Go-to-market aspects:
1. Improve customer communication and education:
Provide clear and transparent information to customers on pricing, terms and conditions, and
data usage practices.
Ensure customers understand the key features and risks associated with digital credit products.
Leverage simple language and regular communication channels to drive product knowledge.
2. Address the digital divide:
Ensure digital credit products are accessible to underserved segments like rural customers and
women.
Invest in improving the availability and affordability of smartphones, data coverage, and digital
literacy.
3. Enhance customer experience:
Streamline the loan application and disbursement process to provide a seamless and convenient
experience.
Offer flexible loan tenures and amounts to better align with customer needs.
Leverage customer feedback to continuously improve the product and service offerings.
Business operations:
1. Strengthen identity and fraud management:
Implement robust identity verification and fraud detection mechanisms to address the rising
incidences of identity fraud.
Collaborate with industry players and regulators to establish clear guidelines on data privacy and
sharing.
2. Promote responsible lending practices:
Adhere to the responsible lending guidelines set by industry associations like the Digital Lenders
Association.
Develop and implement policies to prevent over-indebtedness and promote sustainable
borrowing.
Monitor and address the higher non-performing loan rates associated with digital credit.
3. Diversify the supplier landscape:
Encourage the participation of a broader set of regulated players, including both traditional
institutions and fintechs.
Ensure a level playing field and consistent regulatory oversight across all digital credit providers.
4. Enhance customer loyalty and retention:
Incentivize customers to build a relationship with a single provider through features like regular
savings, credit score building, and personalized loan offers.
Leverage data-driven insights to tailor products and services to individual customer needs and
preferences.
Go-to-Market
Target the right audience: Identify the demographics and financial needs of the people you
want to reach with your digital credit product. This could involve segmenting the market by
income level, location, and credit history.
Develop a clear value proposition: Explain how your digital credit product will benefit potential
customers. What makes it different from other credit products on the market?
Create a user-friendly application process: Make it easy for people to apply for and use your
digital credit product. This could involve developing a mobile app or online platform that is easy
to navigate.
Partner with other businesses: Partner with businesses that can help you reach your target
audience. This could include mobile network operators, retailers, or other financial institutions.
Market your product: Use a variety of marketing channels to reach your target audience. This
could include online advertising, social media marketing, and public relations.
Business Operation
Develop a responsible lending model: Make sure that your digital credit product is affordable
and easy to repay. This could involve offering small loan sizes, low interest rates, and flexible
repayment terms.
Educate your customers: Provide your customers with the information they need to use your
digital credit product responsibly. This could include financial literacy education and tips on how
to budget and manage their money.
Manage your risk: Develop a system for assessing and managing the risk of defaults on your
loans. This could involve using credit scoring models and data analytics.
Protect your customers' data: Make sure that your customers' data is secure. This could involve
using encryption technology and complying with data privacy regulations.
Continuously improve your product: Regularly collect feedback from your customers and use it
to improve your digital credit product. This could involve adding new features, improving the
user experience, and making it more affordable.
By following these activities, you can increase your chances of successfully marketing digital credit and
building a sustainable business.
