Client Situation
The client is a Financial Services Company headquartered in Abu Dhabi, having over 11 branches and business offices in all Emirates and some Gulf Regions.The client wanted to assess the NRI remittance opportunity and enter the market via acquisition. Further, the client wanted to develop a strategy for becoming a significant player in the UAE market by leveraging technology and innovation.
Cedar’s Approach
Cedar was mandated by the client to assist with assessing the NRI remittance market within the UAE & formulating a best-in-class strategy to penetrate the market. The process followed by the Cedar team consisted of:
- Internal assessment involving collection, validation and analysis of internal data
- Collection and analysis of data on the UAE PESTEL circumstances and a detailed competitive environment study
- One-on-one interviews with key/relevant members of the client’s management teams to gain insight into the internal perspectives of teams across functions
- Collation of the analyzed data and Cedar expertise to formulate a winning strategy
Outcome
Some key recommendations by Cedar for the client involved:
- Identification of geographic and demographic target segments & determination of competitive strategy to penetrate the market
- Identification of critical success factors
- Creation of differential service offerings catering to multiple socio-economic groups within the target market as they have different preferences/requirements
- Establishment of a Unique Selling Proposition; Implementation of cross-sell targets for all executives and keen attention towards KPI analytics
- Employment of distribution channels with the intentions of maximizing convenience and visibility
- Large scale tie-ups with high traffic organizations for Instant Transfers, in order to optimize disbursement channel
- Improved sourcing channels by providing focused sales training to customer service teams to advise on culturally tailored sales tactics as well as up-selling and cross-selling strategies and to the DST team for fresh customer acquisition
- Creation of a marketing strategy centered around attractive loyalty programs