MARKET CASE STUDY: Cross-Border Banking

A Comprehensive Study on Multi-Country Financial Behaviors

Using online survey to understand the motivations, challenges, and preferences of individuals involved in cross-border financial transactions.

Project background:

Sending money abroad, once a cumbersome and costly endeavor plagued by intermediaries, paperwork, and concealed fees, has experienced a revolutionary evolution. Recent advancements in the money transfer industry have paved the way for faster, more economical, and value-added foreign money transfer services, empowering not only individuals but also small-to-mid-sized enterprises. With a projected valuation of USD 25.4 billion by the end of 2024 and a forecasted CAGR of 15.0%, the industry worldwide is on track to soar to USD 77.7 billion by 2032, reshaping the way individuals and businesses conduct cross-border financial transactions. (Market.Us, 2023)

In light of these transformative shifts, our client, a forward-thinking entity in the financial sector, recognizes the need to delve deep into the banking behavior of individuals and businesses engaged in international financial activities. This project aims to dissect the intricacies of banking behavior within the context of global digital remittances. By understanding the motivations, challenges, and preferences of individuals and businesses involved in cross-border financial transactions, our client aims to position itself at the forefront of the evolving financial landscape.

Challenge:

Data Security and Privacy Compliance: Upholding the highest standards of data security and privacy compliance across borders was non-negotiable. Adhering to stringent protocols to safeguard participant information and ensuring compliance with diverse international data protection laws were paramount concerns throughout the project.
Multi-Country Project Management: With participants scattered across different countries, efficient project management became crucial. Ensuring the optimal distribution of our survey participants to maintain representativeness required meticulous planning and execution. Timely coordination was essential to navigate the intricacies of multi-country research, guaranteeing that our client received a well-rounded understanding of global banking behavior while optimizing costs. Leveraging TGM's global workforce, this task was streamlined, allowing for seamless coordination and efficient project execution.

Methodology:

Study type: Usage & Attitude
Services provided: Sample Only
Market studied: Hong Kong, Singapore, India, Australia, UK, USA, UAE, Canada, China
Total Sample Size: 150 per market
Target Audience:
Individuals engaged in banking activities across multiple countries OR those with a necessity for international banking services
Individuals who currently utilize mobile apps for banking purposes

market research case study in many countries across regions

Outcome:

The culmination of our efforts resulted in the successful delivery of a hard-to-reach profile across nine countries. Adhering to deadlines and fostering efficient collaboration with both the scripting/hosting provider and the client, we navigated the intricacies of this multi-country study. Our dedication to precision allowed us to provide timely and insightful findings, offering our client a nuanced understanding of global banking behavior.

As the leading online data collection agency, TGM Research conducted multiple market research projects in over 130 countries worldwide. To learn more about other recent projects we did in your desired region and our expertise, please contact us.

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