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https://www.womensworldbanking.org/insights/how-digital-financial-services-break-down-barriers-and-empower-young-women-in-cambodia/
Submission: On November 14 via automatic, source links-suspicious — Scanned from DE
Submission: On November 14 via automatic, source links-suspicious — Scanned from DE
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Skip to content Search … * Who We Are Menu Toggle * Our Mission * Our Global Network * Our Funding Partners * Our Team * Our Board * Careers * Our Financials * What We Do Menu Toggle * Gender Lens Investing * Inclusive Policy * Leadership Programs Menu Toggle * Leadership and Diversity Program for Regulators * Relevant Products * Solutions for Women Owned Businesses * Where We Work Menu Toggle * Africa * Latin America * South Asia * Southeast Asia * Insights Menu Toggle * Explore Our Blog * Research & Perspectives * Impact Menu Toggle * Impact Snapshot * Her Economy * Take Action Menu Toggle * Join Our Newsletter * Ways to Give * Making Finance Work for Women * Join the WDFI Advocacy Hub * Gender Assessment Methodology * Invite Us To Speak * Make a Press Inquiry * Who We Are Menu Toggle * Our Mission * Our Global Network * Our Funding Partners * Our Team * Our Board * Careers * Our Financials * What We Do Menu Toggle * Gender Lens Investing * Inclusive Policy * Leadership Programs Menu Toggle * Leadership and Diversity Program for Regulators * Relevant Products * Solutions for Women Owned Businesses * Where We Work Menu Toggle * Africa * Latin America * South Asia * Southeast Asia * Insights Menu Toggle * Explore Our Blog * Research & Perspectives * Impact Menu Toggle * Impact Snapshot * Her Economy * Take Action Menu Toggle * Join Our Newsletter * Ways to Give * Making Finance Work for Women * Join the WDFI Advocacy Hub * Gender Assessment Methodology * Invite Us To Speak * Make a Press Inquiry Search … Main Menu * Who We Are Menu Toggle * Our Mission * Our Global Network * Our Funding Partners * Our Team * Our Board * Careers * Our Financials * What We Do Menu Toggle * Gender Lens Investing * Inclusive Policy * Leadership Programs Menu Toggle * Leadership and Diversity Program for Regulators * Relevant Products * Solutions for Women Owned Businesses * Where We Work Menu Toggle * Africa * Latin America * South Asia * Southeast Asia * Insights Menu Toggle * Explore Our Blog * Research & Perspectives * Impact Menu Toggle * Impact Snapshot * Her Economy * Take Action Menu Toggle * Join Our Newsletter * Ways to Give * Making Finance Work for Women * Join the WDFI Advocacy Hub * Gender Assessment Methodology * Invite Us To Speak * Make a Press Inquiry Cambodia, Digital Financial Services HOW DIGITAL FINANCIAL SERVICES BREAK DOWN BARRIERS AND EMPOWER YOUNG WOMEN IN CAMBODIA August 28, 2023 By Ker Thao, Maria Serenade, and Elwyn Panggabean In Cambodia, three million out of 10 million young adults remain financially underserved, hindering their ability to plan and invest for their futures. As part of its drive for greater financial inclusion, Women’s World Banking is working with AMK Microfinance Institution – one of the leading microfinance institutions in the country – to design, test and deliver solutions for this demographic. This is the first of a two-part blog summarizing Women’s World Banking’s advisory work with AMK. CAMBODIAN YOUNG ADULTS: LOW FINANCIAL AND DIGITAL LITERACY LEVELS BUT EAGER TO SAVE Just a year ago, Kea Borann, AMK’s Chief Executive Officer and a vocal proponent of serving low-income Cambodians, drew attention to two facts: AMK’s most extensive customer base is over 40 years in age and this segment has working-age children. Next, he posed the question, “To serve the low-income young adult segment of 15- to 35-year-old Cambodians, what do we need to do to understand them better?” The United Nations identifies youth as a population between the age of 15 and 24, although it also acknowledges that this may vary from country to country. AMK seeks to introduce its digital financial services to young adults aged 15 to 35, representing about 65% of the Cambodian population, with exposure to technology and smartphones. Understanding and reaching this population is key to how AMK can successfully strategize its digital financial services offering to this group. In May 2022, Women’s World Banking conducted customer research by interviewing 45 low-income young women, including students and women who work in factories, tourism, and informal sectors, often at their homes after work. Their locations included rural, provincial (outside city centers), and urban areas. Our research revealed three unique personas among low-income young adult women in Cambodia. These women share some similarities regarding smartphone ownership and awareness of financial services. However, there are unique differences across the three segments in their preferences, capacities, and behaviors towards digital financial services. NEED FOR MORE LITERACY AND ACCESSIBLE, TRUSTWORTHY DIGITAL FINANCIAL SERVICES All the women we interviewed own and use smartphones daily for communication, entertainment, and business, but only a small number are aware of mobile banking. This reality reflects survey findings from The Mobile Gender Gap Report by the GSMA in 2023. The report found that women in low-middle-income countries, including Cambodia, are less likely than men to use mobile internet and mobile money due to low literacy. Among these women, knowledge and use of digital financial services and products – including where to sign up for an account – remain low. Our analysis suggests that these customers need to gain more awareness and understanding of the features and benefits of using digital financial services and where to begin and sign up for an account. Most interviewees emphasized the importance of trusted, safe, and accessible places to save money. They see the benefits of digital services as convenience, time efficiency and ease of transaction tracking. There are still reservations due to fears and misconceptions of digital scams, especially among less tech-savvy customers, and fears of losing their accounts and money if their phones are lost or stolen. These concerns arise mainly due to limited experience and use of digital financial services and low digital literacy levels. However, with proper digital financial capability strategy and training, these women customers would be willing to use digital financial products and services. SAVINGS IS CRITICAL Although saving is a challenge, the women still put aside small amounts for school fees, monthly expenses, and a future business, among others. For example, an entrepreneur from Pursat Province sells maternal and baby supplies, earning $200 monthly. She uses a piggy bank and an AMK account to build funding to expand her business, demonstrating how customers use different savings methods. OUR SOLUTION: USING SAVINGS AS AN ENTRY POINT Leveraging insights from the customer research, we worked with AMK to develop a solution and strategy to reach young adult women and to introduce and position AMK as a lifelong financial service provider they can trust for their financial needs, starting from their university. The primary strategy of the solution leverages short-term savings into the AMK mobile account to help build customers’ trust in using digital financial services and encourage them to transact digitally using AMK’s mobile banking application. There are three principles and ways to achieve them: 1. Raising customers’ digital financial capabilities Strategy: Awareness Campaign Online and in-person campaigns are crucial to educating customers about financial management and digital financial services. This can also be an opportunity to introduce AMK products and values to instill trust. 2. Accessible service touchpoints Strategy: Account Sign-Ups and Learn-by-Doing Visual Tutorials Support and service accessibility is paramount when women decide on a financial services provider. Therefore, ongoing customer support is vital, starting from the account sign-up. In addition, video tutorials should be available through AMK mobile banking apps and YouTube to guide customers on digital activities such as phone top-ups, transfers, the opening of savings accounts, and other financial transactions. In the long run, it is also essential for the provider to build more channels/touchpoints and interoperability with different platforms to ease customer transactions. 3. Cost-effectiveness and more transactions Strategy: Incentivize and Promote Transactions Customers are attracted by products and services that bring additional benefits. Such value should be communicated clearly and regularly through real-life cases. Providing incentives to drive transactions via AMK’s mobile banking application is integral to our solution. Next Steps: Measuring Our Impact In the next part of the blog, we will share results and learning from the pilot implementation. Take Action DONATE TODAY AND HELP BUILD A FUTURE WHERE WOMEN THRIVE, BUSINESSES GROW, AND ECONOMIES PROSPER. Across the globe, nearly 1 billion women remain underserved by the financial sector. For more than 40 years, Women’s World Banking has championed women’s financial inclusion and economic empowerment. Your gift will help support women’s economic empowerment in developing countries for low-income women to build a secure and prosperous financial future for themselves and their households. Give Today Explore Other Ways to Give Explore Insights LATEST BLOGS & REPORTS Browse Our Posts Read Our Reports Leadership & Diversity, Research & Perspectives • November 10, 2023 CASE STUDY: 2022 LEADERSHIP & DIVERSITY PROGRAM FOR REGULATORS Case Study, Leadership & Diversity Programs, Women in Leadership Research & Perspectives • November 6, 2023 REPORT: REACHING FINANCIAL EQUALITY FOR WOMEN (2023 EDITION) Digital Financial Services Research & Perspectives • November 3, 2023 FROM ACCESS TO USE: INSIGHTS ON SERVING WOMEN BANKING CUSTOMERS IN INDIA India Research & Perspectives • October 27, 2023 POLICY DIAGNOSTIC: RURAL WOMEN AND FINANCIAL INCLUSION Policy Diagnostic, Rural Women Products & Solutions, Research & Perspectives • October 24, 2023 DIGITAL FINANCIAL SERVICES: ACCOUNT ACTIVATION TOOLKIT Digital Financial Services Stay Informed JOIN OUR NEWSLETTER 122 East 42nd Street, 42nd Floor | New York, NY 10168 | USA 122 East 42nd Street, 42nd Floor New York, NY 10168 U.S.A. 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