Background

Our client, a prominent financial services firm, was facing competition from both established banks and emerging alternative lenders, and needed to diversify its customer portfolio to stimulate growth.

Our client aimed to broaden its market presence by focusing on individuals that were new-to-credit. This was driven by the recognition of a substantial, underserved market segment of potential customers. Understanding the distinct needs and behaviours of these new-to-credit individuals was essential for crafting effective market entry strategies and maintaining a competitive edge.

Approach

We employed a comprehensive approach to analyse the market and competitive landscape. Our focus was on conducting in-depth competitor analysis, market segmentation, and understanding customer behaviours through expert interviews, mystery shopping and extensive data analysis. This included examining competitor propositions, infrastructure, and customer engagement strategies.

We developed detailed insights into the capabilities and approaches of key market players, as well as the preferences and needs of various customer segments. This thorough analysis enabled us to provide actionable recommendations for our client.

Outcome

We recommended leveraging existing capabilities for targeted segments, developing new products, and enhancing risk assessment processes. We drew this together into a strategic market entry plan which would capitalise on untapped opportunities while effectively managing risks.