CASE STUDY
Exploring the Digital Remittance Marketplace
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, one of the leading banks in KSA and top ten largest banks in the Middle East, wanted to enter the faster and efficient digital remittances sector.
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.
We developed a complete 360 degree entry strategy for the bank covering all aspects like products strategy, marketing & communication strategy, value proposition, customer segmentation and pricing strategy. Armed with insights and the right strategy, the client is currently piloting its digital remittance platform to some of its existing customers. Knometrix is also assisting the bank in product market fit analysis, user experience research and building the product roadmap.
We take our clients' confidentiality seriously. We do publish any client’s name or identifiable information unless we have the permission to do so.
