Financial Product Analyst
Background of the Assignment:
- Bangladesh’s financial sector has undergone rapid growth and has embraced technology solutions to improve the financial inclusion of the general population. The Bangladesh government continues to make progress on its financial inclusion goals through the implementation of initiatives designed to reach the financially excluded, particularly the poor. Financially included adults made up 47% of the population in 2018, a 10 percentage-point increase from 2017. Banks drove this increase, partly due to the government’s push to expand agent-banking services in rural areas. However, certain segments remain disproportionately unbanked, and financial inclusion for women remains a challenge, Overall, Findex shows that 65 percent of Bangladeshi men have accounts while only 36 percent of women have accounts. Also, formal financial institutions have limited reach in rural areas, which restricts the spread of basic financial services among the rural population more specifically towards the female population.
- A2I Programme is playing a catalytic role to develop an inclusive financial ecosystem with the support from Bill and Melinda Gates Foundation. One of the core components of the project is to address the gender gap in financial inclusion and design, develop and implement intervention strategies to reduce the gap.
- Aspire to Innovate (a2i) is looking for recruiting a National Consultant- Financial Product Analyst who will be responsible for an assessment study to analyze existing products and services offered to female citizens by the financial service providers in Bangladesh and identify key challenges in adoption and provide solid recommendations.
The overall objective of the assignment will be the following:
- Identify and list gender-focused products and services provided by the financial service providers including but not limited to banks, NBFI, MFS providers, fintech’s, and microfinance institutions.
- Identify the gap of the existing product for different segments of women groups-MSME entrepreneurs, Women working in different formal & informal sectors like Garments Industries, Agriculture sector, urban & rural household, etc.
- Provide recommendations based on the findings of the study to bridge the gender gap that financial service providers can adopt for developing and delivering digital financial products & services that are accessible, affordable, and more appropriate for women.
DUTIES AND RESPONSIBILITIES
The Scope of the assignment is to conduct a qualitative study to the identification of the current status and assessing the presence of various financial products and services provided by the financial service providers in Bangladesh. The scope of the study would include but not limited to the following:
- Identify gender-focused products and services provided by the financial service providers including but not limited to banks, MFS providers, fintech, and microfinance institutions.
- List the financial product and services are available by Banks, BBFIs, MFS Providers, MFISs.
- Conduct a secondary literature review to identify key constraints and collect customer insights on different products/services available in the market.
- Conduct gap analysis to identify major challenges of low penetration, access, adoption, and usage pattern in gender-focused products and services among different target groups.
- Identify major challenges of relevant stakeholders (e.g. FSPs, Regulators etc) in the current market practices in the industry, pain points of the customers, and reasons for the existing gender gap
- Identify problem statements in different target segments Including but not limited to RMG workers, small Agri entrepreneurs, female-led MSMEs, women engaged in informal sectors, and rural and urban households.
- Explore the process that the service providers follow to develop these products and services to find out the scope of improvement and continue upgrading their products and services if necessary
- Provide recommendations for minimizing the gap of the existing product and scop for new affordable & low-cost innovative financial product/services.
- Recommend on how financial service providers and fintech companies can explore digital means and come up with accessible, affordable products and services especially for the female citizens to reduce the gender gap.
- Provide recommendations based on the problem statements identified for different target segments to recommend innovative solutions in the financial ecosystem with a dedicated focus on catering to the need of financial services (savings, credit, payment, investment, and insurance).
- Provide insight on how FSPs could adjust or modify their existing offerings to make their products and services more accessible and user friendly to reduce the gender gap
Deliverables should include the following:
- List of financial product/services offered by Banks, NBFI, MFS, FinTech’s & Microfinance Institutions
- Identify the gap of the existing product for different segments of women groups-MSME entrepreneurs, Women working in different formal & informal sectors like Garments Industries, Agriculture sector, urban & rural household,s etc.
- Recommendations for minimizing the gap of the existing product and scop for new affordable & low-cost innovative financial product/services.
Supervision, Reporting authority, and Performance Evaluation:
- The National Consultant- Financial Product Analyst will work under the direct supervision of the Programme Manager_Digital Financial Service, Aspire to Innovate (a2i) Programme. Therefore, the activities of the incumbent will be regularly monitored by the Programme Manager_Digital Financial Service, Aspire to Innovate (a2i) Programme.
Timeframe and deadlines:
- The assignment will be for 50 working days within 3 months.
- Duty Station and expected places of travel: Dhaka
- Demonstrates integrity by modeling the UN’s values and ethical standards
- Promotes the vision, mission, and strategic goals of UNDP
- Displays cultural, gender, religion, race, nationality and age sensitivity and adaptability
- Treats all people fairly without favoritism
Development and Operational Effectiveness
- Ability to assign tasks for system analysis to system designing and development for ICT initiatives especially mobile apps.
- Ability to lead business processes re-engineering, pilot implementation of new mobile apps systems and affect staff behavioral/ attitudinal change
- Ability to lead formulation and monitoring of management projects
- Ability to lead strategic planning, results-based management, and reporting.
Management and Leadership
- Builds strong relationships with clients, focuses on impact and result for the client, and responds positively to feedback
- Consistently approaches work with energy and a positive, constructive attitude
- Demonstrates good oral and written communication skills
- Demonstrates openness to change and ability to manage complexities
- Leads teams effectively and shows mentoring as well as conflict resolution skills
- Demonstrates strong oral and written communication skills
- Remains calm, in control, and good-humored even under pressure
Knowledge Management and Learning
- Promotes knowledge management in the project and a learning environment in the office through leadership and personal example
- Actively works towards continuing personal learning and development in one or more Practice Areas, acts on learning plan, and applies newly acquired skills
- A high level of communication and interpersonal skills and experience in working effectively in a multi-cultural and multi stakeholders’ environment and fluency in English is required
REQUIRED SKILLS AND EXPERIENCE
- Postgraduate degree in Finance/ Business administration/ Economics/Finance/ Investment management or other related fields
- Minimum 10 years of professional experience in Banking/Finance/Research.
- Minimum 5 years experience in research/consultancy service at the national/international level.
- Minimum 3 years experience in conducting diagnostics, research, and assessments on financial sector issues.
- Previous experience of working with government counterparts/UN system on similar nature of the assignment
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