Mobile Money – Questions That Your Clients Will Ask You
This Note presents key questions asked by customers about the use of electronic or mobile-banking (m-banking) platforms. The MicroSave team regularly interacts with customers and agents in its involvements with mobile money deployments across Africa, Asia and Asia Pacific. An understanding of customers and their needs has helped MicroSave to validate and support recommendations to its clients on strategic and operational issues.
The note aims to serve as a reference for institutions engaged in e/m-banking for their marketing plan design and promotion strategies. Questions are categorized based on features of product design. They include customer concerns on:
- Location of the account;
- Interest earned on the account;
- Liquidity of the account and ability to withdraw at will in the same way as a typical bank account;
- Damaging or losing the card;
- Advantages over bank accounts;
- Area where the machine will be installed;
- Trustworthiness of agents.
These questions can help institutions fine-tune their product, processes and communication. They provide a starting point to those involved in product design and communication related to e- and m-banking solutions. The paper recommends that institutions should develop an FAQ note to answer such questions clearly.
