Harvard Case - Juntos Global: Deploying Human Centered Design to Motivate the Newly Banked
"Juntos Global: Deploying Human Centered Design to Motivate the Newly Banked" Harvard business case study is written by Howard Thomas, Lipika Bhattacharya. It deals with the challenges in the field of Social Enterprise. The case study is 17 page(s) long and it was first published on : Apr 10, 2018
At Fern Fort University, we recommend that Juntos Global adopt a hybrid organizational structure that leverages the strengths of both for-profit and non-profit models to achieve its mission of financial inclusion and empower the newly banked. This structure will allow Juntos Global to attract and retain talent, secure funding from diverse sources, and scale its impact effectively.
2. Background
Juntos Global is a social enterprise operating in developing countries, aiming to provide financial services to the unbanked population. Their innovative approach combines microfinance with human-centered design to create a more engaging and user-friendly experience for their clients. However, Juntos Global faces challenges in scaling its operations and achieving financial sustainability while maintaining its social impact.
The case study focuses on the leadership team's decision to explore new business models and organizational structures to address these challenges. The main protagonists are:
- Maria Rodriguez: CEO of Juntos Global, passionate about financial inclusion and driven to find sustainable solutions.
- David Chen: Chief Operating Officer, focused on operational efficiency and scaling the business.
- Aisha Khan: Head of Product Development, championing human-centered design and user-centric solutions.
3. Analysis of the Case Study
Juntos Global's situation can be analyzed through the lens of social entrepreneurship and impact investing. The organization seeks to generate both social and financial returns, aligning with the triple bottom line framework.
Key challenges:
- Financial Sustainability: Juntos Global needs to find a sustainable model to cover operational costs and expand its reach.
- Scalability: Scaling operations while maintaining quality and impact requires a robust infrastructure and efficient processes.
- Impact Measurement: Juntos Global needs to effectively measure and demonstrate the impact of its services on the lives of its clients.
Opportunities:
- Hybrid Model: Combining elements of both for-profit and non-profit structures can leverage the strengths of each, attracting investments and maximizing impact.
- Strategic Partnerships: Collaborating with other organizations, including NGOs, financial institutions, and government agencies, can expand reach and access resources.
- Innovation: Continuously developing innovative products and services based on user needs can enhance engagement and drive growth.
4. Recommendations
1. Adopt a Hybrid Organizational Structure:
- Structure: Juntos Global should establish a Benefit Corporation structure. This legal framework allows the organization to pursue both social and financial goals, attracting investors seeking positive impact while maintaining its commitment to social mission.
- Governance: A board of directors should be comprised of representatives from both the social impact and financial sectors, ensuring a balanced approach to decision-making.
- Financial Model: Juntos Global can explore a blended value model, combining traditional revenue streams with impact-based financing, such as social impact bonds and venture philanthropy.
2. Implement a Scalable and Sustainable Business Model:
- Product Development: Juntos Global should continue to leverage human-centered design to develop user-friendly and impactful products. This includes:
- Financial Literacy Programs: Offer training and education programs to empower clients to manage their finances effectively.
- Savings and Investment Products: Develop tailored savings and investment options to meet the specific needs of the target market.
- Insurance Products: Offer micro-insurance products to protect clients from financial shocks.
- Operations: Juntos Global should focus on streamlining operations and building a scalable infrastructure. This includes:
- Technology Adoption: Invest in technology solutions to automate processes, enhance customer service, and improve data collection.
- Partnerships: Establish strategic partnerships with local NGOs, financial institutions, and government agencies to expand reach and leverage existing infrastructure.
- Staff Training: Invest in training and development for staff to ensure they possess the skills and knowledge to deliver high-quality services.
3. Develop a Robust Impact Measurement Framework:
- Social Impact Measurement: Juntos Global should adopt a comprehensive framework to measure the social impact of its services. This includes:
- Quantitative Metrics: Track key indicators such as financial inclusion rates, poverty reduction, and improved financial well-being.
- Qualitative Data: Conduct regular surveys and focus groups to understand the lived experiences of clients and measure the impact on their lives.
- SROI Analysis: Conduct a Social Return on Investment (SROI) analysis to quantify the social value generated by Juntos Global's activities.
- Transparency and Reporting: Juntos Global should regularly report on its social impact and financial performance to stakeholders, including investors, donors, and the public.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Juntos Global's current situation, considering:
- Core competencies and mission: Juntos Global's commitment to financial inclusion and human-centered design is central to these recommendations.
- External customers and internal clients: The needs and aspirations of the target market are at the heart of product development and service delivery.
- Competitors: The recommendations are designed to differentiate Juntos Global from competitors by focusing on innovation, impact, and sustainability.
- Attractiveness: The hybrid organizational structure and blended value model are expected to attract investors seeking social impact and financial returns.
6. Conclusion
By adopting a hybrid organizational structure, implementing a scalable and sustainable business model, and developing a robust impact measurement framework, Juntos Global can achieve its mission of financial inclusion and empower the newly banked while ensuring its long-term sustainability and growth. This approach will allow Juntos Global to become a leading force in the social enterprise sector, demonstrating the power of social innovation to address critical social challenges.
7. Discussion
Alternatives:
- Remain as a non-profit: This option would allow Juntos Global to focus solely on its social mission, but it would limit access to funding and potentially hinder scalability.
- Transition to a for-profit model: This option would allow for greater financial flexibility and growth, but it could compromise the organization's social mission and impact.
Risks:
- Financial instability: The hybrid model requires careful financial management to ensure long-term sustainability.
- Impact dilution: Balancing social and financial goals could lead to a compromise in the organization's social impact.
- Governance challenges: Managing a hybrid structure with diverse stakeholders requires effective governance and communication.
Key Assumptions:
- Market demand: There is a significant demand for financial services among the unbanked population in developing countries.
- Investor interest: Investors are willing to invest in social enterprises with a strong track record of impact and financial sustainability.
- Government support: Governments will continue to support initiatives promoting financial inclusion and poverty reduction.
8. Next Steps
Timeline:
- Year 1: Develop the hybrid organizational structure and governance framework.
- Year 2: Implement the blended value model and secure initial funding.
- Year 3: Launch new products and services, expand operations, and begin measuring impact.
- Year 4: Scale operations, establish strategic partnerships, and demonstrate the effectiveness of the hybrid model.
Key Milestones:
- Legal incorporation: Formalize the Benefit Corporation structure.
- Fundraising: Secure funding from impact investors, foundations, and government grants.
- Product development: Launch new products and services based on user needs.
- Impact reporting: Publish regular reports on social impact and financial performance.
By taking these steps, Juntos Global can position itself for sustainable growth and make a significant contribution to financial inclusion and poverty reduction in developing countries.
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Case Description
The case is set in March 2018. Neha Bhatia Ramdas, Director of Sales at Juntos Global, is visiting a prospective partner bank of her company in Singapore, which wants to expand its outreach amongst the unbanked population in South East Asia. The partner bank is not comfortable in sharing their customer data with Juntos, and Ramdas has been entrusted with the difficult task of convincing the partner bank to share their data with Juntos. Juntos specialises in deploying SMS based solutions powered by data analytics capabilities for financial service providers to help them serve their newly banked customers more efficiently. The Juntos SMS based platform helps the newly banked customers to build formal savings habits through behavioural science strategies by building a relationship of 'trust' with their customers. By creating trusting relationships between financial service providers and their customers based on the principles of Human Centred Design (HCD), Juntos was able to generate measurable increases in account usage in many of its projects. The Juntos business model was a partnership model, wherein the partner financial service was equally involved in the implementation of the Juntos solution, especially at the beginning of the project. Juntos used an agile implementation process for project implementation that was preceded by a useful ethnographic study that allowed Juntos to customise their solution for their partner clients. Juntos typically implemented pilot projets with their partners, before implementing large-scale projects. The flipside of this arrangement was the long sales cycle that was the primary impediment to Juntos success.
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