MICROFINANCE PAPER WRAP UP: “Ten Key Principles of Digital Finance;” published by Proxfin, Développement international Desjardins (DiD)

This is a summary of a paper published by Développement international Desjardins’ (DiD’s) Proxfin, October 2018, 2 pages, available at:
https://www.did.qc.ca/media/documents/en/autres-publications/10_key_principles.pdf

This document addresses best practices for microfinance institutions transforming their services from analog to digital format. The authors describe digital transformation as being more about business than technology. Rather than being tempted by “passing trends,” planners should focus on consumers’ ease of use. The authors argue customers should be able to expect a customized “end-to-end” experience consisting of “a straightforward, engaging, value-added process that makes use of all available channels, solutions and data.”

As part of focusing the transformation on the entire business, the leaders of the transformation should include the institution’s administration as well as its technology managers. In addition, the rollout should be considered a long-term effort. New services must be monitored over time and adjusted according to customer feedback.

Lastly, the authors suggest maintaining a significant budget for cybersecurity.

By Tiannah Steele, Research Associate

Sources and Additional Resources

Proxfin publication
https://www.did.qc.ca/media/documents/en/autres-publications/10_key_principles.pdf

About Proxfin
https://www.did.qc.ca/en/our-partners/

DID homepage
https://www.did.qc.ca/

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