A transformative perspective of financial services for the unbanked

Purpose This paper aims to examine the factors that affect financial services design of and their effect on the improvement of the unbanked customer well-being. Design/methodology/approach The authors use a path analysis to examine customer well-being integration in the activities of service organizations. The theoretical estimation model was conducted using a structural equation model with maximum likelihood estimation. To build a more robust model that explains customer well-being, direct and indirect effects are used in the estimation of the research model. Findings Perceived customer support and interaction with the storekeeper are two major factors that, positively, influence trust and customer participation (CP). In addition, CP plays a key role in enhancing financial empowerment and thereby in the production of greater customer well-being. Originality/value This study sheds light on the positive effects that the design of services has on customer well-being and exposes the underlying mechanisms that contribute to customer well-being through CP. It also provides a unique financial service format and specific strategies for managing trust and CP to enhance individual well-being in the unbanked population in a developing country.