Market research and market entry recommendations in UK, Poland, and Germany for a FinTech company
Ekaterina, Zhegalina (2021)
2021
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202103163456
https://urn.fi/URN:NBN:fi:amk-202103163456
Tiivistelmä
The thesis describes the market research process and provides new market entry strategy recommendations for a FinTech company CASHOFF Ltd in the UK, Poland, and Germany. CASHOFF has several products that aim to improve and enhance users’ interaction with the mobile banking apps. Its clients are banks, financial institutions, and fast-moving consumer goods.
This research is focused on a Data Analysis product and supports market entry in the UK, Poland, and Germany. The market research process is cyclic and can be applied to any other countries considered for expansion. The method includes analysis of market opportunity and customers, SWOT, PESTLE, and Porter’s five forces of the competition.
The importance of financial technology (FinTech) has been growing significantly in the past few years, driven by changing consumer demands. The COVID-19 pandemic has accelerated this even further. This forces traditional banks to adapt. One way to do that is by developing an in-house solution, which creates heavy competition between FinTech companies and banks. However, partnership and collaboration are always most fruitful. The thesis describes several forms of potential cooperation between FinTech and banks.
As a result, the thesis finds that CASHOFF’s current market entry strategy, solely focused on the market size and potential share to be gained, is not working. To succeed, the thesis suggests that CASHOFF expands marketing and promotional activities, develops a strong brand positioning, actively seeks for partnership opportunities with banks, other start-ups, and neobanks.
This research is focused on a Data Analysis product and supports market entry in the UK, Poland, and Germany. The market research process is cyclic and can be applied to any other countries considered for expansion. The method includes analysis of market opportunity and customers, SWOT, PESTLE, and Porter’s five forces of the competition.
The importance of financial technology (FinTech) has been growing significantly in the past few years, driven by changing consumer demands. The COVID-19 pandemic has accelerated this even further. This forces traditional banks to adapt. One way to do that is by developing an in-house solution, which creates heavy competition between FinTech companies and banks. However, partnership and collaboration are always most fruitful. The thesis describes several forms of potential cooperation between FinTech and banks.
As a result, the thesis finds that CASHOFF’s current market entry strategy, solely focused on the market size and potential share to be gained, is not working. To succeed, the thesis suggests that CASHOFF expands marketing and promotional activities, develops a strong brand positioning, actively seeks for partnership opportunities with banks, other start-ups, and neobanks.