Our client offered electronic money transfer services. For years they had provided the digital links and the networks of agents that enabled people to send money quickly and easily around the world. But digital technology introduced a number of challenges to their business. Not only were pure digital payment companies threatening the agent-based model, but their business models had lower operating costs than a network of physical agents. Also, other technologies such as virtual money transfer via blockchain were being more widely adopted. In addition, industry mergers strengthened competitors, while increased protectionism began to reduce the number of migrant workers - the core customers of our client.
The digital world was looking like a difficult place to operate in.