The Human Account is led, created and developed by Dalberg with Rockefeller Philanthropy Advisors, and funded by the Bill & Melinda Gates Foundation.

 

Local partners are Lagos Business School in Nigeria, Ashoka University in India, not-for-profit development finance company, Karandaaz in Pakistan, and research and advisory firm, Busara Center for Behavioral Economics in Kenya.

INDIA

Influencers

networked, tech-savvy, effective

19% of India  |  184 million

 

Influencers are predominantly men who are mostly employed or self-employed and live in urban and rural areas. They are more educated than other segments, and their strong financial discipline makes them curious about new ideas. They have embraced smartphones and are comfortable with digital technologies, and have an influencer status within their social networks.

Influencers

India Average

INCOME

self-employed

N/A

N/A

formally employed

N/A

N/A

EDUCATION

no education

5%

38%

up to tertiary

N/A

N/A

PHONE

own smartphone

57%

19%

feature phone

53%

52%

LAND

own land

50%

54%

have access to land

N/A

N/A

GENDER (FEMALE)

79%

51%

AGE (18-24)

15%

13%

GEOGRAPHY (RURAL)

62%

59%

SOCIOECONOMIC

68%

SES A-B

FORMAL ACCOUNT

OWNERSHIP

56%

18%

INFORMAL

FINANCIAL USAGE

23%

15%

MOBILE WALLET

OWNERSHIP

23%

5%

TECH USE

(LOWEST FREQUENCY)

30%

62%

 

CONTEXT

Who are they?

“Things I don’t dream about yet today will become dreams as

I climb higher. Financial success is a never-ending process.”

ARNAB

SOCIOECONOMIC STATUS (SES)

Influencers

India

Influencers are high-SES and well educated. They are the most urban of the segments and are most likely to be fully employed. Almost half have had access to secondary or tertiary education.

Of all the segments, 59% of Influencers report that they take household financial decisions on their own, with only 9% relying on their spouse. This is considerably lower than the India average which suggests the independence and self-reliance of Influencers.

HOUSEHOLD DECISION MAKING

Influencers

India

ASPIRATIONS

What do they want?

Influencers aspire to be admired and sought out as the “in the know” experts in their social networks and circles. They want to improve their material and professional lives through conspicuous consumption and entrepreneurship.

 

BEHAVIOR

How do they manage their finances?

 

“The earlier generation prefers to go to the bank but we are

more phone friendly, as long as the company is reliable.”

ARNAB

Influencers’ overall financial health is significantly higher than the average for India. They report the lowest income volatility across all the segments due to their regular income and strong expense management. More than 63% report low to lowest levels of income volatility, which explains why the majority of Influencers have a low propensity to worry about the future, preferring to spend their money now.

INCOME VOLATILITY

Influencers

India

SAVINGS WITH FAMILY OR AT HOME

Influencers

India

Influencers are the most likely to set aside money at home or with a close family member for safekeeping and not for spending at least once a month, with 36% of Influencers setting money aside at least once a month, and 26% once every three months. Influencers are habitual savers and are more likely to manage their expenses compared to the national behavior.

Influencers are high users of virtually all forms of technology and news or entertainment. They have the highest access to smartphones of all the segments with 57% of Influencers personally owning smartphones. It is therefore unsurprising that Influencers use digital technologies the most frequently of all the segments, with approximately half reporting high usage.

 

It is also unsurprising that their rates of basic phone usage are closer to average. They are more likely to use their smartphones to use social media and surf the net — at a much higher frequency than the India average.

TECH USE FREQUENCY

Influencers

India

 

PSYCHOLOGY

How do they think?

"I don’t like working under anyone else. I want to be my own boss,

so starting my own mobile accessories business is always on my mind."

ARNAB

Influencers have a high sense of self-regard and respect for themselves. 68% report a high to highest level of self-esteem  and a strong sense of belief in their capabilities. Of all the segments, Influencers have the strongest internal locus of control with the majority of Influencers (75%) attributing their success to their own abilities. This strong sense of agency combined with their self esteem makes them a segment that are willing to trial new schemes and take calculated risks.

LOCUS OF CONTROL

Influencers

India

CONSCIENTIOUSNESS

Influencers

India

Influencers are deliberate, goal-oriented savers, with 61% scoring high to highest on conscientiousness. As Influencers face less of a financial burden to meet daily needs, they are much more likely to save frequently and have honed strong expense management skills and built their financial discipline.  More than half of Influencers save with their formal bank account at least once a month as well as use mobile wallets given their experience with digital technologies.

Despite their high usage of formal and informal financial channels, Influencers value their family as the most trusted source of financial information, with 45% of Influencers relying on their family as a recently used source of financial information. Although they are digitally fluent, Influencers are less likely to rely on social media for financial information and still prefer to rely on family and friends, with only 1% recently using social media for a source of financial information.

 

Of all the segments, Influencers are the most likely to leverage all sources of information available to them, and like to discuss financial information with friends, with 24% of Influencers relying on friends.

SOURCES OF INFORMATION

Influencers

India

INFLUENCE

Influencers

India

It is unsurprising that of all the segments, Influencers are the most likely to report being a source of information in the community, with 70% reporting high to highest levels of influencer status. Due to their high use of digital technologies, they are well-connected within their communities.

Given their active role in their finances and careful expense management, they are rarely reliant on others for financial assistance and do not perceive financial services as complex. 80% of Influencers report a low reliance on needing guidance, compared to the national average of 56% as they are sophisticated savers and have strong financial health.

RELIANCE

Influencers

India

When it comes to banks, 68% have high to the highest level of trust in banks. Their trust in institutions in general may be driven by their extensive experience with formal finance in the past.

WHEN APPLYING FOR A LOAN, THE GENDER
OF THE APPLICANT DOES NOT INFLUENCE
WHETHER THE LOAN IS GRANTED

Influencers

India

 

OPPORTUNITIES

How might we leverage their familiarity with

mobile phones and passion for technology

to incentivize their uptake of mobile money?

+

How might we build on their

efficient money management skills?

 

USER PROFILE

 

Arnab

“Things I don’t dream about yet today

will become dreams as I climb higher.

Financial success is a never-ending process.”

 

 

Arnab is a 32-year old man who works as a logistics supervisor selling clothes and electronics. In his spare time, he gives tuitions on computer applications. Arnab has a comfortable and stable income and doesn’t need to actively manage how much he spends. He works as a logistics supervisor in a B2B logistics company that sells clothes and electronics. He is highly self-confident; he believes he adds value to his team at work and is not concerned about potential obstacles that might get in the way of his success in the future.

USER INSIGHTS

How formal finance can incentivize individuals with high financial literacy

Arnab is a typical financially literate ‘digital native’, and has been incentivised to use digital payment platforms. He is constantly on the lookout for new schemes that offer rewards and cashback.

 

Arnab would benefit from products and schemes that offer more creative incentives and maintain a competitive advantage.

How to frame loans

for entrepreneurs

Arnab is passionate about jumping onto an entrepreneurial opportunity. With an eye toward the future, he is searching for agile financial services and providers that offer value propositions for budding entrepreneurs.  

 

Arnab needs a loan product that is flexible, has high returns and is tailored towards entrepreneurs.