THE FORMULATION OF PRODUCT STRATEGY FOR FINKU APPLICATION

• Main Author: Adli Fahrian, Rafli
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/72148
• Institution: Institut Teknologi Bandung

Finku is a financial application product owned by PT Sahabat Financial Kamu (PT SFK), a financial technology startup. Finku offers personal financial management solutions and increased financial literacy. Study and observation results indicated that Finku is currently under threat of not obtaining further funding due to poor global economic situations. Finku requires the achievement of Product-Market Fit (PMF) to be able to deal with funding uncertainty. However, Finku is struggling and does not yet have a clear direction in achieving PMF. According to Pichler (2016), this circumstance can be resolved through developing a product strategy with the main objective of achieving PMF and extending the product's life cycle. These findings foster the importance of research to formulate a product strategy for Finku. The product strategy is formulated through three stages, namely the input, matching, and decision stages (David & David, 2017). The objective of input stage is to collect the information needed in the product strategy formulation. In identifying internal factors using the business model canvas, 21 strength and 22 weakness factors have been generated. The identification of external factors using the business environment mapping has generated 28 opportunities and 12 threats. The identification results were validated and aggregated to produce six strength factors, sixweakness factors, six opportunity factors, and six threat factors. The objective of matching stage is to formulate a strategy that is in accordance with the internal and external conditions of Finku. The SWOT matrix is utilized as a methodology to produce 34 alternative strategies consisting of four types of strategy, namely SO, WO, ST and WT strategy. The results of the SWOT matrix were validated and aggregated to produce five alternatives of proposed product strategy. The objective of decision stage is to determine strategic decisions regarding the designation of alternative product strategies. The decision stage has generated five product strategy alternatives which are sorted based on their priority value, namely creating the right value for the right segment at the right time (strategy 5), increasing agility in the product development process (strategy 1), creating a seamless and personalized user experience (strategy 3), leveraging financial ecosystem synergies to expand product value delivery (strategy 4), and creating a technology architecture in alignment with product development needs (strategy 2). The results of the decision stage are utilized as the basis for designing product strategy achievement programs.