Tools & Resources Smart Note: Designing Products based on Customer Requirements: Unique Approaches of SEWA Bank and IFMR (KGFS model), India

Smart Note: Designing Products based on Customer Requirements: Unique Approaches of SEWA Bank and IFMR (KGFS model), India

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This tool documents and presents two distinct, but successful approaches of SEWA Bank and IFMR in understanding client (member) requirements and designing products that meet their requirements. 

IFMR_SewaThe need to develop flexible and responsible financial products constitutes perhaps the most compelling challenge facing the microfinance industry today in India, as well as globally.

Currently, given the regulatory constraints in India and the mono type of product offering, the gap between products and client needs is obvious. But, what does it take to remove these imperfections? Designing of product is influenced by multiple factors and can be quite complex.

In India, delivering more client-responsive financial services to a broader segment of the population requires some changes. So what works for microfinance institutions that have succeeded in designing products is that they take into consideration client characteristics and focus on no harm to clients.

This tool documents and presents two distinct, but successful approaches of SEWA Bank and IFMR in understanding client (member) requirements and designing products that meet their requirements. It explores how the philosophy of an institution affects its product offering and what are the approaches adopted by SEWA Bank and IFMR (KGFS Model) in understanding their members’ financial requirements.

Download the Smart Note (English) »