Financial Services

Financial service providers need to compete in segments and niches that afford real growth in a difficult climate. Opportunities still abound in under-banked emerging markets, as well as in immature segments in more industrialized countries. Spire is poised to leverage our Asia-wide financial services experience to deliver research and consulting solutions that address these needs.

Our work in the financial services space has addressed products ranging from credit cards and unsecured consumer credit to insurance, SME banking, non-performing loans and debt securities.

Issues & Opportunities

Fuel Fleet Cards – Market Entry Study – Asia Pacific

The client was a leading independent provider of fuel fleet cards globally that had strong presence in US and Europe. It sold fuel card programs directly to commercial and government fleet operators as well as through partners, including major oil companies and card resellers. The client was seeking to expand its market by investing more focus in Asia.

The objective of the study was to understand the market potential of fuel cards in various markets in Asia Pacific namely, Japan, China, India, Malaysia, Thailand and Indonesia. The company also wanted to identify suitable go-to-market strategies, general climate, entry barriers as well as the broad market opportunities.

The objectives of the study were to

The research findings was disseminated within the client’s organization and will be taken into consideration when the client decides on its next steps towards entering the Asia market.

Project deliverables included a report addressing:

Overview of the fleet cards sector in each country
Profiles of prominent fleet cards providers and their card programs
Analysis of major highways used by commercial fleets, presence of fuel stations along the highways and general fuel card penetration among commercial fleets
Spire’s evaluation on key countries to enter and potential providers which the client can partner/acquire

Unsecured Consumer Credit – Strategic Business Review for Consumer Credit Product in Singapore

A leading global financial services provider planned to introduce a new consumer credit offering in Singapore aimed at middle-income consumers, by leveraging on its previous success with a similar product aimed at a lower-income bracket.

The objective of the study was to determine the market potential and marketing strategy for the launch of the consumer credit product in Singapore, as well as how the new and earlier products ought to be differentiated.

The objectives of the study were to

Spire conducted secondary research and interviews with experts in government, academia, journalism and financial services community, to develop hypotheses and seek relevant facts pertaining to market potential assessment in this space.

This was followed by in-depth interviews with financial service providers operating in this space (bank and non-bank) to assess existing industry capabilities, strategy and performance. Our consultants were able to size the market on the basis of government data, but with detailed breakdowns supplied by Spire’s analysis of all interview inputs.

Spire’s findings armed our client with intimate knowledge of the market, competitive and regulatory environment. Our client proceeded with preparations based on our recommendations and successfully launched its product in Singapore.

Project deliverables included:

Historic and forecasted market size by target segment as well as competitor profiles
Recommendations on product pricing and promotions

Renovation Loans – Strategic Research in Singapore

A Global Fortune 500 company involved in financial services, personal credit and insurance sought to introduce a new renovation loan offering in Singapore. Spire was tasked to test its product concept prior to the official launch.

The objectives of the study were to assess the potential for the new renovation loan product in Singapore, refine the intended customer value proposition and outline a suitable marketing strategy.

The objectives of the study were to

Spire used secondary research to quantify the potentially addressable number of loan customers and assess the regulatory environment and competitive landscape for renovation loans in Singapore.

Focus group discussions were also conducted with both current and prospective renovation loan customers (household decision makers) to identify the perception and usage patterns towards renovation loans./p>

Leasing – Strategic Research of Leasing Market In Aceh

The client is one of the largest multilateral sources of debt and equity financing companies for private enterprises in developing countries. It planned to promote private sector investment, so as to reduce poverty and recover the local economy in Aceh after the tsunami disaster in December 2004.

The objectives of the study were to assess demand size and characteristic of leasing market in Aceh as well as understand the behavior, needs and preferences of leasing customers (small and medium enterprises and large companies).

The objectives of the study were to

Spire prepared an analysis of desk research on published articles, government rules and regulations and conducted in-depth interview with:

Leasing industry players (bank, leasing company, and other financial institutions)
Small and medium enterprises (automotive, manufacturing, construction, transport, logistics, etc.)
Large companies (various industries)
Local government official (BPS, Trade Ministry, etc.)

Our client used Spire’s report as their reference to enter leasing industry in Aceh.

Project deliverables included:

Introduction Macro Economic (industry structure and characteristic) in Aceh Region
The demand size of Aceh leasing industry by region, assets (productive assets and small ticket items) and industry (value and volume) for historical (2006) and future (2007 to 2009)
In-depth analysis of competition among players (banks and non-banks) and various types of leasing products offered
Level of knowledge on leasing industry in Aceh
Types of assets that are required in Aceh
SMEs experience and interest on leasing in Aceh
In-depth analysis of the legal, regulatory and policy framework affecting leasing market in Aceh
Attractiveness of leasing market and demand in Aceh
Potential segment to focus on decision whether to enter into leasing market in Aceh

Contactless Micro-payment Card – Concept and Market of Micropayment for E-commerce in Indonesia

One of the largest private banks in Indonesia was interested in understanding the knowledge about micropayment for e-commerce within and beyond Indonesia. In addition, the client wanted to know more about their product acceptance from their customers and merchants after the official launch.

The objective of the study was to understand the type of payment, especially micropayment, as well as the usage comparison and difference between internet users in Indonesia and abroad.

The client also wanted to:

Understand customer’s Usage Attitude Image (UAI) across five different segments
Gauge merchant satisfaction and awareness: With focus on reader existence, transaction capability, and usage barrier in merchants
Identify potential users and merchants by understanding how and where potential users spend their cash on daily basis

The objectives of the study were to

Spire combined secondary research with real-time try-out on the available service, local and international, as well as gathered qualitative findings from people who were involved in C2C deal and transacted in the form of micropayment.

After the launch, Spire held telephone interview to understand the different point of views of different types of users. As for the merchants, retail visits/checks were conducted to examine the available payment (credit card, debit payment) and retail audits on reader/payment system were carried out as well. Spire also adopted the diary method with 450 potential users and merchants across three cities (Jakarta, Bandung and Surabaya).

The client was able to digest the real concept of micropayment for e-commerce and transactions that involved micropayment in both national and international situations. The report had helped the client study current bank roles so that they can analyze their business strategy and improve their services in the future.

The client can also continue to evaluate the development of the product in Jakarta, and is continuing to roll out this product in other cities.

Project deliverables included a report that contained:

Concept of micropayment for e-commerce
Process of transaction that involves micropayment
Role of the bank in supporting micropayment transaction
General information about consumer’s awareness and perception from both users and non-users, including why they are using/not using, why they have/have not been topping up
Analysis of user’s profile, usage and feedback
Identification of potential users and merchants in Jakarta, Bandung and Surabaya by understanding how and where potential users spend their cash on daily basis
Spire’s recommendations addressed client’s current issues, problems, barriers from using, as well as growth strategies for its card and to better understand the customers (users, potential users)

Commercial Credit Card Solutions – New Product Concept Evaluation in Hong Kong

A leading financial services provider intended to launch a novel commercial transaction card targeted at the logistics sector in Hong Kong. It sought to assess the likely scale of market demand and potential customers’ receptiveness towards the offering.

The objective of the study was to assess the immediate and long-term potential for a business card targeted at Hong Kong’s logistics sector. This would allow the client to identify attractive SME customer segments, determine desirable product features and generate positive reception among customers.

The objectives of the study were to

Spire commenced the study with secondary research and expert interviews to map and size the relevant logistics segments, as well as to understand the competitive offerings in the market.

This was followed by a program of in-depth interviews with logistics service providers and potential customers of the new card solution. These aimed to elicit insights on their current payables and receivables processes as well as to seek feedback on the client’s intended value proposition.

Spire’s findings enabled our client to implement a successful pilot test of the new product with a small, targeted group of customers for further evaluation prior to national and regional launches.

Project deliverables included:

A sizing of the total addressable market for carding of financial transactions by logistics service providers, broken down by customer segments
An analysis of desirable product features and pricing sweet spots
Recommendations for customer relationship management

Outboard motor – Market entry study in Thailand, Indonesia, Philippines and Vietnam

A Japan-based Global Fortune 500 manufacturer sought to launch a new outboard motor engine product to replace crude multi-purpose engines adapted for use in unorganized fishing and passenger transport boats.

The objectives of the study was to develop market sizing, forecast, end-user purchasing evaluation, channel structure and competitor analysis (including products and pricing) for outboard motors.

The objectives of the study were to

Our client used Spire’s report to develop a business plan and allocate investment for a new product launch.

Project deliverables included:

Market size (historic and forecast) and population for outboard motors in the four said countries
Market breakdown by product category, customer segment and geographic region in each country
Competitor analysis:
Strategy, targeted segment and key selling points for each major competitor
Customer decision dynamics:
Profile, usage of engine, income and demographic characteristics, brand perception, purchase decision factors, price sensitivity
Macro-environmental assessment including import duties, environmental standards, quality and safety certification required, etc.
Recommendations for segment/geographic prioritization, product specs, pricing, marketing activities and distribution/go-to-market model

Automotive parts logistics – Market entry study for ASEAN distribution centre

A leading global motorcycle manufacturer in Japan sought to grow its aftermarket parts business in ASEAN by establishing a distribution centre within the region.

The objectives of the study were to:

Assess the feasibility of developing the ASEAN market for specific aftermarket parts, accessories and lubricant oil
Recommend the most suitable location for their ASEAN region distribution centre

The objectives of the study were to

Spire conducted an analysis on legal, regulatory and macro-environmental conditions as well as market situation and suppliers of non-original parts and lubricant oil. Supported by the findings from secondary data, the location choices were narrowed down to three.

Interviews with trade associations, relevant government bodies, logistics industry experts and establishments in the non-original parts value chain were carried out in Thailand, Singapore and Indonesia. Our consultants also held internal discussions with our client’s local offices and engaged three logistics service providers to secure proposals for the distribution centres. With the findings, Spire was able to arrive at the final recommendation to our client.

Car audio – Customer satisfaction study for standard car audio in Malaysia and Indonesia

A leading Japanese car audio manufacturer operating in Thailand sought to understand the satisfaction level of Malaysian and Indonesian car owners with their standard car audio products as well as consumer plans on car audio purchasing.

The objectives of the study were to understand customer satisfaction levels on standard car audio and obtain inputs from motorists regarding the ideal specifications of car audio.

The objectives of the study were to

Our client used Spire’s report for performance measurement purposes and as inputs in designing and developing new products to better meet customers’ needs and wants.

Project deliverables included:

An analysis of customers’ satisfaction level, needs and wants,
Entertainment Media (CD, DVD, MP3, etc.) usage behavior
Consumers’ awareness of possible car audio add-on features (e.g. Bluetooth, navigation system, etc.)

Automotive price tracking – Passenger car tire price tracking study in Singapore and Korea

A leading global manufacturer and distributor of rubber products saw a decline in sales of its passenger car tires in Singapore and Korea. An internal discussion led to the conclusion that pricing was the root of the problem – competitors were simply more aggressive in their pricing strategies.

To increase its market share, the client sought to benchmark the prices of its competitors’ products that were targeted at various customer segments in Singapore and Korea.

The objectives of the study were to understand how the competitors positioned their products in the relevant markets and devise a counter-strategy.

The objectives of the study were to

Spire was tasked with the screening and recommending of suitable models and local retailers of passenger car tires for price research. Once the final candidates were selected by our client, our consultants executed mystery shopping and retail observations to identify the prices, specifications and promotions of both our client’s and competitors’ products in the local markets. Simultaneously, secondary research was undertaken to identify general market trends.

Spire delivered the key findings and recommendations to our client in a face-to-face presentation.

Our results served as important inputs to support our client’s country offices in their tactical pricing adjustments.

Project deliverables included:

Information on the pricing and specification of the tire stock-keeping units (SKUs)
Reports that address the recent market situation and other information related to the tire models tracked, such as customers’ perception and market share.

Automotive – Mystery shopping study to evaluate service quality of sales force

An American multinational automaker in Vietnam, which owned one of the largest investment capital projects in the country, viewed customer service quality as a key performance metric. The client considered its dealers’ sale force as a key success factor in affecting this metric, and had been training Sale Consultants (SCs) at its dealers for years. As such, the client wanted to study the customer service quality and sales service quality of the dealers.

The objectives of the study were to:

Maintain customer service quality at high standards
Gain an understanding of customers’ assessment of the service quality and offer recommendations for improvement

The objectives of the study were to

Spire recruited shoppers who were actually shopping for cars or had past experience of car purchase, and ensured that shoppers:

Understood the shopping checklist
Possessed and displayed good product knowledge in line with market norms
Taped every conversation

A mystery shopping study was conducted to assess the customer service quality and sales service quality of the dealers. A detailed report was submitted to the client weekly, where the client could identify areas for improvement for its dealers.

The client used Spire’s report to improve the quality of customer service in dealers and to spur growth of sales. Assessment and feedback from shoppers had helped to identify the SCs’ strengths and weaknesses, and pointed to relevant training for them to improve.

Spire’s report addressed shoppers’ assessment of the customer service quality at the dealers after each sales visit. Our report also set out practical, inexpensive and feasible recommendations for improvement.

Automotive parts logistics – Automotive supply chain management improvement consulting in Indonesia

A leading global motorcycle manufacturer in Japan intended to give a face-lift to its Indonesian arm’s supply chain management, so as to lower costs and increase customer satisfaction as well as scalability.

The objectives of the study were to:

Analyze the current supply chain
Benchmark against industry role models
Recommend a plan for improving efficiency

The objectives of the study were to

Our client used Spire’s report to develop a joint plan for SCM improvement. The plan had been successful in meeting demand and containing costs in the explosively growing motorcycle market in Indonesia.

Project deliverables included a report that:

Mapped the supply chain for bikes and parts
Benchmarked global auto industry SCM leaders to identify gaps in our client’s performance
Included Spire’s recommendation of a three-year plan to introduce new practices, technology and processes to improve our client’s SCM