Mark Pickens discusses the need for innovation in the design of mobile money products in his latest CGAP technology blog. He highlights the mobile banking industry's opportunity to develop savings solutions, and mentions the IMTFI and our recent design principles report as a potential source for ideas.

"There is a growing cohort of people thinking about these questions who can help providers. Nokia’s Jan Chipchase is increasingly looking at mobile financial services. The Institute for Money, Technology and Financial Inclusion at the University of California (Irvine) is supporting more than a dozen researchers out in the field and has become a clearing house for some really mind-bending information about what poor people do with their money. They recently released a study with 11 principles for designing financial services that use technology to get to poor consumers. It’s well worth a read.  To borrow one idea IMTFI had, why not design a product for Muslim clients saving to make the pilgrimage to Mecca, which earns them status as a devout person? Better yet, why not let them build up a list of friends and family who they want to know, and send those people regular text messages to keep them up to date?"

Read the blog on technology.cgap.org