Case: How research helped rethink strategy and launch a new product
In 2016, the First MicroFinance Company decided to change the company's strategy and introduce new digital services to the market, which were not previously offered by any microfinance company in Kyrgyzstan.
Besides the possible positive prospects and "skimming", the decision to bring the product to a new market and the successful implementation of this step had a number of risks that were minimized with the market research.
The First MicroFinance Company requested a study "Exploring the market of digital financial services and alternative channels for providing financial services" to better understand the market situation and potential consumer demand for the new products.
Rishat Mukhamedzhanov, a Chief Operations Officer of the First MicroFinance Company, told about the background for the study and how its results helped the company.