Harvard Case - SureCash: Promoting Financial Inclusion in Bangladesh
"SureCash: Promoting Financial Inclusion in Bangladesh" Harvard business case study is written by Aurobindo Ghosh, Lipika Bhattacharya. It deals with the challenges in the field of Finance. The case study is 17 page(s) long and it was first published on : May 10, 2017
At Fern Fort University, we recommend SureCash adopt a multi-pronged strategy to solidify its position as the leading provider of financial inclusion in Bangladesh. This strategy involves a combination of organic growth, strategic partnerships, and targeted expansion into new financial services, all while maintaining a strong focus on operational efficiency, risk management, and customer experience.
2. Background
SureCash is a mobile financial service (MFS) provider in Bangladesh, operating under the umbrella of a large conglomerate, BRAC Bank. The company has achieved significant success in promoting financial inclusion by providing affordable and accessible financial services to the unbanked population. However, SureCash faces challenges from increasing competition, evolving customer needs, and the need to expand its service offerings to maintain its market leadership.
The case study focuses on the decision-making process of SureCash's CEO, Mr. Chowdhury, who needs to develop a strategic plan to navigate these challenges and ensure the company's continued success.
3. Analysis of the Case Study
The analysis of SureCash's situation can be approached through a combination of frameworks:
- Porter's Five Forces: This framework helps analyze the competitive landscape of the MFS market in Bangladesh. The analysis reveals a highly competitive market with several players, including bKash, Rocket, and others. The threat of new entrants is moderate, while the bargaining power of both suppliers and buyers is low. The key competitive force is the threat of substitutes, as other financial institutions are entering the market with similar services.
- SWOT Analysis: This framework helps identify SureCash's internal strengths and weaknesses, as well as external opportunities and threats.
- Strengths: Strong brand recognition, extensive agent network, established partnerships, technology expertise, and a focus on customer service.
- Weaknesses: Limited financial product offerings, potential for regulatory changes, dependence on BRAC Bank, and potential for technology disruption.
- Opportunities: Expanding into new financial services, leveraging technology for innovation, partnerships with international players, and tapping into the growing digital economy.
- Threats: Increasing competition, regulatory changes, economic instability, and potential for technological disruption.
- Financial Analysis: SureCash's financial performance is strong, with a growing customer base and increasing transaction volume. However, the company needs to improve its profitability and efficiency to compete effectively in the long term. This analysis can be further enhanced by using key financial ratios such as profitability ratios, liquidity ratios, and asset management ratios.
4. Recommendations
1. Expand Service Offerings: SureCash should expand its service offerings beyond basic financial services like money transfers and bill payments. This can include:* Micro-loans: Providing small loans to individuals and businesses, particularly in rural areas.* Insurance: Offering micro-insurance products to protect against unforeseen circumstances.* Savings Products: Developing innovative savings products with flexible terms and attractive interest rates.* Investment Products: Introducing low-risk investment products like mutual funds and fixed income securities, catering to the growing middle class.
2. Strategic Partnerships: SureCash should explore strategic partnerships with other financial institutions, technology companies, and international organizations to:* Leverage Expertise: Access specialized knowledge and technology in areas like risk management, data analytics, and customer service.* Expand Reach: Gain access to new markets and customer segments.* Enhance Offerings: Jointly develop and offer innovative financial products and services.
3. Technology and Analytics: SureCash should invest in technology and data analytics to:* Improve Efficiency: Automate processes, reduce costs, and improve operational efficiency.* Personalize Services: Develop personalized financial products and services based on customer needs and preferences.* Enhance Risk Management: Utilize predictive analytics to identify and mitigate potential risks.* Drive Innovation: Develop new financial products and services based on data-driven insights.
4. Customer Experience: SureCash should prioritize customer experience by:* Improving Accessibility: Expanding its agent network and providing access to services through multiple channels, including mobile apps and online platforms.* Enhancing Customer Service: Providing responsive and personalized customer support.* Building Trust: Maintaining transparency and ethical business practices.
5. Financial Strategy: SureCash should develop a robust financial strategy to ensure long-term sustainability. This includes:* Capital Budgeting: Carefully evaluating potential investments and ensuring they align with the company's strategic goals.* Debt Management: Optimizing the company's debt structure to minimize interest costs and maintain financial flexibility.* Dividend Policy: Developing a clear dividend policy that balances shareholder returns with reinvestment needs.* Financial Risk Management: Implementing comprehensive risk management strategies to mitigate potential threats to the company's financial stability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with SureCash's core competencies in technology, customer service, and financial inclusion. They also support the company's mission to provide affordable and accessible financial services to the unbanked population.
- External Customers and Internal Clients: The recommendations address the needs of both external customers and internal clients, including agents, employees, and investors.
- Competitors: The recommendations are designed to help SureCash stay ahead of the competition by expanding its service offerings, leveraging technology, and building stronger customer relationships.
- Attractiveness - Quantitative Measures: The recommendations are expected to generate positive returns on investment (ROI) by increasing revenue, reducing costs, and improving efficiency.
- Assumptions: The recommendations are based on the assumption that the MFS market in Bangladesh will continue to grow, and that SureCash will be able to successfully implement the recommended strategies.
6. Conclusion
By implementing these recommendations, SureCash can solidify its position as the leading provider of financial inclusion in Bangladesh. The company can achieve this by expanding its service offerings, leveraging technology, building strategic partnerships, and prioritizing customer experience. This will enable SureCash to capitalize on the growing demand for financial services in Bangladesh and contribute to the country's economic development.
7. Discussion
Other alternatives not selected include:
- Merging with another MFS provider: This could provide access to a larger customer base and greater resources, but it could also lead to integration challenges and potential loss of brand identity.
- Going public: This could provide access to capital markets and enhance brand recognition, but it could also subject the company to increased regulatory scrutiny and pressure from shareholders.
Key assumptions and risks associated with the recommendations include:
- Regulatory changes: The MFS industry is subject to evolving regulations, which could impact the company's operations and profitability.
- Technological disruption: New technologies could emerge that disrupt the MFS market, requiring SureCash to adapt and innovate.
- Economic instability: Economic downturns could impact customer demand for financial services, leading to reduced revenue and profitability.
8. Next Steps
To implement the recommendations, SureCash should:
- Develop a detailed implementation plan: This should include timelines, milestones, resource allocation, and key performance indicators (KPIs).
- Establish a dedicated team: This team should be responsible for overseeing the implementation of the recommendations and monitoring progress.
- Communicate effectively: The company should communicate the recommendations and their implications to stakeholders, including employees, customers, and investors.
By taking these steps, SureCash can position itself for continued success in the dynamic and competitive MFS market in Bangladesh.
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Case Description
The case is set in December 2017, in Dhaka, Bangladesh, and describes the journey of a mobile financial service (MFS) provider called SureCash in Bangladesh, and the various facets of the MFS industry in the country. The MFS industry in Bangladesh is perceived to be oliogopolistic. While this is a difficult market for a new entrant to get into, it is not yet a saturated marketplace. This is primarily because a considerable part of the population in the country still remain 'unbanked'. Amidst two significantly large players in the MFS market in Bangladesh, smaller players like SureCash have tried to create a niche by associating themselves with education fee collection initiatives, salary disbursement programs and government led projects like the Primary Education Stipend Program (PESP) launched by the Government of Bangladesh. While associating with large scale projects like PESP has its own advantages, taking up such large scale creation of MFS accounts has several challenges as well. The case on SureCash encapsulates this story by elaborating on the difficulties faced by the company in digitising the PESP initiative and opening accounts for more than 10 million mothers. This had helped the company to promote Financial Inclusion in rural Bangladesh for a section of the demographic who were less likely to have access to formal financial services than their male counterparts. Notably, Bangladesh is a country where a significant percentage of the total population still remained 'unbanked'. What remained to be seen was whether SureCash could keep the mothers engaged in their MFS platform over the long run? Also what could be the best strategy for SureCash to grow their presence in Bangladesh?
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