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MOBILE MONEY FOR THE UNBANKED SMARTPHONES & MOBILE MONEY: THE NEXT GENERATION OF DIGITAL FINANCIAL INCLUSION
FIGURE 3
PESADROID APP SCREENSHOTS
We expect a great deal of mobile financial services product development as more mobile money users get online. The rich data trail mobile
internet users leave behind can unlock a set of analytics innovations to inform new product design along with more effective marketing and
risk controls. While we have yet to see this play out, existing web-based financial products can give us an indication of what to expect.
Social Money, a financial services technology company, offers a range of online savings solutions for consumers and businesses. Their white-
labeled GoalSaver application for financial institutions can be integrated with banks’ existing core processing platforms. It allows banks to
offer their customers the ability to create multiple savings goals within a single savings account, and manage progress towards goals through
data visualisation and integration with social networks. Linked to a mobile money account as a source of funds, and optimised for low-
income segments, such customisable savings products can be a powerful financial tool for customers new to formal financial services.
There have also been major advances in measuring credit-worthiness for individuals with little financial history. Algorithms using alternative
data sources, including airtime purchases, are already making this possible in the absence of smartphones. New mobile data streams may
accelerate the development of new credit products. For example, Zestfinance uses Twitter , Facebook, Google and other online data sources
to develop individual credit scores. Lenddo seeks to leverage social capital from social networking sites as collateral for loans, bringing the
self-help group model online. We could conceive of similar business models applied to mobile money users with smartphones.
FIGURE 4
LENDDO APP SCREENSHOTS
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FIGURE 3
PESADROID APP SCREENSHOTS
We expect a great deal of mobile financial services product development as more mobile money users get online. The rich data trail mobile
internet users leave behind can unlock a set of analytics innovations to inform new product design along with more effective marketing and
risk controls. While we have yet to see this play out, existing web-based financial products can give us an indication of what to expect.
Social Money, a financial services technology company, offers a range of online savings solutions for consumers and businesses. Their white-
labeled GoalSaver application for financial institutions can be integrated with banks’ existing core processing platforms. It allows banks to
offer their customers the ability to create multiple savings goals within a single savings account, and manage progress towards goals through
data visualisation and integration with social networks. Linked to a mobile money account as a source of funds, and optimised for low-
income segments, such customisable savings products can be a powerful financial tool for customers new to formal financial services.
There have also been major advances in measuring credit-worthiness for individuals with little financial history. Algorithms using alternative
data sources, including airtime purchases, are already making this possible in the absence of smartphones. New mobile data streams may
accelerate the development of new credit products. For example, Zestfinance uses Twitter , Facebook, Google and other online data sources
to develop individual credit scores. Lenddo seeks to leverage social capital from social networking sites as collateral for loans, bringing the
self-help group model online. We could conceive of similar business models applied to mobile money users with smartphones.
FIGURE 4
LENDDO APP SCREENSHOTS
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