banking

“Stability”: Dissecting Banking’s Next Big Bet

by MARTIN GRONEMANN, CENGIZ CEMALOGLU & LARA CASCIOLA, ReD Associates Samantha – One of Us, and All of Us On a rainy spring afternoon, Samantha was absentmindedly reading the news as a procrastination tool between her two zoom calls, and finding the headlines even bleaker than usual. Unemployment numbers around the world had just hit historic highs, the mortality rate of COVID was unclear, her LinkedIn was flooded with people who had just been laid off, and economists were sounding the alarm bell. Some heralded COVID as the moment to rethink everything, others evangelized the myriad benefits of remote work. Per usual, in the background, the climate continued its collapse. Samantha had no dinner parties, no weekend getaways, no weddings. Feeling destabilized and confused, she found herself questioning everything – her job, her relationships, her furniture, and even her purpose in life. Samantha’s story was and still is familiar to many, and accessing embodied experiences like hers lay at the core of our decision at ReD...

Mattresses & Moneyboxes: Cultural Affordances for Microfinance in Jordan

ZACH HYMAN EPAM Continuum Case Study—This case study will present how a multicultural and multidisciplinary team from EPAM Continuum, the global innovation design firm, gathered, analyzed, and presented back different forms of “evidence” to satisfy the complex set of client and customer needs for a Jordanian microfinance bank with 30 branches and 65,000 clients. The team navigated cultural and linguistic barriers as they sought to provide stakeholders and their customers the evidence they needed to confidently design a new “mobile payment service” for their microloan customers. Over the course of the engagement, the firm's team strove not only to research, design, and prototype a new service to hand off to a local development team, but also to (1) use a combination of deliverables and in-field accompaniment to train microfinance bank staff in their process; (2) present evidence demonstrating the deep customer understanding that can result from pairing ethnographic research and human-centered design; and (3) create evidence...

Operationalizing Ethnographic Research to Grow Trust in Digital Financial Services

SOREN HEITMANN SINJA BURI FABIAN REITZUG International Finance Corporation Case Study—Trust motivates people’s uptake and use of digital financial services (DFS). Understanding the socio-cultural determinants of DFS trust are needed to scale financial access and drive financial inclusion. These are core components of international development strategies, such as the Sustainable Development Goals (SDGs) or Universal Financial Access (UFA2020). The IFC-Mastercard Foundation Partnership for Financial Inclusion (the Partnership) conducted ethnographic research to understand factors that impact people’s attitudes and perceptions of DFS. Nine months of field work each in Cameroon, DRC, Senegal and Zambia were conducted, in collaboration with local research institutes’ Anthropology departments and the African Studies Center at the University of Leiden. The results of the ethnographic research produced a framework for understanding drivers and barriers to people growing trust in digital financial services. This paper analyzes the...