Innovation And Growth
The client wished to be a universal services bank, but it needed to penetrate the
under-banked market
Sector: Financial Services
Service: Strategy, M&A, Digital, Human Capital
Context
To become a universal services bank that makes a real difference in emerging markets, the client would be required to provide a service offering that catered for the large number of under-banked and unbanked people in South Africa and other developing markets.
A targeted new revenue stream of US$1.5bn was the target within a five year period.
Approach
A classical innovation and growth approach was used. Through ideation sessions, intellectual property assessments, market intelligence, desktop research and subject matter expert interviews, opportunities for
growth were identified.
A pipeline of opportunities were ranked, filtered and prioritized through a project development approach.
Only the most attractive and viable were developed into business cases to trigger investment and
implementation.
Impact
Numerous business opportunities were identified and developed including the creation of a new, fully fledged digital bank, the development of a point of sale device that capitalised on the very high penetration of cell phones in South Africa, taxi financing solutions were developed and a financing
solution for agriculture was implemented.