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Behavioural Scientist & Experience Architect
Bridging the Digital Divide: Empowering the Underbanked Communities to Embrace Digital Banking Services
A consumer behaviour study on smartphone preferences
2023
Gravity iLabs
Experience Architect
Fintech
Year
Organisation
Role
Sector
The Challenge
The Outcome
Across the rural regions of India, people still rely on local money lenders or traditional practices and are averse to mainstream banking institutions. Recognizing the need to enhance financial literacy and integrate these communities into the digital economy, one of the country's leading banks launched a digital transformation initiative. The primary goal of this initiative was to empower their underbanked customers and onboard them to digital services.
Can Behavioral Science identify the key barriers faced by underbanked and underserved communities in India? Can we leverage behavioral design to curate an innovative, sustainable, and impactful digital transformation strategy?
Designing for underbanked communities presents a number of problems, such as accessibility, cultural and social norms, innate cognitive biases, lack of financial literacy, and so on. The existing digital banking initiatives have overlooked the holistic picture and the user context and failed to account for it.
Our approach used a blend of gamification, systems thinking, and behavioral strategy principles. We designed a behavioral journey, user engagement initiatives, and various communication frameworks that helped the team better empathize with their customers and drive positive behavioral change.
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