Defining the pricing strategy for digital bank in the Middle East

Overview

Our experts partnered with a Middle Eastern digital bank to define its pricing strategy for the Minimum Viable Product (MVP). As one of the first digital banks in the region, the client faced the challenge of establishing a pricing strategy for various product offerings that would support its business goals and provide a competitive edge.

Services Provided

Pricing strategy development

Market research and benchmarking

Business case development

Workshops and brainstorming sessions

Problem

The client was in the process of launching a digital bank in the country and needed a robust pricing strategy for the MVP across different product offerings. The primary challenge was to develop a strategy that aligned with business goals, implemented effective pricing processes, and established the appropriate governance to turn pricing into a competitive advantage.

Solution

Our approach to developing the pricing excellence strategy was based on four pillars:

Identifying and aligning on a pricing methodology to support the business strategy
Deploying pricing processes
Establishing a process for future pricing refinement
Installing appropriate governance and building capabilities to make pricing a competitive advantage

We conducted an extensive benchmarking exercise of 15 international and local fintechs and digital banks to understand their pricing strategies. Based on the insights gathered, we established initial price points through competitor analysis and business case development.

15
global and local competitors benchmarked

4+
detailed workshops with experts

Impact

The client’s team was highly engaged throughout the process, resulting in the generation of over 10 new pricing ideas. Our collaborative efforts enabled the client to optimize their pricing strategy based on customer feedback, setting a strong foundation for future pricing iterations and products. The refined pricing strategy not only supported the client’s business objectives but also positioned the digital bank competitively in the market.

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Contact us

6th Floor, Meydan Hotel, the Grandstand, Meydan, Dubai

contact@fynchconsulting.com

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