The major challenge that Financial services organizations face today is to remain competitive in an ever-dynamic market. The influx of various disruptive technologies within a short period of time and the robust growth of Fintech firms across business verticals has led to a scramble for customers. In an era of rising competition, exacerbated by the impact of the Covid-19 pandemic, it has become necessary for banking and financial services firms to re-look at their current market strategies.
The current pace of digitalization of the corporate world, especially the Trade industry, has opened new opportunities for banks to access foreign lands and provide their services (such as correspondent banking) to new clients and industry segments. New ways of working and interacting with technology has changed customer attributes and preferences to such an extent that it has become vital to revise the existing segmentation methods. Persona-based, customer-centric products and services that look to address needs of customers based on life events have become the norm.
How we add value
- Cedar leverages its strong market knowledge, extensive in-house knowledge base, and a distinctive methodology to assist clients in developing detailed market assessments and breakthrough entry strategies. Cedar follows a well-defined and time-tested Delphi technique that has been executed across multiple market assessment engagements across geographies. The approach includes defining the right set of questionnaires and primary interviews with industry experts and competitors to triangulate analysis and insights.
- This is supplemented with thorough secondary research comprising of global and macro-economic trends, industry framework & trends, regulatory environment, competitive dynamics, technology trends, and implications for the client that help provide a quantitative assessment of the market to gauge industries presence.
- The final deliverable is a strategic road map for entering the market or enhancing penetration, which includes recommended modes of entry, partner/target identification, competitive and market positioning, distribution strategy, resulting financials and market share. More importantly, Cedar develops an execution plan with identified critical success factors for the rollout of the identified initiatives, including key activities, measures, timelines, ownership, and key milestones.