Experimenting with Digital Solutions: Initial Lessons from European Microfinance

 

This case study reviews digital applications and experimentation in digital transformation by European microfinance institutions. Using a digital transformation framework developed by the Microfinance Centre, the case explores the application of technology to core business processes and analyzes the use of various applications such as social media, virtual collaboration, mobile tools, data analytics and artificial intelligence.

In addition to presenting how MFIs experiment with digital technologies, the examples and the framework may help MFIs in their efforts to adapt and adopt technology throughout their organization. All European MFIs are digitizing their operations to a certain extent, although most institutions lack a specific strategy and a stated objective to use technology to improve efficiency and lower costs.  To date, digitization and new technologies have not resulted in new business models or a new approach to customer acquisition and experience. In short, MFIs have yet to reap the full benefits that technology offers.

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Publisher: Microfinance Centre

Authors: Piotr Koryński

Year: 2018