Key questions for the market entry:
- What client segments can be served uniquely well?
- Expats beachhead: What are the key banking needs, pain points and behaviours? Do they differ by sub-segments? How do they perceive the client’s current offering and brand?
- Next to expats, what other adjacent or underserved target groups could the client serve? How do their banking needs and expectations differ from expats from its home market?
- Which needs of the chosen segments are not met by current providers, such as N26, Monese or Transferwise? What jobs-to-be-done could the client bundle to create a new blue ocean market opportunity?
After defining the target client segments, we conducted several user interviews, analysed the feedback and presented the research insights under the jobs-to-be-done framework.
Adjusting the product to local client demands and market dynamics
Digital banking is a hyper-competitive segment: New digital banks now compete against established challenger banks like N26, established local banks and other international entrants. How can the banking proposition be tailored to meet user needs better than current alternatives?
By building on the user and market insights, we held a virtual product strategy sprint to decide on the initial proposition to be launched in Germany and in cooperation with the Banking-as-a-Service partner.
Creating a winning marketing strategy
Banks and fintech players in Germany are spending a lot on customer acquisition. While the fintech players predominantly focus on digital performance marketing, comparison sites, referrals and partnerships, many incumbents offer account switching bonuses of up to 100€. How can the client stand out in a crowded market and reach its early adopters effectively?
Taking into account the user and market insights as well as the previous product decisions, we conducted a marketing strategy sprint to refine the client’s marketing activities.
- Insights session from Ross Republic’ previous fintech learnings
- User and market research
- Product strategy sprint
- Marketing strategy sprint
Our research formed the framework for a user-centric growth and product strategy across Germany and Europe.
We further adjusted the existing product for the German market by defining hygiene features vs. truly differentiating features for the chosen target groups. The product strategy sprint enabled the client to offer a high-growth entry product in combination with unique, monetizable features.
The marketing strategy sprint clarified how to win over early customers, such as recruiting test users and reaching out to narrow target segments during the beta phase. We further developed a roadmap for the launch phase that aimed to precisely target the beachhead customer segment to seed initial volumes and further refine our initial hypotheses for finding local product-market fit.