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International development

A financial education strategy based on a better understanding of clients' needs

October 26, 2020

In Vietnam, one of the many objectives of the project carried out jointly by Développement international Desjardins (DID) and the Cooperative Bank of Vietnam (Co-opBank) is to make entrepreneurs aware of the importance of acquiring safe financial behaviors.

Together, we have put forward a financial education strategy based on a new client care protocol. This protocol was designed for employees of Vietnamese credit unions (the People's Credit Funds, or PCFs) to help them strengthen their relationship with members.

Encourage discussion and reflection

The "Know your client" protocol places entrepreneurs' needs at the heart of the discussion. It allows credit officers to recognize these needs and to provide entrepreneurs with clear, informed and transparent advice that is adapted to their reality. To help credit officers better guide member clients along their reflection and simplify complex or abstract financial concepts such as financial flows, profitability or productive credit, they are provided with friendly tools such as videos, flashcards and checklists. A client information form, a question grid and decision trees are also available to guide their interviews with members.

For their part, entrepreneurs will be able to use their smartphones to access Co-opBank and PCF content and advice on their own. This flexible and user-friendly method of communication will help them develop their financial knowledge autonomously, beyond their contact with the PCF, and encourage them to reflect on their financial habits.

Finally, women will play a key role in the implementation of the educational strategy developed by DID and Co-opBank. The strategy will call on women entrepreneurs and leaders to encourage other women in the community to engage in the proposed financial education process and thus move towards greater economic autonomy.