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Lecture 11 - products for the bop market. Low-income people need a full range of financial services—often the same services most readers of this book take for granted. What’s more, these services make an important impact on the quality of their lives. | Summary of Last Lecture Managing Informality Risk Building the Industry PRODUCTS FOR THE BOP MARKET Products Low-income people need a full range of financial services—often the same services most readers of this book take for granted. What’s more, these services make an important impact on the quality of their lives. Products It comes as some surprise that few inroads have been made to widen the range of services that reach the poor beyond a very basic loan or savings account. Products Before we explore the keys to product design for bottom-of-the-pyramid (BOP) clients, we ask readers to consider how meaningful financial products can be for people’s lives. Products These products are not luxuries. They are intimately connected with some of the deepest human needs: safety, shelter, and family. Products Lacking good financial services, people either find informal solutions that are often unsatisfactory, or they have no solution at all. Without health insurance, they may not get medical | Summary of Last Lecture Managing Informality Risk Building the Industry PRODUCTS FOR THE BOP MARKET Products Low-income people need a full range of financial services—often the same services most readers of this book take for granted. What’s more, these services make an important impact on the quality of their lives. Products It comes as some surprise that few inroads have been made to widen the range of services that reach the poor beyond a very basic loan or savings account. Products Before we explore the keys to product design for bottom-of-the-pyramid (BOP) clients, we ask readers to consider how meaningful financial products can be for people’s lives. Products These products are not luxuries. They are intimately connected with some of the deepest human needs: safety, shelter, and family. Products Lacking good financial services, people either find informal solutions that are often unsatisfactory, or they have no solution at all. Without health insurance, they may not get medical treatment. Products Without housing finance, they may wait years before they obtain decent housing. When they use informal money transfers, the money too often goes astray. Imagine the range of products that could be developed to fill unmet needs in this realm. Products It is precisely because the needs these products address are universal and basic that their market potential is so great. Hundreds of millions of families around the world will value and therefore be willing to pay for these services. Designing Effective Products The Subprime Fallacy The private sector brings deep expertise and often deeper pockets to the research, development, and market testing of new products. Designing Effective Products But successful product design for the BOP market also requires a new outlook. While a suite of financial products for these clients may sound like a standard banking mix—insurance, savings accounts, leasing—beneath the surface they operate very differently. Designing Effective .
