Assessing Ideas for Innovation on Financing Services
Background
One of the well-noted financing companies in the world identified the declining credit contract in Indonesian market in recent years, and sees the need to understand the reasons and at the same getting insights and ideas for innovations.
Some hypothesis were developed whether the pandemic factor influences the changing of budget prioritization, or any other ‘pull-factors’ coming from changing landscape of new players which offering similar solutions.
Objective
Acquiring ideas and insights for innovation for upcoming, relevant solution through identifying consumers journey in taking financing services.
Challenges
Many new, indirect competitors came in, esp. from Non-banking Financial Institutions which offer similar products and services, therefore there is urgency to identify any emerging/ potential needs for them to tap to in the near future.
How We Do It
Acquiring consumers persona through conducting several consumers immersion via home-visit and interview sessions amongst lapsers, dormant, and potential customers to generate insights based on capturing real-life context.
Solution
Clients get clearer picture about who their targets are, and gets some directions on how to occupy the ‘white spaces’ in the midst of fierce competition.