InSight is a simple mobile money management tool that enables individuals and micro-businesses to perform daily accounting and cash management on their cell phones. Available on SMS, voice, web, and Android platforms in eight different languages, InSight allows users to track their finances and learn budgeting and savings in context, helping to teach financial literacy while also encouraging responsible spending and savings habits.
InSight’s real-time cash flow data is then captured in the Tala information database and aggregated with 36 different demographic, behavioral, and transactional variables in InVenture’s dynamic credit-scoring algorithm to generate actionable risk assessments, quantifying each user’s ability to successfully repay a loan. This information is then shared with lenders to help individuals qualify for affordable financial services and credit products.
InSight leverages mobile technology and data analytics to help individuals build financial identities and access to the formal economy, while also helping financial institutions mitigate credit risk and grow their portfolios safely and sustainably.
Globally, there are over 2.5 billion unbanked individuals lacking affordable access to essential products and financial services. Micro-borrowers living in cash-based informal economies with no financial records and limited financial literacy are often unprepared or unable to borrow money and participate in the formal economy. Without credit information, the average microfinance institution spends 16% of its loan portfolio on loan due diligence and servicing costs, creating high interest rates for borrowers and limiting growth.
InSight offers a simple, scalable solution that helps bridge this gap. It helps users establish financial identities to gain access into the formal economy while also helping lenders identify creditworthy borrowers to mitigate their risks.
The cost of using InSight is similar to or less than the cost of using a mobile phone, and thus, financially affordable to the majority of our target market. Our voice product is, in most cases, free of charge, as it functions through a missed call system, whereby the user places a missed call to us and we return their call for cashflow recordings or send SMS for summary reports. In most countries, received calls and SMS are free of charge for the receiver, but in countries where it is not, the user would simply incur the cost of receiving a call or text. For our SMS product, the use of InSight would cost the nominal amount of sending and receiving SMS. For our Android/web versions, users would need to pay for data or internet access.
Stage of Development: produced in serial production
-Product Benefits: Mobile Money Management, Digital Financial Records, Financial Literacy, Financial Identity and Access, Credit Scoring and Risk Assessment
- Available Platforms: Voice (IVR), SMS, Android, Web
- Number of Supported Languages: 8
- Credit Scores Generated for Users: 80,000
- Unique Financial Events Recorded: 625,000
- Average Increase in Revenue of InSight User: 9.5%
- Average Increase in Savings of InSight User: 8%
Contact: Shivani Siroya
Used by: Kenya, India, South Africa