How can cross-border financial services take advantage of the dynamic economic growth of the Great Bay region?
Project background
As the core of the national strategy, the Guangdong-Hong Kong-Macao Greater Bay Area accounts for 11.7% of the country's total economic output, and its per capita GDP is 2.55 times the country's. High-net-worth people gather and cross-border financial demand is strong. As an emerging virtual bank in Hong Kong, LIVI BANK urgently needs to deeply understand the characteristics of the mainland customer base in the Greater Bay Area in order to optimize product design and seize market opportunities. Our team relies on rich local research experience to provide them with full-link customer insight solutions.
Core challenges
- Market positioning blurs• Quantified size and breakdown of cross-border financial customers in the Bay region;
- It's a pain in the ass.The four core scenes of health, education, insurance and shopping have a gap between user needs and existing services;
- Localization of products• How to customize Hong Kong's financial advantages with its mainland users and create a “super APP”.
Solutions
Using the three-dimensional methodology of Data+Insight+test:
- Large data quantification• Integration of data on the Federation ' s consumption, 100-degree tactile behaviour, precise targeting of high net value client images and consumption trajectories;
- The scenery digs deep.:: Digging the pains of the journey of typical players, such as medical HPV vaccinations, high-end education, through six focus group interviews and three expert dialogues;
- Product priority testingUsing the MaxDiff model to quantify 18 functional needs, high-potential modules such as “cross-border insurance” “medical intermediation services” were screened.
(Quantified target market size through big data)
Results and values
1. Precise anchoring of target population.: Identify two types of high-value groups: "New Cross-border Financial Management" (annual income of 650,000+, prefer portfolio investments) and "Quality Lifestylers" (emphasis on medical education, willing to pay premium for services);
(Consumer breakdown and consumer image)
2.Product optimization orientation• Introduction of a “one-stop medical appointment” to address 70 per cent of users' “agency choice” pain points and embedding exchange rate conversion tools to enhance payment experience;
(product experience journeys and pains)
3. Proposals for collaborative channels• To recommend, on the basis of consumption data, co-operatives such as Seaport City, Wanning and others, joint site marketing, with a potential coverage of 80 per cent of consumer traffic.
(Identified cooperative flow channels through quantitative analysis)
Client testimony
"The KEN team not only helped us clarify market opportunities, but also avoided tens of millions of development risks through prototype testing. Its 'big and small data combination' insight model has become our standard process for subsequent product iterations." - LIVI BANK Product Director
