash to find an outlet nearest you. Or you can text us which area you are in and we will give you cash-in options in 24 hours.

June 11, 2016

JJUNTOS: Hi! In Kapitolyo, Pasig, you can cash-in at the Globe Store in Shangri-la Mall or Tambunting Pawnshop on San Rafael st. cor. West Capitol Drive.

Oh I didn't know there was a tambunting, I'll check it out thanks

Mynt Deployment Conversation Example

Increasing Customer Wallet Activity

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7% portfolio-level increase in average wallet transactions above

the control group

20% increase in inactive customers’ average transactions

above the control group

After 4 months of messaging:

0

0.05

0.1

0.15

0.2

0.25

0.3

Test A Test B Test C Test D

Average Transactions After One Month of Messaging TreatmentJuntos vs. Control Group

Control Group Juntos Treatment Group

Mynt: Analyzing Messaging Effect by Gender

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Percent increase in average weekly transactions attributable to Juntos treatment

+20%

+83%+56%

+0%

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

Test A Test B Test C Test D

Average Transactions After One Month of Messaging TreatmentJuntos vs. Control Group Males & Females

Control Group Males Juntos Treatment Group Males

Control Group Females Juntos Treatment Group Females

Tests that looked unsuccessful in aggregate often had variable impacts on males and females

Continuing Dynamic Relationships

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Ideation

Develop a variety of approaches to

addressing user needs

Iteration

Improve solutions based on user

response

Prototyping

Implement simple versions of the

solutionGet feedback from

users