From buying and selling online to managing bank accounts to communicating digitally, access to digital tools has never been as essential for economic resilience as it is right now. An estimated 42 percent of the world’s micro, small, and medium enterprises (MSMEs) are at risk of failure in the next six months due to the global pandemic. However, businesses that have transitioned their sales, delivery, and operations online are less likely to experience economic hardships and are better able to weather the economic and financial strains of the crisis. Despite potential gains, many businesses are not digitizing.

Support from trusted financial providers can help these vulnerable businesses seize digital opportunities so they can stay operational through the pandemic. As financial service providers (FSPs) consider adding new digital offerings for their clients, they must consider how to ensure that clients will use them effectively. Leveraging Accion’s global experience and understanding of what influences small business owners to adopt digital products, we developed the Micro, Small, and Medium Enterprise (MSME) Digital Maturity Assessment.

Institutions can use this diagnostic tool to survey their customers about their ownership of digital tools and comfort using them for their businesses and use that data to segment their customers. Customer-centric segmentation has several benefits beyond ensuring that products meet a customer’s needs:

We hope institutions will consider embedding this assessment within their own product development process to ensure that resources invested in new products are focused on what is most appropriate for customers so we can support more struggling MSMEs during a difficult time.

If you’re interested in understanding your customers’ digital maturity, contact us to learn more.

See how we used the assessment to gain valuable insights for customer segmentation in India.

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