Request for Proposals: Financial Service Providers Data Management and Analytics Capabilities (DMAC) Project
Financial Sector Deepening Africa (FSD Africa), in partnership with the International Development Research Centre (IDRC), is running a project (until October 2019) that seeks to demonstrate to Financial Service Providers (FSPs) the benefits of using data to make evidence-based decisions (DMAC). The project implementation is being managed by Oxford Policy Management (OPM), in partnership with Accion Global Advisory Solutions (GLAS) and Master Data Management (MDM).
FSD Africa and IDRC are inviting proposals from FSPs in Sierra Leone seeking to implement projects that will enhance their capacity to use both internal and external data to make evidence-based decisions. The use of data in this process should enable them to sustainably provide relevant financial products to the unserved and underserved market segments. The project will support practical initiatives within identified FSPs, drawing on their supplier services market where necessary, to develop data-driven improvements to products or the way products are delivered so that they can be accessed and used by more Sierra Leoneans who normally make little or no use of formal financial services. It will enable institutions to apply established methodologies to leverage multiple sources of data (external, internal and third-party transaction and customer data) to sustainably deliver financial products to the unserved and underserved.
There are a number of areas where data-driven product development methodologies can improve the relevance, quality, uptake and profitability of financial products. These include:
- creating engaging and relevant products – by tracking customer transactional behaviour over time thus, identifying their financial needs and catering to those needs with targeted services;
- improving decisions on who to supply – by using new digital or alternative data sources, such as mobile call data records, utility payments, social media activity, and others to provide insights into the financial needs of the unserved and underserved segments;
- customer acquisition and engagement – by identifying customers in the unserved and underserved segments, developing relevant services for them and continually engaging them to increase uptake of service offerings;
- increasing customer understanding – by dynamically segmenting populations to facilitate more targeted product design and marketing;
- automation of processes – by using data-enriched feedback loops to ensure a smooth and efficient business workflow including leveraging data from 3rd parties to instantly verify customer details
Initial concepts are sought from a range of FSPs – licensed banks, insurance providers (companies and distributors), financial technology (fintech) companies, mobile network operators (MNOs) and payments platform providers – who see potential in any of the areas of data-driven improvement in product design and delivery as described above.
To access the full Proposal (RFP) click here