The assessment of preferences and needs of potential clients and demand for the use of digital financial services for the “Ykcham” product

The study was conducted by the First Microfinance Bank (KICB), aiming to identify the potential consumer audience for the company’s “Ykcham” credit product. This project offers improvements in the market for providing digital and financial services in the Kyrgyz Republic. In this case, the digital product of the organization “Ykcham” was evaluated, which allows for the provision of consumer loans.

The Evidence CA team conducted a marketing research study of the product from April to March 2022. The main objectives of the research included: 1) determining the profile of potential consumers of the Ykcham credit product. 2) checking the quality of service provision for the Ykcham credit product, as well as 3) determining the level of recognition of the credit product among the population in targeted locations.

The primary target audience for the digital product became consumers of the Ykcham credit and the population in targeted locations.

The research methods included mystery shopping, surveys, and in-depth interviews. Within the study, 10 visits to financial institutions were conducted as mystery shopping exercises, along with 143 interviews with company staff and potential consumers of the Ykcham product.

The research results were used to improve the indicators of the Ykcham credit product usage and to explore opportunities for using the credit product to assist small businesses in Kyrgyzstan.