Digital Finance for All: Understanding The Digital Onboarding of Unbanked and Underbanked

Improving Digital Financial Inclusion 

The project, funded by the Bill & Melinda Gates Foundation, aimed to identify key challenges and opportunities in the digital onboarding process of unbanked and underbanked populations in Indonesia, India, Bangladesh and Uganda. The focus was on those in rural areas with limited conventional banking infrastructure, such as farmers, informal workers and micro-entrepreneurs.

Understanding the Onboarding Journey 

The research was conducted in North Sumatra, East Java, and South Sulawesi in Indonesia to best represent the different geographical contexts. An ethnographic approach was used to document the onboarding process of different user segments across various digital financial services. The project included mapping the ecosystem and interviewing government and service provider stakeholders. The research also focused on product and individual level, investigating user context, literacy, behaviours, and the detailed onboarding process. Data was collected through intercepts, FGDs, observations and in-depth interviews.

Insights into Digital Onboarding Challenges 

The project generated insights in various formats, including journey maps, illustrations and short videos. Key challenges were identified at each stage of the onboarding journey, including awareness, perception, decision-making, application and usage. The findings were shared with stakeholders via 1-on-1 sessions, conference talks, and sharing series. The challenges were mapped in each stage of the journey with opportunities collected from good practices observed in the field and design principles as inspiration.