During 2024-2025, SICA Research & Consulting LLC successfully carried out a comprehensive market research project commissioned by Bichil Globus NBFI, aimed at assessing brand awareness, competitive positioning, customer preferences, and loyalty within Mongolia’s lending and leasing services market.

As competition continues to intensify among commercial banks, non-bank financial institutions (NBFIs), and fintech applications, understanding how customers perceive and choose financial service providers has become increasingly important. This study was designed to generate evidence-based insights into customer decision-making processes, competitive dynamics, and the market position of Bichil Globus NBFI.

Project Objective

The primary objective of the study was to identify how lending and leasing service providers are positioned in the minds of consumers, which organizations enjoy the strongest market recognition, and what factors most influence customer choice. The findings were intended to support Bichil Globus NBFI in refining its marketing, product development, and competitive strategies.

Key research objectives included:

• Measuring brand awareness through Top-of-Mind, Spontaneous Awareness, and Aided Awareness indicators
• Identifying key competitive dynamics within the lending and leasing market
• Assessing customer preference, loyalty, and retention
• Evaluating the impact of word-of-mouth recommendations
• Understanding how service quality, staff professionalism, service speed, loan terms, and interest rates affect customer decisions
• Developing practical recommendations based on research findings

Research Coverage

The study covered all nine districts of Ulaanbaatar City and Dornod Province and included:

• 884 respondents who had used lending or leasing services within the past three years or planned to do so within the following year
• Six focus group discussions (FGDs) involving 36 participants to explore underlying attitudes, motivations, and customer behavior
• Mystery shopping assessments conducted across seven service branches to evaluate actual service standards and customer experience

Methodology

The project adopted a mixed-methods approach, combining quantitative, qualitative, and mystery shopping research techniques to provide a holistic understanding of the market.

Quantitative Research

Data were collected through Computer-Assisted Personal Interviewing (CAPI) using tablets and face-to-face interviews. Respondents were selected through a statistically representative sampling framework to ensure reliable and accurate findings.

Qualitative Research

Focus group discussions were conducted to gain deeper insights into customer perceptions, emotional drivers, and decision-making processes that cannot be fully captured through quantitative methods alone.

Mystery Shopping

Mystery shopping assessments were carried out to evaluate competitors' service environments, staff interactions, and service processes against predefined service quality criteria, providing an objective measure of actual customer experience.

All collected data were processed and analyzed using SPSS 27, CSPro, and Microsoft Office, allowing for comprehensive descriptive and comparative analyses.

Key Findings and Impact

The research revealed that while Bichil Globus NBFI has relatively lower brand awareness compared with some leading competitors, it demonstrates strong levels of customer loyalty and positive word-of-mouth advocacy among its existing clients.

The findings highlighted that service speed, customer-oriented staff interactions, and overall service quality are among the institution’s strongest competitive advantages. These insights provided a solid foundation for enhancing marketing effectiveness, strengthening digital channels, improving website performance, refining product communication, and elevating customer experience management.

Strategic Value

Beyond evaluating the position of Bichil Globus NBFI, the study delivered valuable insights into the broader lending and leasing industry in Mongolia, offering a comprehensive view of competitive trends, consumer behavior, and evolving customer expectations.

By combining robust quantitative analysis, in-depth qualitative exploration, and real-world service evaluation, the project has become a strategically important reference for data-driven decision-making and business development.

SICA Research & Consulting LLC remains committed to helping organizations make informed strategic decisions through high-quality research, evidence-based analysis, and actionable recommendations.