Financial Inclusion Innovation Study: Reimagining Banking Access in Southeast Asia

Publicis Sapient
2022

Skills Applied:
- Strategic Research Design
- Cross-Cultural Innovation
- Remote Research Methodology
- Stakeholder Management
- Service Design Strategy
- Business Opportunity Mapping

Challenge
In 2020, Southeast Asia faced a critical financial inclusion crisis, with poverty rates rising significantly (Thailand: 6.2% to 8.8%, Indonesia: 9.78% to 10.19%). Traditional banking solutions were failing to reach the unbanked population, particularly during COVID-19 restrictions. We needed to understand how to bridge this gap while creating viable business opportunities for banks.

Project scope

Our study aims to examine the human experience of financial inclusion/exclusion, focusing on the lives of the unbanked and underbanked of the working poor in Thailand and Indonesia during this COVID pandemic.

Expected outcome

Uncover potential viable business opportunities for banks to bridge the financial inclusion gap.

Cultural Understanding Evolution

By combining digital ethnography with culturally adaptive materials, we achieved increased participant engagement and significantly improved insight quality and effectiveness cross multiple Southeast Asian markets.

    • Created hybrid research tools combining qualitative and quantitative methods

    • Developed asynchronous research techniques for better participant engagement

    • Established cross-cultural research protocols across multiple countries

    • Created culturally adaptive research materials for different regions

    • Developed fatigue-reducing research protocols increasing session qualit

Result: Mapping a $2.8B market opportunity in underserved segments

  • Provided strategic recommendations for product development to banks

  • Adaptive research methodologies

Image of South East Asian family on a motorcycle, this image is to portray teh multi-cultural ethnographic work done and the underserved market in SEA.