panel2 ana pantelic
TRANSCRIPT
Fundación Capital:The LIFT Project
Achieving Inclusion with Technology and Savings
Ana PantelicProject Coordinator, LIFT Colombia
South-South Cooperation Initiative ForumJune 21st, 2012 – Johannesburg, South Africa
Agenda
• Introduction: Working Toward Financial Inclusion
• The Traditional Approach to Financial Education
• Technology and Financial Education• Freeing Financial Education:
The LIFT Colombia Pilot Project• Conclusions, Q&A
www.fundacioncapital.org
• Assets and Connections: Turning remittances into savings and enterprise• Graduation Project: A permanent exit out of poverty• LIFT Colombia: Achieving inclusion with savings and technology• Little BIG Money: Microinvestment platform for social development• Proyecto Capital (The Capital Project): Large scale initiatives; reaching millions
www.fundacioncapital.org
Fundación CapitalFundación Capital is a regional development organisation whose mission is to reduce poverty through the development, design and implementation of innovative initiatives that allow low-income persons to build assets.
www.fundacioncapital.org
The Traditional Approach to Financial Education:
"Pros" and "Cons"• High implementation
costs (for both provider and receiver of education)
• May not be adapted to the audience (BoP) or sufficiently personalized
• May not be linked to specific financial products or services currently in the market
• Difficult to scale upwww.fundacioncapital.org
• Promotes better use of scarce resources, encourages savings and the accumulation of assets
• Effective demand-side inclusion intervention
• Contributes to empowerment and gender equality
• Promotes poverty reduction
Technology and Financial Education• Intuitive and interactive (high level of interaction)• Overcoming literacy obstacles• Direct and immediate access to financial info and
services• Personalized user experience (self-teaching)• Decreases costs of financial education• Scaling up (reaching a wider audience in hard-to-reach
areas)• Linking financial education to mobile banking• Providing education through 'nudge' messages• Access to information about other products and
services (medical questions, agricultural prices, legal services, etc.)
www.fundacioncapital.org
• Harnessing innovations in mobile technology to expand financial capability and asset building among low-income families and individuals.
• Testing new channels for engaging the poor, providing them with the tools they need to save in the financial system and make sound financial decisions.
LIFTColombia:Achieving Inclusion with Technology and
Savings
www.fundacioncapital.org
LIFTColombia:Freeing Financial Education
www.fundacioncapital.org
www.fundacioncapital.org
LIFTColombia:Financial Education: The ABCs of
Savings
LIFTColombia:Interactive Savings Calculator
www.fundacioncapital.org
LIFTColombia:Interactive ATM Simulator
www.fundacioncapital.org
• Tablet-generated SMS messages • Automatic mobile incentives (via tablet)• Financial "Rules of Thumb" sent to users through text and voice messages
www.fundacioncapital.org
LIFTColombia:Reinforcement Through "Nudge Messages"
• Coupling public encouragement mechanisms with incentive programs to encourage savings by individuals and their communities.
www.fundacioncapital.org
LIFTColombia:Making Peer Incentives Work for Savings