This workstream will have five phases:
This workstream will have five phases:
PHASE 1
This phase will serve as the stepping stone for this workstream. It will entail sourcing and selecting three partner institutions, defining their scope of work, and signing a memorandum of understanding outlining the commitments. The sourcing and selection will be based on predefined criteria such as working with low-and-middle income population, offering products in at least two verticals (accounts, loans, or insurance for individuals, for financial institutions), and having a gender-intentional focus
PHASE 2
This phase will consist of (1) conducting a baseline FH measurement of a sample of customers/employees leveraging the index developed by BFA Global; (2)mapping the existing product/benefits portfolio to identify products and benefits that enhance FH, and (3) developing a set of administrative indicators and cross-referencing them with index respondents
PHASE 3
This phase will consist of (1) building FH profiles or personas based on the relationship between collected supply and demand-side data and (2) elaborating a recommendations plan based on products and services/benefits that partner financial institutions offer tailored to the profiles/personas
PHASE 4
We will design new products, services or features, adjacent tools, and support services informed by behavioral science. Initiatives will focus on the most pressing need identified among the target population
PHASE 5
We will monitor uptake of new products or services and initial changes in financial behaviors through transactional and other data and adjust and iterate new features, adjacent tools, and support services. Moreover, we will also monitor transactional changes and conduct a second FH survey through CIMA to evaluate initial impact