Conclusion

Advancements in technology, investments in digital infrastructure, and a strong regulatory push have enabled an unprecedented level of low-cost access to basic formal financial services. However, sustained usage of such services has been limited and many consumer segments remain underserved. Deeply rooted behavior change will require an in-depth understanding of the behaviors, attitudes, and needs that are likely to drive digital financial services in India.

The building blocks for universal access to financial services are falling into place in India. Financial inclusion is very much on the agenda of government agencies and regulators, and the digital financial services ecosystem is already investing heavily in developing the sector. The next step for stakeholders is to listen and respond to the voice of the consumer by delivering on the promise of such services across broader customer segments.

We believe the consumer personas framework highlighted in this piece can offer a valuable key to unlock customer acquisition and help scale digital financial offerings. The first step is to identify the Masters within each target-community and turn them into champions of digital financial offerings. With their help, providers can reach other groups, such as Pragmatists and Collaborators. Women-Masters can also facilitate engagement with Conformists. By providing incentives and free trials, providers can also bring Aspirants to the fold—who can very well become the Masters of tomorrow.

This report presents a clear call to action to better tailor initiatives to meet specific consumer needs, and help people use digital financial services to achieve positive financial outcomes that lead to income growth, financial resilience, and an improved standard of living.