tailieunhanh - Lecture Micro financing & micro leasing - An Introduction: Lecture 23

Lecture 23 - Partners at the last mile: retailers, banking agents, and insurance companies. The following will be discussed in this chapter: The microagent model: Barefoot agents; insurance companies face the channels challenge; direct sales; the partner-agent model. | PARTNERS AT THE LAST MILE: RETAILERS, BANKING AGENTS, AND INSURANCE COMPANIES Summary of the Last Lecture Instore Banking, banking Agents, Retailers become bankers, variations Overcoming the Core Challenges Given the triple win nature of the banking agent proposition, there is an enormous opportunity not only for financial institutions and retailers, but also for auxiliary businesses Overcoming the Core Challenges such as POS suppliers, technology designers, agent managers, or market research firms to assist in design, implementation, and ongoing support, provided key challenges are addressed. Technology. Specialized technology is needed to equip banking agents: computer, printer, scanner, POS devices, and communication devices such as a fax or modem. Technology. For models in which the financial institution’s and retailer’s systems need to communicate, selecting the right technology interface and ensuring quality data synchronization are perhaps the trickiest issues to resolve. . | PARTNERS AT THE LAST MILE: RETAILERS, BANKING AGENTS, AND INSURANCE COMPANIES Summary of the Last Lecture Instore Banking, banking Agents, Retailers become bankers, variations Overcoming the Core Challenges Given the triple win nature of the banking agent proposition, there is an enormous opportunity not only for financial institutions and retailers, but also for auxiliary businesses Overcoming the Core Challenges such as POS suppliers, technology designers, agent managers, or market research firms to assist in design, implementation, and ongoing support, provided key challenges are addressed. Technology. Specialized technology is needed to equip banking agents: computer, printer, scanner, POS devices, and communication devices such as a fax or modem. Technology. For models in which the financial institution’s and retailer’s systems need to communicate, selecting the right technology interface and ensuring quality data synchronization are perhaps the trickiest issues to resolve. Technology. The latter, in particular, usually hinges on a robust core banking platform that may not always be present, particularly in smaller scale financial institutions. Marketing. It is still unclear what type of clients will prefer using banking agents and how they feel about interacting with a retailer rather than a banker. Marketing. Will they trust the retailer with their banking transactions? Financial literacy programs devoted to building trust and informing clients on safe use of credit and debit cards may help. Marketing. Market research and segmentation are needed so that both the financial institution and retailers can make informed decisions about where to open banking agents (versus branches or ATMs) and what products to offer. Marketing. Branding is a concern, particularly when the financial institution leverages the retailer’s employees. Marketing. Lemon Bank, a completely branchless bank that offers mainly bill payments in Brazil through a network of over 6,500 .