Finding and Reaching Un-Banked Consumers in Ghana
Fraym analyzed Ghana's consumer banking market to illustrate opportunities for a bank to gain market share among un-banked consumers.
Our analysis had two goals:
- Identify new potential customers - specifically un-banked households who have the means to adopt financial products
- Pinpoint the best agent or branch locations to reach these customers
How did we accomplish this?
Characterize the ideal banking customer
First, Fraym used proprietary consumer data to build a customized profile of households most likely to adopt bank accounts.
In addition to rich socioeconomic and demographic data, this target customer profile included critical details such as:
The heads of banked households are four times more likely to have completed secondary education.
On average, banked households out-earn unbanked households by $150 per month.
Banked households are more likely to own assets like refrigerators and televisions.
Construct a precise target consumer profile
Fraym combined this consumer profile with earnings data to identify un-banked households that are on the verge of adopting financial accounts.
For example, our analysis showed that un-banked households start adopting bank accounts when their income tops $1100 per year.
Identify the best places for strategic expansion
Bringing all of this consumer data together, Fraym estimates concentrations of target customers across Ghana -- with precision down to a few square kilometers.
These customer concentrations powerfully illustrate the best potential locations for new branches, new agent bankers, or new digital banking campaigns.