Leveraging digitized financial education and other content to drive responsible uptake and usage of digital financial inclusion products/services #1208586

Assignment TitleLeveraging digitized financial education and other content to drive responsible uptake and usage of digital financial inclusion products/services

Publication Date15-Dec-2015

Expression of Interest Deadline30-Dec-2015 at 11:59:59 PM (Eastern Time – Washington D.C.)

Assignment Country

No Countries Assigned

Funding SourcesThe World Bank Group intends to finance the assignment/services under:

BB - BANK BUDGET TF0A0188 - Digital Finance Frontier

Individual/FirmThe consultant will be a firm.

Electronic Submissions through World Bank Group eConsultant2https://wbgeconsult2.worldbank.org/wbgec/index.html

ASSIGNMENT DESCRIPTIONAbout CGAP and its work on Digital Finance Frontiers CGAP is an independent policy and research center dedicated to advancing financial access for the world's poor. It is supported by over 33 development agencies and private foundations who share a common mission to alleviate poverty. Housed at the World Bank, CGAP provides market intelligence, promotes standards, develops innovative solutions and advises governments, financial service providers, donors, and investors.

Access to financial services is a fundamental tool for improving a family’s well-being and productive capacity. Access to financial services empowers the poor by reducing their vulnerability, and offering them opportunities to improve their lives.

CGAP works toward a world in which poor people are considered valued clients of their countries financial system. We aim to help build efficient and equitable local financial markets that serve all poor people with convenient and affordable financial services.

CGAPs Digital Finance Frontiers Initiative works to develop new, viable business models that leverage digital channels to bring a variety of financial services to poor people at scale. A key objective of this initiative is to create firm level demonstrations showing how new generation solutions can be successfully delivered through digital payments.

Background of project Besides constituting a lower cost channel for payments, digital channels have other attributes that can help develop useful solutions. One of such attributes is the ability to deliver useful information to customers, at the right time, to improve decision making. It helps customers interact closely with a financial service provider, over time, through sensible and individualized dialogues.

We call this Real time 2-way interactions or RTI. We believe this is a powerful attribute that can bring proximity between customers and providers, which is important for services delivered remotely. Timely and responsive interactions to drive financial behavior can also build trust between customers and their providers.

Two-way digitized interactions through for example educational content that are responsive, relevant and appropriately timed convey a sense of close, individual relationship with the customer. Improved front end interactions help customers build habits, cultivate discipline and connect more deeply with daily life.

Objective of the Project CGAP is seeking submissions from a technology platform offering such services in order to conduct experimentation leveraging real-time interactions in the following area: driving responsible uptake and usage of specific financial inclusion products and services, including cutting edge digital finance products such as digital credit. The objective will be to employ different levels of testing to determine how increasing levels of content personalization, based on the aspirations, preferences and needs of the end customer, coupled with improved communications in terms of timing, frequency, volume, and other factors, may impact uptake and usage of financial inclusion products.

Scope and Methodology The scope and methodology of the experiment will be determined through close coordination and collaboration between CGAP, the technology platform offering two way real time interaction capability and the financial service provider.

The required language for written deliverables is English unless otherwise specified.

ELIGIBILITYEligibility restrictions apply:[Please type list of restrictions]

SUBMISSION REQUIREMENTSThe World Bank now invites eligible firms to indicate their interest in providing the services. Interested firms must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc. for firms; CV and cover letter for individuals). Please note that the total size of all attachments should be less than 5MB. Consultants may associate to enhance their qualifications.

NOTESFollowing this invitation for Expression of Interest, a shortlist of qualified firms will be formally invited to submit proposals. Shortlisting and selection will be subject to the availability of funding.

Qualification Criteria

1. Firm should have experience conducting analysis of financial products and business models targeting lower income customers and determining impact on firm-level business case

2. Firm should have previous experience working on branchless banking and analysis of products and growth strategies, leveraging digital delivery channels

3. Firm should offer as its core business, a technology platform that provides real time 2 way interaction capability as described in this TOR

* - Mandatory