- Project report
Using behavioral science to convert traditional bank customers to digital accounts
Busara
- July 30, 2017
- 6:50 am
SECTOR
PROJECT TYPE
DOI
Location
BEHAVIORAL THEME
OVERVIEW
How can we encourage usage of a new, digital account among bank users?
Low product uptake and usage are common barriers faced by digital financial services. Busara worked with a financial services provider in Tanzania to try to understand the behavioral challenges to their customers using a more digitally–native account. The FSP had highlighted that despite countless marketing efforts, overall usage was low.
THEMATIC AREAS
Users engaging with a digital financial services are subject to a number of competing priorities for their time. Beyond the obvious structural barriers of prohibitive costs, literacy rates, or digital connectivity, there are further behavioral barriers that can come into play. Limited attention, unclear benefits, and a tendency to procrastinate could all contribute to limited engagement for a new digital financial service.