Karandaaz Pakistan Launches Customer Segmentation Framework Report

Karandaaz Pakistan Launches Customer Segmentation Framework Repor
Wednesday, 26 September 2018: Karandaaz Pakistan, a key proponent of financial inclusion in the
country, shared the findings of its study on Consumer Segmentation at an event in Islamabad. The
customer segmentation report, funded by the Bill & Melinda Gates Foundation (BMGF), is based on an
exhaustive study by Karandaaz’s international consulting partners, Dalberg Design Impact Group. The
primary aim of undertaking the exercise has been to enable digital financial services providers to develop
modular products and services better suited to specific client segments. The research addresses the needs
of segments that have remained underbanked or unbanked, such as women and low-income youth. The
thinking is that modular products addressing the needs of specific client segments will catalyze greater
uptake of digital financial services. The report provides valuable insights into currently excluded segments and can help the private sector
better target these segments and provide tailored services. The study employed a novel approach to
segmentation that integrates contextual, behavioral, and psychometric variables. An extended section in
the report analyses the profile of female consumers, their attitudes, and gender specific barriers for
financial inclusion. The complete report is available on Karandaaz website at:
https://karandaaz.com.pk/karandaaz-publication/. Rehan Akhtar, Director Karandaaz Digital said, “The barriers and opportunities are nuanced within the
low-income segment. This study explores and identifies opportunities for digital financial service
providers in light of these differences, and helps understand the needs, and behaviors of each sub-segment
within this larger customer group. No such study to understand customer segmentation for digital
financial services has ever been carried out in Pakistan. We are confident that the findings will help
financial service providers better understand their market and develop more focused products, leading to
greater financial inclusion rates for the country.”
Speaking at the event, Mehr Shah, Director Karandaaz Knowledge Management and Communications
said, “There is now ample evidence to suggest dealing with low-income customers as a homogenous
market segment is not the best way forward. It is important that we dig deeper to understand the specific
needs and preferences of the sub-segments and provide information and insights into consumer behavior
for the industry to increase uptake. It is also worth considering whether the vast amounts of data that
financial service providers already have is being mined and utilized optimally.” Syed Ali Mahmood, Program Officer, Global Development, Financial Services for the Poor, Bill &
Melinda Gates Foundation said, “The Financial Services for the Poor program of BMGF supports
government and private-sector partners in a shared effort to establish financial services for the world’s
poorest to use to build more prosperous and secure lives for themselves, their families, and their
communities. Our strategy is aimed at supporting what we and our partners believe are the most catalytic
approaches to financial inclusion: helping to drive the development of digital payment systems that can
help spread use of digital financial services quickly, advancing gender equality to ensure women share in
the benefits of financial inclusion, and supporting the development of national and regional strategies that
accelerate progress for the poor and provide exemplar models. This customer segmentation framework
report is a big step in this direction for Pakistan.”
Karandaaz Pakistan is promoting financial inclusion for individuals by employing technology-enabled
digital solutions and access to finance for micro, small and medium businesses through a commercially
directed investment platform. The company has financial and institutional support from the Bill &
Melinda Gates Foundation and the United Kingdom’s Department for International Development (DFID).

Badar Zubair

I am technology enthusiast. I've been working online since 2014. I love collecting information about new technologies and spreading them to other.

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