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Business Model Canvas Assignment : Estonian

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Added on  2021-04-21

Business Model Canvas Assignment : Estonian

   Added on 2021-04-21

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Business Model Canvas Assignment : Estonian_1
ContentsIntroduction.................................................................................................................................................2Business Model Canvas...............................................................................................................................2Key relationship between the nine building blocks.....................................................................................4Critical success factors.................................................................................................................................5Downside Risk.............................................................................................................................................6Recommended changes..............................................................................................................................6Conclusion...................................................................................................................................................7
Business Model Canvas Assignment : Estonian_2
IntroductionTransfer Wise is an Estonian Company that is currently based in the UK. The company offers peer to peer money transfer services within the countries it operates. The company was launched in the year 2011. Its operations are global but the business mainly depends on Europe, US and Latin America. As at the year 2018, Transfer Wise had approximately 1000 employees. The products offered by the company include transferring different currencies globally without having to convert the currency. TransferWise operates in the financial services industry. The financial services industry is very huge in size and its segmented into various markets such as insurance,consumer finance,investment banking and money transfer(Türko, 2016).TransferWise operates in the money transfer market. The money transfer market has grown tremendously in the last one decade. Money transfer industry has evolved from being a preserve of the banks and it has become digital and more efficient.Business Model CanvasKey partnersThe business model canvas of TransferWise is made based on Osterwalder and Pegneur nine pillars. TransferWisehassome partners who are instrumental in the success of the company. The company has partnered with several investors to help invest in technology and grow the companyfurther. Some of these firms include; IA Ventures,IndexVentures,IJNR ventures and Velar Ventures. To offer efficient services,the company has also partnered with other service providerssuch as commercial banks. One of these institutions is Starling Bank. Starling bank offers digital banking services only and its partnership with TransferWise will make international money transfer easier and cheaper(Keane, Cormican&Sheahan, 2018).Key activities
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Key activities of TransferWise are providing money transfer services to customers at cheaper rates compared to established financial institutions(Jain, 2013). The key activities involved to facilitate the money transfer include;recruiting new customers,maintaining and upgrading the online platform to make it more user-friendly and improving the infrastructure of the company tooffer more efficient services. Key activitiesThe key resources that TransferWise depends on include;financial capital,reliable high-tech computer network as well as highly qualified personnel(Wei, Zhu & Lin, n.d.). Maintaining the online networks and continuous research and innovation are some of the key activities of TransferWise.Value proposition TransferWise customers get better value for their money when they send money using the network because the currency does not need conversion(Daly, 2010). It means that the customer does not lose value for their money by converting the currency. The transfer charges are flat and therefore making it cheaper and more convenient compared to established money transfer companies(Vial, 2016). TransferWise has a perfect relationship with customers. The company has been able to satisfy the needs of its customers,and that's the reason why more than $1billion is transferred through the system each month. TransferWise also improves customer relations through the affiliate program which rewards customers who invite new customers tojoin the service. Customer relationship
Business Model Canvas Assignment : Estonian_4

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