The story of Sama begins with our mothers and their struggles for financial independence, as women coming from emerging economies.
However, they also share a remarkable strength — the support of tight-knit communities of friends and family.
-Eshita, 49
-Maisa, 46
-Shital, 52
We learned that 516 million or 80% of women in India struggle with financial literacy.
Insights from market research and user interviews compelled us to look into ways to break through the cultural stigma and barrier to access to financial resources for Indian women. We heard instances of:
- Mothers keeping track of family finances on paper.
- Fathers, who, most of the time, are breadwinners in the family, taking charge of family expenses.
- A lack of transparent conversations around finances and how to improve them.
Concept C: Group accountability for financial goals
We had to lower the barrier of entry by studying existing practices around finances more closely.
Funneling cultural insights into a cohesive solution
Our big breakthrough came when we moved away from western practices of financial saving and leaned into local traditions like “Kitty Parties”.
During our interviews, 9 women from 4 countries, validated the success of “Kitty Parties”, which are a way for small groups of women to pool money and receive the total at the end of their turn to host parties.
Our big breakthrough came when we moved away from western practices of financial saving and leaned into local traditions like “Kitty Parties”.
During our interviews, 9 women from 4 countries, validated the success of “Kitty Parties”, which are a way for small groups of women to pool money and receive the total at the end of their turn to host parties.
According to a forecast report by IndustryArc, the India P2P lending market size is forecast to reach $10.5 billion by 2026.
Sama leverages the power of local and urban communities to ease conversations that stem from cultural stigma and ultimately, provide financial empowerment for women.
Don’t take our word for it, hear it from our users:
-Eman, 52
-Neela, 53
-Monali, 50
-Meghna, 44
Pivot with confidence and don't look back
Our concept pivot around 9 weeks in was hugely successful because we trusted the new direction we were moving towards. We used the insights we gathered from concept testing to guide our thought process behind the development of Sama.
Focus on selling your story
Numerous times, we forced ourselves to move away from polishing our designs and instead focus our time and attention on how we could effectively communicate the story of our product.
Pitching vs Presenting
We had to learn how to “pitch” in a way that connects with the audience and who we are as people. Pitching helped us realize why we were doing what we were doing, and how we were doing it.