Best Practice Synthesis for Designing Literacy Inclusive Digital Financial Products in Microfinance Contexts

Abstract

Digital financial products Digital financial products are the new wave of work of the moralities now, but not without replacing new challenge of low literacy, low skills and technology. This paper conducts a systematic best practice synthesis combining models from inclusive design, human centered product development and behavioural economics to extract concrete principles for how to design digital financial services that would work for all if accessible. Identification and clustering of core design domains is addressed, which include good practices towards clear intelligent user-interface, common language, common icons, 'good' user-friendly key buttons, trust building features, and participatory co-design processes by and for the target users. The paper also relates some product design attributes to better levels of usability and financial inclusion, as measured by usability scores, inclusivity indices, simulated task completion and access assessment checklists. The synopsis also highlights what can be done on common obstacles to adoption and is a structured guide and resource tool for practitioners and policy-makers working with mobile banking, digital wallets and microloan platforms for low-literacy users. The primary output is a compiled handbook of design principles centered on inclusive and responsive digital financial services that develop financial inclusion within undeserved areas.