Collaborating with Large NBFC to Scale Their Investor Awareness Program
A socially responsible financial services organization recognized the pressing need to enhance financial literacy among commercial vehicle drivers (CVDs) from lower- and middle-income backgrounds. The aim was to develop an effective strategy to onboard a large number of drivers, deliver financial education in a cost-efficient manner, and ultimately bring about meaningful and lasting improvements in their financial well-being and quality of life.
- Challenges
- The primary challenge was that many CVDs lacked access to basic financial education, hindering their ability to make informed decisions.
- Bridging this gap required a comprehensive solution that could reach diverse populations across geographies, considering language barriers and limited access to resources.
- Approach
- The commercial vehicle driver community, spanning diverse geographical locations including regions with limited internet access, posed a unique challenge.
- Finlabs responded by thoroughly assessing their needs and developing a technologically adept solution capable of reaching remote areas in multiple languages.
- This initiative began with the development of a mobile application, thoughtfully designed and strategically branded to resonate with the commercial vehicle driver community, ensuring the approach felt familiar, relevant, and engaging to its target audience.
- The content development focused on creating materials that were accessible, devoid of jargon, visually engaging, and relatable to the audience. It was essential that the content be available in regional languages to ensure widespread comprehension and resonance within diverse linguistic communities.
- Our Technology-Driven Solution
- The implemented solution placed a clear emphasis on UI/UX design, recognizing the diverse, financially illiterate, and resource-constrained nature of the target group.
- Multilingual support was integrated to ensure inclusivity, facilitating access for individuals from various linguistic backgrounds.
- Furthermore, the solution featured simplified interactive learning modules enriched with real-life case studies, enhancing engagement and efficacy in knowledge transfer.
- Gamification was used to make the process interesting.
- Videos were created on financial literacy in English, Hindi and Marathi (with scope to translate in multiple other languages).
- Results
With 2,974 accounts created in 2 years, the app is reaching communities where financial education was previously scarce.
“With over 80,000 drivers viewing the content during the project period; this was a big hit with them!” says the Deputy Vice President – CSR of the organisation.
The positive social impact is evident, fostering a culture of financial discipline, responsible borrowing, and inspiring wealth creation.
Users relate to real-life case studies, and the app has become a catalyst for positive financial behaviour change.
The organisation won a prestigious award in 2023 for the ‘Best Financial Inclusion Initiative’.
Looking at the success of this initiative, one of the thoughts the organisation had was whether it could make it an open resource available for learning by everyone from this community.
- Conclusion
The collaboration between a leading financial services provider and a technology partner led to a transformative initiative that leveraged digital solutions to bridge financial gaps and empower underserved communities. The mobile app developed through this effort stands as a powerful example of how customized learning platforms can drive meaningful social change. As financial literacy remains a key pillar of empowerment, this case study underscores the vital role of strategic partnerships in building a more financially inclusive society.