Product Development
Products and services, which are demand driven, are considered as the best practices of the microfinance programmes and INAFI INDIA seeks to encourage this process. Product development should be oriented to the needs of the clients and identifying the need is critical for developing a demand driven product. Despite the substantial outreach of poor, if one look at the quality of coverage, there is quite a considerable unmet demand and creating new products and refining the existing one is necessary. The majority of microfinance clients is hovering above or below the poverty line and remain vulnerable to further setbacks throughout the life cycle. Taking this in to view, INAFI INDIA feels that it is the high time to develop quality and flexible products that will lead the poor to step into a higher income bracket, to weather crises such as illness, death, and natural disasters, and to fulfill societal obligations such as marriages or support for family members. Experimental products and delivery systems designed particularly for the hard-core poor, minorities, niche markets, and those suffering from particular health issues have been popular and successful, indicating that appropriate microfinance offerings can broaden outreach and impact, and spur the positive growth of the sector.
Product development of INAFI INDIA involves engaging the client, understanding the client’s perceptions, priorities, vulnerabilities and satisfaction level, and responding to this information by creating products that seek to retain existing clients and respond to untapped market opportunities and this process of client oriented approach would result in qualitative product and outcome.
