Digital Product Development

Our digital product development services drive innovation, combining cutting-edge technology and user-centric design to create and launch transformative digital solutions that captivate users and drive business growth.

Support a bank in Kenya to develop a robust business plan that enables them to effectively compete with existing digital banks and fintech companies in the market

Ask

Study Market :

Conduct a thorough analysis of the market in the country, including the current business and technology trends.
Identify key market players, their strategies, and competitive landscape.
Analyze consumer behavior, preferences, and purchasing patterns.
Assess regulatory and legal factors that may impact the bank’s operations.
Identify emerging opportunities and potential threats in the market.

Business Strategy Recommendation:

Develop a tailored business strategy for the bank based on the findings of the market study.
Define the bank’s positioning, target market segments, and value proposition.
Identify the bank’s unique selling points and competitive advantage.
Outline strategies for market penetration, growth, and expansion.
Provide guidance on organizational structure, partnerships, and alliances.

Product Recommendations:

Based on the market study and business strategy, recommend specific products or services that align with the bank’s goals.
Identify potential gaps in the market and propose innovative product ideas.
Define product features, pricing models, and target customer segments.
Assess the feasibility and viability of each product recommendation.
Consider market demand, competition, and potential profitability.

Monetization Framework:

Develop a monetization framework that outlines how the bank can generate revenue from its products or services.
Identify different revenue streams and business models for the recommended products.
Evaluate pricing strategies, such as customer fees, subscriptions, or usage-based charges.
Consider potential partnerships, cross-selling opportunities, or upselling strategies.
Provide financial projections and ROI analysis for the proposed monetization strategies.

Technology Stack Recommendations:

Assess the bank’s current technology infrastructure and systems.
Identify any gaps or areas for improvement in the technology stack.
Recommend specific technologies, platforms, and tools to support the bank’s business strategy and product offerings.
Consider scalability, security, integration capabilities, and industry best practices.
Provide implementation roadmaps and estimated costs for the recommended technology stack.

Our Approach

Reviewing Current Business Strategy and Goals: We will thoroughly examine the bank’s existing business strategy and goals to understand its current positioning and aspirations. This will provide a foundation for aligning our recommendations with the bank’s objectives.

Assessing Business/Technology Landscape: We will analyze the bank’s current business and technology landscape, including its systems, processes, and infrastructure. This assessment will help identify any gaps or areas for improvement that need to be addressed.

Building Competition Map and Studying Market Innovation: We will conduct a comprehensive analysis of the competitive landscape, mapping out key competitors and their strategies. Additionally, we will study market innovation trends to identify emerging technologies and opportunities that can be leveraged by the bank.

Reviewing Compliance and Regulation: We will review the existing compliances and regulations governing the banking industry and new product introductions in the country. This will ensure that our recommendations align with the legal and regulatory framework.

Collaboration with Top Management: We will work closely with the bank’s top management to understand their vision, goals, and expectations. By collaborating with key stakeholders, we will develop a new business value proposition and valuation structure that aligns with the bank’s strategic direction.

Developing an Organization-Wide Business Plan: We will develop a comprehensive business plan and roadmap that encompasses both the business and technology aspects of the bank. This plan will provide a strategic context for the entire organization and serve as a guide for the implementation of new initiatives.

In summary, our approach involves a thorough review of the bank’s current strategy and goals, an assessment of the business and technology landscape, collaboration with top management to define a new value proposition, and the development of an organization-wide business plan and roadmap.

Result

As a result of our engagement, the bank developed a robust plan encompassing both near-term and long-term goals. The plan included strategic investments in product development, manpower deployment, marketing initiatives, and technology deployment. Furthermore, the bank established an innovation framework to ensure it stays ahead of the curve and embraces emerging trends in the industry. This comprehensive plan provided a solid foundation for the bank’s future growth and success.