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Introduction & Case description

How we helped a leading traditional bank enter the digital remittances sector.

Developing a market entry strategy is very important to get clarity on what a business aims to achieve and how they are going to achieve it. On one hand, it maximises your chances of success and on the other hand, it mitigates the risk elements. Whether you want to enter a new geography, new sector, or new demographic, a strong market entry strategy is required to improve the likelihood of success.

 

The GCC is home to a large number of migrant workers, mostly from the South Asian region, who regularly remit money to their home countries. In 2020, international transfers totalling $35 Billion was made by migrant workforce from Saudi Arabia (KSA). Almost all of this international remittance is still handled by traditional banking methods and money exchanges, which are inefficient with higher transfer fees, longer processing times and lack transparency. 

 

Our client, well-established traditional bank in KSA, seeking to expand its offerings and cater to a growing digital audience, approached us with the goal of entering the digital remittances sector. They recognized the increasing demand for fast, secure, and convenient money transfer solutions but lacked the in-house expertise and understanding of the digital remittance landscape.

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Our SOlution

Quantitative Market Research with Industry Research

We devised a comprehensive research solution combining Quantitative Research with both potential customers and industry research utilizing secondary sources.

Our comprehensive market entry strategy included understanding the remittance market size and opportunity, both in personal and business segments.  Key customer value proposition elements were identified through various data sources including depth interviews, social reviews etc. Our route-to-market also covered Industry dynamics & trends, government regulations, and other key developments in this segment. A detailed competitor analysis was conducted on a global and regional level covering analysis of operating business model & markets, revenue model, competitive advantages etc. We also built case studies of successful players in this market covering a broad range of topics like product strategy, marketing & communication strategy, pricing strategy etc.

The results

Impactful market entry strategy

The research provided the bank with a clear roadmap for entering the digital remittance sector. The quantitative data on customer preferences, coupled with insights from industry research, equipped the bank to develop a competitive and customer-centric digital remittance service. Key results were

  • Market Validation and Opportunity Assessment: The combined research confirmed the significant market potential for digital remittance services. The quantitative data revealed a strong demand for features like competitive exchange rates, transparent fees, ease of use, and mobile accessibility.
  • Customer Segmentation and Targeting: The research identified distinct customer segments within the digital remittance market, each with specific needs and preferences. This segmentation allowed the bank to tailor its product offerings and marketing strategies to resonate with different customer groups.
  • Competitive Advantage and Differentiation: By analyzing the competitive landscape, we pinpointed areas where the bank could differentiate itself. This included leveraging its existing brand reputation, secure infrastructure, and potential for bundling remittance services with other banking products.

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