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Agent/ CICO Loan Discovery Plan

Business Objective

The business objective is to understand the needs, expectations, challenges and financial behaviour of cash-in cash-out agents interested in acquiring loans with the end goal of catering to their financial needs. 

Research Goal

This 2-week discovery plan aims to gain insight that will guide the design of a loan product that aligns with the financial situation, business requirements and repayment capacity of Moniepoint agents from understanding their pain points, needs, and challenges regarding loans. 

Metrics

  • Customer Retention Rate: Measure the % of CICO agents who renew their financing after repayment as an increase in retention rate will be an indicator of customer satisfaction and the value of our products to them  

  • Adoption Rate: We will track the rate at which CICO agents choose CICO loan products over other financing options, as the adoption rate will indicate the acceptance and alignment of our products to their needs. 

  • Market Share: Monitor the growth of our CICO loan product within the financial sector, as this will indicate successful penetration and customer adoption.

  • Customer Satisfaction Score (CSAT): Regularly survey CICI agents to evaluate their product satisfaction, focusing on ease of use and financial benefits.


Research Focus

  • Understand their need for a loan: The purpose, preferred loan amount, repayment duration, repayment flexibility, etc.

  • Challenges and pain points: To understand how they currently manage financial challenges such as cash flow, business risks, difficulty in accessing loans, etc 

  • Ascertain creditworthiness: Understand their willingness/ ability to offer guarantors, reliance on specific revenue streams, monthly income/expenditures, business fluctuation, etc 

  • Competitor Analysis: To gain insights on how they meet their loan needs from other banks, the banks that offer loans to agents, what alternative products do they take from other banks, what influences their decision to take facilities from other banks, etc 


CICO Loan Product Actors

This is for all CICO agents, either wholesalers or retailers. 

The actors include:

  • Cash In Cash Out Agents (CICO)


Research Team

  • Bukola (Product Manager)

  • Shamsudeen (Product Designer)

  • Victor (Business Analyst Inter)

Research Plan

Methods

  • Users Interviews:  

  • Feedback Survey

  • Internal Data Analysis 

  • Competitor and Market Analysis 

Prep Work

  • Schedule interviews with CICO agents

  • Schedule interviews with defined actors


Interview Questions

Click here to view the interview questions.

Interview Schedule 

Click here to view our interview schedule.

Week 1 Goals  (28th - 1st Nov 2024)

  • Conduct interviews with CICO agents 

  • Create interview snapshots

  • Create an experience map. 

  • Draw up the actors (personas) 

Week 2 Goals (4th - 8th Nov 2024)

  • Create Opportunity Solutions Tree

  • Create assumptions to be tested 

  • Create Story Maps

  • Create a wireframe to be tested 

Week 3 Goals (11th - 15th Nov 2024)

  • Conduct a usability test with a prototype

  • Update Opportunity Solutions Tree and Story Maps based on the assumption test result. 

  • Share the report with the team.