Finsights Lab is a multi-interventions initiative that seeks to enhance innovation in the design, collection, analysis and utilization of financial research studies. With clear focus on FSDT’s areas of focus and financial inclusion, Finsights Lab seeks to;
- To enhance the role of experimentation in Financial Inclusion
- To track consumer behavior and monitor market trends
- To drive action compelling research
- To enhance local design and analysis capacity
- To foster strategic research collaborations with like-minded institutions and individual
In order to achieve the above mentioned objectives, Finsights Lab seeks to undertake the following core activities;
We will draw a sub sample from the FinScope sample and recruit them to a phone panel which we will use to collect 3 rounds of data in every 3 months. We expect to build an ecosystem of local and international researchers (Research Designers / Data collection firms / Analysts / Data Visualizers / FSP’s) who will work with players in the industry to develop short studies that are supposed to fill exciting data gaps on needs, consumer behavior and customer experience.
Experiments provide us with ample space to learn fast and iterate. It is for that reason that FSDT is interested in having a mechanism to test its assumptions and learn fast on what work in financial inclusion. FSDT will work with global thought and practice leaders in designing and implementing experiments. At the same time we will also crowd in local institutions firms that are working in financial inclusion. Lessons learned from FSDT’s experiments will be shared with players in the industry and if successful they will be adopted and scaled up by market players.
We are convinced that the phone panel will allow us to meet a lot of our quantitative data needs, but in the event that the phone panel is not the most efficient way of collecting data from a target audience we will resolve to quick field surveys using real time data. Further to that, we envisage follow up qualitative studies to complement our large studies as well as the phone panel survey.
To date Tanzania does not have a state of the financial sector report which houses both demand and supply side data on the financial sector. As a result, information and data on the financial sector is hosted in multiple locations and thus it is hard to tell the story of the developments of the financial sector from a specific source. It is in line with that and the dire need to structure supply side data so that it can feed into the annual report but at the same time act as a proxy for financial inclusion indicators in Tanzania.
FSDT is a thought leader in financial inclusion in Tanzania and as a result the hub for research collaboration opportunities with other research minded organizations / individuals. We would like FInsights lab to provide us an opportunity for like partnerships. We will be able to engage and partner from the design phase to dissemination of the results. For example we are currently in discussion with the MasterCard Foundation, the World Bank & CGAP).