How a Saudi based BFSI company laid down future forecast plan of over 10% and increased the market share by 3%

Background and Challenge
Client’s Background:
  • The client is one of the fastest growing and leading financial institution in the automotive sector.
  • They were looking to understand the car finance market and reached out to understand the market size, competition and interest rates charged in Saudi Arabia
Challenges Faced by Client:
  • Barriers in accessing the Competitors Performance: The Client recognized the difficulties in assessing the competition scenario of the car finance market. Hence, Ken Research was engaged by the client to undertake the market assessment for Car Loans coupled with understanding the competition in terms of number of cars financed for major players operating in KSA.
  • Required a roadmap for opting best growth strategies: Furthermore, the client wanted to get understanding of the market trends, growth drivers, problems and issues to assess and opt for the best growth strategies.
Car financing Industry at Glance:
  • Entry of women drivers in the market is expected to lead to an increase in the total cars sold, thereby positively affecting the credit disbursed in KSA Car Finance market.
  • The Vision 2030 project in KSA has massive plans for the economy targeting to improve employment figures that might aid the car finance market in the country.

Approach and Recommendations
Phase 1: To identify top Car Loan Companies in the Market
  • Ken collaborated with its client in curating the list of major Car Financing companies in market providing credit, indicating number of car loan providers, including banks, NBFCs, and others.
  • Ken Research have approached to management of these companies to assess the current market framework, business potential, customer behavior and future growth in the sector space
  • These discussions gave the client possible opportunity windows to know-how of the car finance market in KSA.
Phase 2: Key Analysis of Competition Benchmarking
  • The second phase of work focused on competitive landscape of the Car Financing Market for the client.
  • Deep Dive Competition Matrix was performed including various parameters such as types of cars financed, strengths of players, weaknesses of players, business models, USPs, financials, future expansion plan and more
  • This helped the Client to see through the financial and operational benchmarking of the players in Car Financing Market with eminent and noteworthy Primary Research by Ken Research in short span of time duration.
Phase 3: Conclusions and Recommendations
  • After identifying and analyzing the competitive KPIs across the market, Ken Research also provided the market across various segmentations and parameters including; Market Size by credit disbursed, Market Size by outstanding loans, Total number of cars financed, Type of lenders, Type of Cars financed, Future Projections and others.
  • Ken research also provided success case study of the market leader highlighting their business strategies and key adoption factors as well as best practices and Growth strategies for financing companies in Car Finance Market
  • With quality recommendations and success factors, Ken Research has provided a clear road map to the Client in order for efficient growth.
Result and Conclusions
Constructive Market Assessment
  • The competition specific market assessment will enable the Client to substantially develop their understanding about Car Financing Market in KSA.

Holistic Approach driven Competition Benchmarking
  • The client was well able to assess the competition scenario with operational and financial benchmarking in the market and formulate strategies on how they can penetrate in this space.

Roadmap to growth and efficiency
  • Client can now take informed decisions as the deliverable covered comprehensive recommendations with understanding towards best practices and growth strategies, customer preferences, decision making, etc.

Business Impact
  • Laid down Future Forecast plan of over 10%& increased market share by 3%

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