Financial services for women

Financial services mostly work because they are neutral. The whole point of cash is to be fungible, anyone should be able to exchange cash for anything. Having cash for men and cash for women makes no sense. And it’s the same for most financial services. When you go to make a payment with a cash or card or a digital wallet it should just work. 

So why would women need their own financial services? The thinking is that women need services tailored to them because, on average, they are at a financial disadvantage compared with men. They tend to earn less money throughout their lives, and they retire with less wealth. They are less likely to know how to make investments, how to grow their wealth. And historically most financial services have really been pitched at men. Women can be put off by male-centric advertising. And so it does actually make sense to put thought into both the design and delivery of financial services to women. 


Fintech, Social Change and Risk

New financial products are appearing on the market every day. How will this affecting consumers and society? In this project I explore the ways in which the increasing mobility of money, technology, people, and information is changing consumer behaviour and markets for consumer financial services. The research papers cover global, European and Dutch issues, as well as methods for understanding consumer behaviour in changing markets.


Consumer Finance Research Methods Project

A collaborative research project between Canela Consulting and the Institute for Money, Technology and Financial Inclusion (IMTFI) at the University of California, Irvine. You can read about the project on the IMTFI’s website.

The purpose of this project was to encourage knowledge sharing for better consumer finance research. Understanding consumers isn’t easy, especially given that products and services in consumer finance are changing fast around the world. 

Researchers in development, industry, academia, and government are all responding to these changes by innovating their approaches to understanding consumers. We stand to learn a lot from each other, but few of us have the time to look into what people in other sectors of consumer finance are doing. This project aims to bridge the knowledge gap, creating outputs that all consumer finance researchers can use.

Opportunities for new approaches are present in all stages of research, from conceptualization to planning, execution, analysis, and testing. For example, the IMTFI’s researchers, scattered around the globe, are adapting their research to changes in the payments space while they are in the field. Companies such as banks are hiring people with diverse research specialities and exploring ways to bring qualitative data together so as to turn data into actionable insights. The increasing availability of large data sets means that we have new sources to analyse that were not available before, and these are being deployed as part of mixed methods approaches.

We worked with the IMTFI and other stakeholders to begin the conversation and explore recent advances in consumer finance research around the world. The project’s outputs will showcase current practices from a diverse range of geographic and industry contexts.

The main output is the Consumer Finance Research Methods Toolkit (new version released 2020). The Toolkit showcases qualitative and quantitative methods, share innovations, and present case studies of how methods are used by individuals and teams working towards different goals.

Mobiles, Migrants and Money:
A Study of Mobility in Haiti and the Dominican Republic

This was a collaborative research project with Dr. Heather Horst (Digital Ethnography Research Centre, RMIT, Melbourne) and Dr. Espelencia Baptiste (Department of Anthropology, Kalamazoo College, Michigan). It was funded by the Institute for Money, Technology and Financial Inclusion (IMTFI) at the University of California, Irvine.

Mobile phone ownership has increased dramatically in Haiti over the last few years, altering the ways in which Haitians maintain their market activities and social relations across the country’s diverse geography and trading routes. This project investigated how Haitians use cell phones as a means of storing value and as a tool to manage their social networks and economic activities through the development and maintenance of social and informational networks.

Our research was carried out primarily in Port-au-Prince and the towns of Pedernales and Anse-a-Pitres on the Dominican-Haitian border, with secondary sites in Cap Haïtien, Jacmel and Santo Domingo. We had two main foci: 1) How mobility (of information, people and things) helps Haitian travellers take advantage of, or cope with, differences on either side of the border (economic and cultural arbitrage); and 2) The development of a new mobile money system in Haiti and its integration into the existing financial and telecommunications ecology.

In Phase I (June-November 2010) we researched formal and informal remittance routes in Haiti, publishing a report called Haitian Monetary Ecologies: A Qualitative Snapshot of Money Transfer and Savings. This report provides a qualitative snapshot of Haitian monetary ecologies six months after the 7.0 magnitude earthquake on January 12, 2010. The research examined the variety of ways in which money, people and goods circulate throughout Haiti in light of the changing economic, social and financial landscape. Based upon over ninety qualitative interviews and focus groups with Haitians located in four key sites throughout the country, the report focuses upon the challenges that many Haitians face in their efforts to send, receive, exchange and store money, and the role of mobile phones and other conduits in this process.

In Phase II (December to April 2011) Dr. Batptise and I were on fieldwork in Port-au-Prince, Haiti, investigating the adoption and adaptation of new mobile banking services. While in the field we wrote a regular blog about our work on the IMTFI website. Our second report, Mobile Money in Haiti: Potentials and Challenges, builds upon our previous research on domestic remittances and financial practices to identify mobile money’s potentials and challenges given the specific characteristics of the mobile money services offered and the needs of the Haitian population.

In Phase III (January-May 2012) I worked with Dr. Horst and Gawain Lynch on the Dominican-Haitian border, looking specifically at how mobile phones and money transfers are impacting upon movement and trade of Haitians on the Dominican Republic. We were also interested in the persistence of social stratification along national lines, despite a long history of trade and socialization between border towns. Among other things, we published a paper called The role of mobile phones in the mediation of border crossings: A study of Haiti and the Dominican Republic (Horst and Taylor, 2014). The project was also featured in the Citi Money Gallery at the British Museum.

Material Culture and Poverty in the Dominican Republic

This project began with my PhD research in the Department of Anthropology at The University of Sydney, Australia, where I was supervised by Professor Diane Austin-Broos. My studies were funded by a University Postgraduate Award and my fieldwork was supported by the Carlyle Greenwell Research Fund and the Faculty of Arts Research Support Scheme. 

My doctoral fieldwork in a Santo Domingo squatter settlement primarily addressed the first issue of social stratification and material forms. I carried out the bulk of this research over fifteen months in 2004-5, producing a thesis entitled Abajo el Puente: Place and the Politics of Progress in Santo Domingo. I have undertaken three shorter trips since then, including undertaking a follow-up survey in November 2009.

My research analysed the strategies and practices of squatter settlements to realise socioeconomic mobility. In 2013 this research was published as a book called Materializing Poverty: How the Poor Transform their Lives (2013, Altamira). The book explores how very poor people use the material world around them to cope with poverty and, over the years, to transform their lives.