For Finextra's free daily newsletter, breaking news and flashes and weekly job board.
Great post. I couldn't agree more.
Just this past week, the Government of India launched two bank account linked insurance products, namely, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. Both brand names are in Hindi. While Hindi is India's national language,
it's only one of 14 widely spoken languages across the 25+ states of the country. I know you're not a native Hindi speaker. Neither am I. But even many native Hindi speakers I know didn't know that the first product was for life insurance and the second one
was for accident insurance!
The policy-makers are perhaps trying to put the spotlight on their political masters by choosing such descriptive names but, unless they overcome this tendency and start using branding that resonates with consumers, many FI schemes like these might languish. Therefore,
to your list, I'd add "simplicity in branding" as one more CSF for driving widespread financial inclusion.
17 Apr 2015
16 Jul 2019
27 Apr 2018
21 Apr 2018
This post is from a series of posts in the group:
The financial services industry has much to contribute to the UN and World Bank goal of full financial inclusion by 2020. This group will focus on industry contributions, ideas, barriers and enablers.
18 Dec 2020
08 Dec 2020