Karandaaz Pakistan, a key proponent of financial inclusion in the country has shared the findings of its study on consumer segmentation. The customer segmentation report, funded by the Bill & Melinda Gates Foundation (BMGF), was based on an exhaustive study by Karandaaz's international consulting partners, Dalberg Design Impact Group, said a press release issued here on Wednesday.
The primary aim of undertaking the exercise has been to enable digital financial services providers to develop modular products and services better suited to specific client segments. The research addresses the needs of segments that have remained underbanked or unbanked like women and low-income youth. The report provides valuable insights into currently excluded segments and can help the private sector better target these segments and provide tailored services. The study used a new approach to segmentation that integrates contextual, behavioral, and psychometric variables. An extended section in the report sheds lights on the profile of female consumers, their attitudes, and gender specific barriers for financial inclusion.
Rehan Akhtar, director Karandaaz Digital said, "The barriers and opportunities are nuanced within the low-income segment. This study finds out and pinpoints opportunities for digital financial service providers in the light of these differences, and proves fruitful in understanding needs, and behaviors of each sub-segment within this larger customer group. No such study to understand customer segmentation for digital financial services has ever been carried out in Pakistan. We are confident that the findings will prove beneficial for financial service providers in appropriately understanding their market and develop more focused products, leading to greater financial inclusion rates for the country."
Speaking at the event, Mehr Shah, director Karandaaz Knowledge Management and Communications said, "There is now ample evidence to suggest dealing with low-income customers as a homogenous market segment is not the best way forward. It is important that we dig deeper to understand the specific needs and preferences of the sub-segments and provide information and insights into consumer behavior for the industry to increase uptake. It is also worth considering whether the vast amounts of data that financial service providers already have is being mined and utilized optimally."-PR
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