Data-based solution lab launched

Dar es Salaam. A new solutions-driven research platform has been created to support financial service market actors using data.

Dubbed, FinSights Lab, the initiative is meant to enable public and private sector institutions to improve their products and policies, focusing on action-oriented research.

The Financial Sector Deepening Trust (FSDT) which unveiled the project in Dar es Salaam yesterday says the coming of FinSights Lab is a response to concerns raised by Tanzania’s financial sector experts who say research is limited, and where it exists it does not always translate into action.

FSDT’s executive director Sosthenes Kewe believes that using research can help financial sector actors to offer Tanzanian consumers a range of products, which suit their specific needs and allow them to become engaged financially. “Financial services providers do not use enough evidence when creating services or products. We believe in utilising high-quality data as evidence so that innovation can take place,” said Mr Kewe, as he explained what FinSightsLab is all about.

He said that all too often, knowledge on the financial sector trends is left on the table, and does not feed into the development for effective solutions by private and public sector organisations.

“Products, policies and programmes can be tailored for the Tanzanian context, rather than relying on imitation from other markets,’’ he argued. The launch of the platform went along with a panel discussion themed: “Is Data the New Oil”, in which delegates explored the importance of data in development of financial products by Financial Service Providers.

Dr Blandina Kilama from Repoa noted that without data, customers can’t have confidence in what they are being served with.

“If I am a customer, I would believe I got justice if I received a product/service that was cheap, timely and effective,’’ she noted.

For her part, NMB’s Innovation and Development head Jasina Njambi said, “We can’t create anything new without data, not only internal data but also the data from the market.” Whereas, Tigo’s Financial Services chief officer Hussein Sayed said, “Customers expect world-class products with a custom fit. So regardless of how much information you might have, it is never enough,” said Mr Sayed.