MARKET CASE STUDY: KSA

Exploring Fintech in Saudi Arabia

Online survey to look into consumers' and SMEs' perspectives on financial services

Project Background:

The financial industry has undergone significant transformations in recent years, giving rise to innovative and cutting-edge fintech businesses. These companies have gained popularity for their ability to enhance financial services and make them more accessible to a broader consumer base. Advancements in technology, such as mobile banking, blockchain, and AI, have enabled fintech companies to offer new and distinctive financial products and services that were not previously available.

TGM Research was recently commissioned to conduct a survey in Saudi Arabia to gain a deeper understanding of the perspectives and thoughts of average consumers and SMEs towards fintech, and how it compares to traditional financial service providers like banks in terms of aspects such as loan applications and security of fintech products and services when it came to transactions. The study also aimed to understand their preferences for specific products and services, while providing insight into the current state of the fintech market and the challenges faced by fintech companies in gaining wider acceptance among consumers and business owners.

Scope of the survey:

Importance of financial services such as salary prepayment and access to micro-loans and top-up loans.
Sources of information and advice on financial products and solutions, such as family, friends, online tools, chatbots, and financial advisors.
Personal opinion on statements related to personal finance: including access to micro-loans, access to top-up loans, education on personal finances, cash flow management, cash back options, and understanding bank products.
Experience and perceptions of taking out loans and trust in banks versus fintechs.
Topics of concern related to personal finances and desire for professional support, such as money management, short-term personal loans, debt reduction, savings, and investments.
Factors valued most when taking out a loan, such as fast access to funds, interest, fees, transparency of loan terms, trust in the loan provider, flexibility in conditions, and simplicity of the process.

Challenges:

Although this project did not present any significant challenges, the client placed a high priority on achieving the deadline. Adhering to the set deadline was crucial in order to ensure the satisfaction of the client and the successful completion of the project.

Methodology:

Market Studied: The Kingdom of Saudi Arabia
Sample: N=400
Target Audience: Average B2C users of financial services and SMEs
Methodology: U&A
Services provided: data collection, data cleaning and processing.

Outcome:

The research conducted by TGM yielded valuable insights into the usage and perception of fintech platforms, as well as the level of brand awareness among the target audience for their preferred financial service providers and their associated products. It also provided an understanding of the overall views and preferences towards various financial services.

As the leading online data collection agency, TGM Research has conducted multiple market research projects, pioneering online research in the Middle East. To learn more about our recent projects in KSA and other countries please contact us.

We hope you have found this short case study useful.

If you have any further questions about how best to set up your online research study in Saudi Arabia, please don’t hesitate to get in touch with us.

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