Module 2 building an embedded cebb strategy ppt slideshare
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- 4. Addressing gaps in consumer financial capabilities… But often, an organization’s CE is limited by some very practical constraints. Read the following case study to identify how one organization wrestled with the challenges of providing CE. POSTER AGENT PRODUCT LAUNCH To address gaps in consumer financial capabilities, organizations may already have some form of consumer education in place. The CE might be delivered in the form of a poster, an interaction with an agent, or part of a product launch campaign. 2.4
- 5. 5 Case Study…MABS-RBAP CE Challenges When MABS-RBAP in the Philippines first examined how to improve uptake and use of mobile banking through CE, they worried that CE could be expensive. While they had limited external funding to support the CE development costs, they wanted to make sure that the CE could continue after these initial funds were spent. The rural banks’ channel specialists were primarily responsible for educating customers. However, channel specialists alone would not reach scale, so the banks saw the need to involve other front line staff in promoting mobile banking. Unfortunately, the initial response of many loan officers was that they did not have the time to educate customers on mobile banking, because they had their daily job tasks to tend to. What are the key challenges that MABS-RBAP needed to consider when developing their CE? 2.5
- 6. 6 Case Study…MABS-RBAP CE Challenges The challenges that you identified might be related to issues such as: COST: CE is an investment. How can CE be sustainable? What resources will be needed? CORE BUSINESS: Competing demands on the bandwidth of staff. Do the staff have the motivation and capability to deliver CE? SCALE: The depth and breadth of a CE program is limited by human and financial resources. How can the CE program reach more customers effectively? OTHER: Which of these challenges are most difficult for your organization to navigate? Is your organization facing any other key challenges? 2.6
- 7. Consumer Education… Where does it ‘fit’? Often times when organizations provide CE, the CE is treated as a one-off activity or a special project. The planning, design, and implementation of the CE is kept as an isolated activity that is the responsibility of just one department, rather than ‘embedded’ or integrated with the organization’s BB services and operations. One reason of this ‘silo’ approach may be that the associated costs can be significant and these costs are funded by donors. Another reason may be that CE is considered as a supplemental or ‘nice to have’ activity, but basically not essential for the BB business. However, this ‘silo’ approach to financial capability development can actually lead to more difficulties for an organization trying to initiate CE... 2.7
- 8. Challenges with the ‘Silo’ Approach… 2.8 A CE program developed in isolation will not likely be very effective, given that it relies on the support and coordination of many other departments to implement it. With a ‘Silo’ approach to CE, the following scenarios are more likely… • Lack of institution-wide buy-in to the CE strategy among departments and staff levels. For example top management gives the approval to do CE, but mid-management and below are unconvinced that CE is important enough to become part of their jobs. This will impact the quantity and quality of the CE provided. • Lack of alignment in CE objectives – Expectations about what the CE should achieve can vary widely across an organization. If unresolved, these differences in opinions can make the design and implementation of CE more challenging. • Duplication of efforts – CE and other existing customer communication strategies, such as marketing, are not mutually exclusive. Good coordination can ensure that CE complements or enhances the effectiveness of other campaigns rather than compete with them or duplicate their efforts.
- 9. Where does CE ‘fit’ in your institution? Where does your institution typically place CE? integral – ‘embedded’ into services and operations? a credit plus activity? a cost centre? an externally funded option ONLY? a CSR activity (Corporate Social Responsibility)? If you any of the options above, then perhaps it’s time to examine the value of ‘embedding’ consumer education compared to the risks of a ‘silo’ approach… 2.9
- 10. 10 Why is it important to explore and consider all the concerns within your organization related to cost, core business and scale when designing your CEBB strategy? 2.10
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- 14. 2.14 Thanks to Jorrit de Jong, Lecturer at the Harvard Kennedy School, for permission to adapt his graphic on embedded education for this slide. Read the following RBAP-MABS case study to see how they addressed their challenges of cost, core business, and scale through embedded CEBB. Embedded education builds on the basic model of service delivery, but enriches the nature of the encounter. The provider delivers more than the original financial service and the consumer is actively engaged in the encounter--- strengthening the relationship between provider, service, and consumer. Embedding Consumer Education
- 15. Cost: The CEBB would develop low-cost printed tools that could be repeatedly used by frontline staff and merchant agents. Only customers who signed up for the BB service would receive a ‘starter kit.’ Core Business: The CEBB was designed to be easily integrated into existing contact points with clients, e.g. orientation meetings, follow up visits by loan officers, client visits to branches. Branches were encouraged to have strategies to involve all of their staff in the promotion of CEBB. Scale: To reach more clients, more bank staff shared the responsibility of CEBB, rather than just the channel managers. In addition to merchant agent shops, tellers, loan officers and branch managers were given appropriate tools and were also tasked with CEBB. Case Study… MABS-RBAP embeds CEBB 2.15 Compare this embedded approach to your current approach to CE. How is it similar or different?
- 16. 2.16 An embedded CEBB approach: Integrates learning into the organization’s core business, so that learning is not an isolated ‘one-off’ event or ‘nice to have’ program. Leverages low and high contact points – ‘teachable moments’ Builds learning throughout the learner’s journey, so that learners emerge with the capabilities and the confidence to make behavior change. Helps create an enabling environment that delivers and reinforces clear and relevant messages Becomes an integral part of the organization’s culture and methodology, so that learning is both valued and sustained. Builds support and understanding at all levels to ensure that capability development is institutionalized. Exploring an ‘embedded’ CE approach
- 17. 2.17 Identifying the benefits What benefits could an embedded CEBB approach bring to your organization? Reduce cost and increase scale: Unlike traditional training where groups of people are brought together for the sole purpose of receiving CE, embedded CEBB uses an organization’s existing service infrastructure to train customers rather than building new infrastructure. Builds additional capability in both staff and customers: Embedded CEBB focuses on pedagogical values such as empowerment and critical thinking that lead to more financially capable consumers. In this way, embedded CEBB can enhance or complement ‘push’ approaches, i.e. marketing or nudge strategies. Frontline staff are provided with the necessary training and tools to be effective in educating consumers. Expands options for implementation: Embedded CEBB does not rely on one delivery channel or one set of actors for the success of CEBB, but leverages a variety of customer contact points.
- 18. Motivating frontline staff in embedded CEBB 2.18 Often frontline staff and agents are not trainers, have limited time, and view CEBB as a lower priority compared to their other primary job responsibilities. How can they be engaged to deliver CEBB? • Align the content of the CEBB to help them achieve the outcomes or the performance they need for their jobs, e.g. lower delinquency among borrowers, increased number of mobile banking transactions, etc. • Give them a defined and realistic role within the strategy, so that the scope of their role is clear and achievable within their daily tasks. • Help them recognize the crucial role that they play within a broader CEBB strategy
- 19. 19 What degree of difficulty would you place on the task of embedding CEBB within your organization? 1 10 Low degree of difficulty High degree of difficulty 2.19
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- 21. How do we begin the process of embedding CEBB? The key elements of an effective Consumer Education program can be divided into four: Awareness; Direct Training; Practice and Reinforcement. Raising awareness of the BB service, training or educating customers, development of opportunities for customers to practice what they learned during training, and reinforcement of the key CEBB messages. 2.21
- 22. How do we begin the process of embedding CEBB? 2.22 These four key elements inform expectations, build knowledge and skills, and support positive experiences with BB to promote behavior change.
- 23. How do we begin the process of embedding CEBB? Identifying which department or partners could contribute to the CEBB program is an important first step for embedding CEBB. Together, the different departments and partners can share the responsibility of implementation of CEBB and coordinate for efficiency. The departments or partners you initially identify can also be important stakeholders in the process of building and implementing an embedded CEBB strategy. Engage them early in the CEBB strategy design process! 2.23 Read the following continuation of the MABS-RBAP case study to see how they embedded CEBB , using the four key elements for effective consumer education.
- 24. Case Study…How MABS-RBAP embedded CEBB 2.24
- 25. Who will you consult when designing your CEBB program? 2.25 Go to Module 2 Workbook to fill in who is most likely responsible for or could contribute to each element of your CEBB program.
- 26. To create a CEBB Strategy and Implementation Plan that addresses the challenges related to buy-in, design and implementation, you must seek, consolidate and then analyze input from all stakeholders. Who will you consult when designing your CEBB program? 2.26
- 27. Benefits of Stakeholder Engagement… An Internal Needs Assessment and External Stakeholder Engagement will… CONFIRM or reject the need for a CEBB program based on a wider perspective instead of an individual department or a collective few. BUILD broad-based support for the CEBB strategy. TAKE STOCK of the potential resources and roles that key departments or staff can provide in the CEBB strategy and improve efficiencies. IDENTIFY the potential challenges or risks that they see in a CEBB strategy. These risks and challenges can be related to the BB ecosystem—challenges that CEBB cannot solve, but challenges that could impact the effectiveness of your CEBB on uptake and use of BB services. DETERMINE the benefits a CEBB program could bring to other departments. For example, creating a standardized sales speech for front line staff as part of the CEBB program can complement marketing tactics for low-income customer segments. Incorporate these benefits into the overarching objectives of a CEBB strategy based on the perspectives of a variety of stakeholders 2.27
- 28. 28 How can engaging potential stakeholders early in your process help you with your CEBB strategy design? 2.28
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- 30. Planning for your Stakeholder Engagement… As you begin to plan for the conversations that you need to have with each department or external partner identified, consider using Module Two Tool No. 1 as a starting point. 2.30
- 31. Don’t Forget… DON’T FORGET to identify and include all external partner institutions that will be involved in the delivery of your BB services in your stakeholder engagement (i.e. technology platform provider, agent network manager, or other actors). These external partners could potentially support the implementation of your CEBB strategy. 2.31
- 32. From Stakeholder Engagement to CEBB Objectives… After you conduct your stakeholder interviews, use Module Two Tool No. 2 to collate the responses and identify: What are the stakeholders’ objectives or expectations for the CEBB? What potential challenges do they identify with CEBB? What role could each stakeholder play in the implementation of your CEBB strategy? 2.32
- 33. From Stakeholder Engagement to CEBB Objectives… Based on your analysis from the stakeholder engagement, write down the major insights that emerge regarding BB Services, BB Operations and Financial Capability Development. Use Module Two Tool No. 3 2.33
- 34. 1.34 From Stakeholder Engagement to CEBB Objectives… Revisit the objectives that you drafted for your CEBB program in the Module One Tool. Based on the results from your stakeholder analysis, what, if anything, should change? Revise the objectives as needed. Share these objectives with your stakeholders to confirm alignment. This will help you set realistic objectives for your CEBB strategy from the start, reflecting the challenges and opportunities that your program will face during implementation.
- 35. 35 Apply….. Looking at the stages of embedding CE into an institution, what stage is your organization currently at? 2.35