Disclaimer:
Please be aware that the content herein has not been peer reviewed. It consists of personal reflections, insights, and learnings of the contributor(s). It may not be exhaustive, nor does it aim to be authoritative knowledge.
Overview
Prepared by (Name of the experimenter)
Cristhian Parra
On date (Day/Month/Year)
20/05/2024
Current status of experimental activity
Completed
What portfolio does this activity correspond to? If any
Capacities for Social and Public Innovation
What is the frontier challenge does this activity responds to?
Builiding innovation capacities
What is the learning question(from your action learning plan) is this activity related to?
How to implement and evaluate the impact of an innovation pilot project to improve a specific public service?
Please categorize the type that best identifies this experimental activity:
Pre experimental (trial and error, prototype, a/b testing)
Which sector are you partnering with for this activity? Please select all that apply
Public Sector
Please list the names of partners mentioned in the previous question:
The National Innovation Strategy (ENI) and the National Council of Science and Technology (CONACYT) serve as organizers of the Public Innovators Program, where the Acceleration Laboratory provides technical support and mentoring. Ministry of Industry and Commerce (MIC).
Design
What is the specific learning intent of the activity?
Based on an informative and bank account opening web platform for foreign investors who want to establish companies in Paraguay, it is expected to provide foreign investors with a centralized place to obtain information on the requirements for opening bank accounts in Paraguay and allow them to start the process. remotely and effectively. To effectively measure and evaluate the progress and success of the informational and bank account opening web platform, both quantitative and qualitative metrics will be used. These metrics are directly related to the key use case of the platform and will be complemented by specific tools and Instruments.
How to eliminate the current difficulties related to the search for limited information and unnecessary face-to-face meetings to open bank accounts in Paraguay through a web platform?
What is your hypothesis? IF... THEN....
IF we create an informative and bank account opening Web platform THEN more investors will be able to initiate the process remotely and effectively, thus solving the current problem of limited access to information and effectiveness of bank account opening.
Does the activity use a control group for comparison?
No, it does not use a control group
How is the intervention assigned to different groups in your experiment?
Non-random assignment
Describe which actions will you take to test your hypothesis:
We will explore the results of using the platform through the quantitative and qualitative metrics proposed below.
What is the unit of analysis of this experimental activity?
Users of the platform
Please describe the data collection technique proposed
Quantitative metrics: Total number of visits to the Web platform,
Percentage of users who start the account opening process,
Conversion rate of users who successfully complete the process,
Average response time from a bank, Percentage of users who abandon the process at specific points, Average time to complete the account opening process.
Qualitative metrics: Feedback and opinions of users through surveys or interviews,
Evaluation of ease of use and user satisfaction through usability tests, Qualitative analysis of user interactions on the platform, such as comments and frequently asked questions.
Complementary instruments: Web analytics tools, such as Google Analytics, to collect data about traffic, user behavior and conversions, Usability tests to evaluate the user experience and discover areas for improvement in the interface and navigation.
What is the timeline of the experimental activity? (Months/Days)
4 months
What is the estimated sample size?
More than 1,000
What is the total estimated monetary resources needed for this experiment?
Between 10,000- and 20,000 USD
Quality Check
This activity is relevant to a CPD outcome
Please upload any supporting images or visuals for this experiment.
Please upload any supporting links
What are the estimated non- monetary resources required for this experiment? (time allocation from team, external resources, etc) If any.
Results
Was the original hypothesis (If.. then) proven or disproven?
Not proven yet
Do you have observations about the methodology chosen for the experiment? What would you change?
For the learning objectives we should establish a better monitoring and evaluation strategy. As the focus has been on the design and implementation of the solution, the evaluation strategies were not well defined, and there was no rigor in collecting data systematically.
This however, based on interactions with some initial users and staff from the Industry Ministry, we have noticed that the project had several advantages. The leadership of the Rediex team and their ability to articulate and connect with the parties involved, particularly the banking sector, greatly facilitated the development of Cuenta Simple.
Being a new project, there was the opportunity to build it from scratch using the most updated technology, such as Javascript frameworks considered industry standards, ensuring the development of an innovative product tailored to market needs.
During the design phase, interviews were conducted with different user profiles, including innovation departments and business account opening teams of recognized banks, allowing for a more comprehensive understanding of customer requirements and needs.
From design to results, how long did this activity take? (Time in months)
4 months
What were the actual monetary resources invested in this activity? (Amount in USD)
15000
Does this activity have a follow up or a next stage? Please explain
Yes, REDIEX is in the process of finally deploying this platform and integrating it to its main systems.
Is this experiment planned to scale? How? With whom?
Yes, with REDIEX
Please add any supporting links that describe the planning, implementation, results of learning of this activity? For example a tweet, a blog, or a report.
Considering the outcomes of this experimental activity, which of the following best describe what happened after? (Please select all that apply)
This experiment did not scale yet
Learning
The established banking system shows little interest in making improvements within its own system, which could hinder project implementation.
The response times by the bank can be an obstacle to the progress of the project.
What do you know now about the action plan learning question that you did not know before? What were your main learnings during this experiment?
There is a need to improve the identification of needs during the interview process with investors or representatives of foreign companies, in order to ensure that their specific requirements are adequately met.
What were the main obstacles and challenges you encountered during this activity?
Who at UNDP might benefit from the results of this experimental activity? Why?
Who outside UNDP might benefit from the results of this experiment? and why?
Potential investors. Interviews have been carried out with different users, including innovation departments and business account opening of recognized banks, which allows a more complete understanding of the requirements and needs of the clients.
Did this experiment require iterations? If so, how many and what did you change/adjust along the way? and why?
The potential impact of the Simple Account platform is committed to continuity with a similar team that can analyze the results over time and have the ability to iterate on those same results.
What advice would you give someone wanting to replicate this experimental activity?
It is recommended to implement actions that help strengthen the communication of the project and increase its visibility. Using additional channels to the web such as social networks or newsletters. This may generate a higher level of commitment with the parties, increase credibility and maintain a constant presence in the market, in turn it will help to attract new banking players and foreign investors interested in participating in the project.
Can this experiment be replicated in another thematic area or other SDGs? If yes, what would need to be considered, if no, why not?
How much the "sense" and "explore" phases of the learning cycle influenced/shaped this experiment? In hindsight, what would you have done differently with your fellow Solution Mapper and Explorer?
What surprised you?
The ease of communication and fluidity in the interactions between the teams stands out, with weekly meetings and the use of email to stay connected.
16Peace, justice and strong institutions
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