Cards and Payments

Enabling clients understand key market trends, customer / merchant personas, needs-assessment, competitive benchmarking, etc.

Capabilities

What we do

21 capabilities

Capability

Digital adoption mapping

Questions we answer

What is the current penetration of digital payments across various demographic parameters?
What are the key drivers for and bottlenecks to digital adoption?
What are the KPC for going digital as compared to physical payment modes?
What is the impact of incentives e.g. cashback, offers, etc. to drive adoption of digital modes?
Which touch points in digital journey be made seamless to increase adoption?

Capability

Concept testing

Questions we answer

How can we get customer feedback on proposed new product launches?
What is the ideal methodology for testing new product concepts? What should be the sampling plan?
How can we get insights on customer preferences on the features and overall product concept pre-launch?
What should be key message and tonality while advertising the new product launch?
What is the optimal beta launch design for a proposed product?

Capability

Pre-launch test for new features

Questions we answer

What are the key improvements in the new features over the existing product?
What are the marketing and business goals of the new launch, e.g. acquire new customers, up-sell/ cross-sell, enter new markets, etc.?
How should we set the price for the new features / value proposition?
How can we differentiate from competition with the new / improved features?

Capability

Pre-beta testing of digital channel

Questions we answer

What is the marketing and business goals of the beta launch, e.g. acquire new customers, up-sell / cross-sell, enter new markets, etc.?
What is the target customer segment for the beta launch of the digital channel?
What is the optimal design of the beta launch – sampling plan, duration of testing, etc.?
What is the most effective way to induce trial in the beta testing period?
What are the metrics that determine whether the beta launch was successful?
How can we systematically capture feedback from beta users and feed into the final product features?

Capability

Unit economics benchmarking

Questions we answer

What are the different revenue streams per customer? What are the drivers of revenue?
How much does it cost in time and money to service / acquire a customer?
What fixed and variable cost components are associated with servicing a customer?
What are the drivers of fixed and variable cost?
What is the break-even scale and time taken to reach breakeven?
How do the unit economics vary across customer segments (mass, mass affluent, affluent, etc.)?

Capability

Channel performance study

Questions we answer

What is the role of various channels (physical and digital) in the product lifecycle? How do these vary with customer segment / demography? How have these changed over time?
What are the key differences in the channel strategy vis-à-vis competitors?
How does the extent of digital adoption vary across customer segments? What are the key drivers of digital adoption?
How does the customer acquisition cost and cost-to-serve vary across channels and customer segments?
What is the customer feedback and net promoter score (NPS) for our products? How does this vary across customer segments and products?
What are the key customer pain points in various channels?

Capability

Customer needs assessment

Questions we answer

What are the key use cases for which digital payments are required by customers?
What are the key purchase criteria for choosing a card / payment portal?
What are the product offerings customers are aware of and currently using?
What is the frequency of usage and use cases on various portals?
Are there any product offerings not available to customers? If yes, why?
What are some of the unmet needs and reasons thereof?
What are the other digital products currently being used?

Capability

Customer persona identification

Questions we answer

What are the key purchase criteria and usage preferences of various customers?
How do customers evaluate alternative options and select the service provider?
What is the level of research undertaken before choosing a service provider? What factors influence the customers’ decision?
What are the key behavioural attributes of customers?
How open is the customer to try new experiences?
How do these vary by key demographic parameters – age, gender, income, occupation, etc.?
What are the key 4-5 personas which emerge, and how is the card / payment portal competitively positioned in each of them?

Capability

Customer journey mapping

Questions we answer

What are the main touch points in customer journey?
How does the customer journey originate (direct app download, via ads, social media, etc.)?
How is the experience with the customer support across different cards / payment portals?
What was the level of dependence on manual personnel across different touch points?
What are the specific pain points and areas for improvement at different touch points?
What is the level of satisfaction on different touch points during the journey?

Capability

Customer share of wallet study

Questions we answer

Which cards and payment portals are customers associated with across product categories?
What is the value of transactions made on these cards and payments portals?
What is the market share of wallet of the card and payment portal across product categories?
How can cards and payment portals capture higher share of customer’s wallet?
How can cards and payment portals retain current share of wallet?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to another card or payment portal?

Capability

Voice of customer

Questions we answer

Which portals are customers most satisfied with across use cases and why?
How has customer experience been with different offerings across different use cases?
What the reasons for preference of a particular portal over others?
How do customers rate the sales and service experience?
What are the improvement areas?
What is the level of stickiness?
What are the triggers that would make customers shift to another portal?
What are the key elements to provide a comprehensive user experience?

Capability

Brand NPS diagnostics

Questions we answer

How strong is the brand proposition in the minds of customers?
Is the brand proposition consistent across regions and products / services?
How likely are the consumers of the brand to promote / advocate the brand to others?
What is the level of unaided and aided recall?
What are the top 3 words most associated with the brand?
What are the customers and key influencers saying about the brand?
What things would lead the passives to become promotors for the brand?
What are the competitors with higher NPS doing differently in terms of brand building?

Capability

Offering NPS diagnostics

Questions we answer

How likely is the customer to promote respective card / payment portal?
How does the NPS vary across regions and how does it compare with key competitors?
What are the key reasons for a customer to be a promoter / detractor?
What are the improvement areas across product categories?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to another portal?
What are the relative strengths and weaknesses that have the highest impact on NPS?

Capability

Customer NPS diagnostic

Questions we answer

How likely are the consumers of the product to recommend the resp. portal to others?
What are the customers and key influencers saying about the offering?
What things would lead the passives to become promotors for the portal?
How can you improve product perception and customer experience? What improvements are the detractors looking for?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to another portal?
What are the relative strengths and weaknesses that have the highest impact on NPS?

Capability

Employee NPS diagnostics

Questions we answer

How many potential employees are aware about the company / brand / product offerings?
How likely are the current / former employees to recommend the portal to others both as a place to work?
How satisfied are the employees with the bank / FI across different parameters?
What are the areas of strength which employees would like the bank / FI to continue and build on?
How satisfied are the employees with their career path in the bank / FI?
What are the key improvement areas?

Capability

Sales channel NPS diagnostic

Questions we answer

How likely are the sales channel partners to promote respective cards / payment portal?
How does the NPS vary across regions and channels and how does it compare with key competitors?
What are the key reasons for a sales partner to be a promoter / detractor?
What are the improvement areas across product categories and channels?
What is the level of stickiness across product categories and channels?
What are the triggers that would make channel partners shift to another portal?
What are the relative strengths and weaknesses that have the highest impact on NPS?

Capability

Merchant NPS diagnostic

Questions we answer

What are key considerations in evaluating a merchant?
What is the relative ordering or weightages associated with the parameters in evaluating a merchant?
What is level of stickiness to a particular merchant?
How does the NPS vary across regions and geography and how does it compare with key competitors?
What are the triggers that would make channel partners shift to another portal?
What are the relative strengths and weaknesses that have the highest impact on NPS?

Capability

Ad effectiveness monitoring

Questions we answer

What is the advertising reach across modes and customer segments?
How does the advertising reach compare with competition? What is the customer recall?
What is the frequency of advertising vis-à-vis competition?
What is the click-through rate of digital advertising for various products and customer segments? How does it compare with benchmarks?
What is the propensity to induce enquiry and trial?
What is the ROI on advertising overall, and on specific campaigns?
What is the impact on the overall brand?

Capability

Competitive benchmarking

Questions we answer

How does the portal fare in the current competitive landscape in each product category?
What are the differentiating features of the successful products/ services of the competition (product offerings, ease of transaction, availability, pricing, etc.)?
How does our current offerings fare with respect to competition and industry standards?
Which areas or product offering are we lagging?
Where does the bank / FI win against competitors and where does it lag competitors?
What is the potential value upside in the target market?

Capability

Micro-market mapping & opportunity analysis

Questions we answer

What are the existing and emerging micro-markets in cards and payment industry?
What are the typical customer requirements of this micro market?
Who are the key competitors and what are the attributes of their offerings in each micro-market?
What is our market share (points of sales/ sales capacity, number of customers)?
How do our existing offerings compare to those of the market leader?
What are the differentiating factors/ key gaps across our product offerings in micro markets?

Capability

Quick view industry trend

Questions we answer

How is the market landscape structured in terms of competitive environment, government regulations and legal environment?
How has the economic trend been for the country in the past few years?
What are the growth drivers of the economy? How will it impact the industry?
What are the barriers to entry in the particular business, how high are these barriers?
What are the revenue and cost drivers of companies in this industry?
What has the trend in revenues and costs for key players by product/ customer segment?
What has the regulatory and legal environment been in the industry? What are the recent regulatory changes that are likely to have a material impact?

Related Case Studies

View all

Cards and PaymentsApr 7, 2021

Identifying investment patterns of customers

Objective

A leading POS player wanted to diversify into new product and hence liked to test the merchant behaviour towards both such product features

Methodology

Conducted survey (N = 1,000) with merchants / user belong 12 cities (metros, tier 1, 2, and below) and are into both retail and service segments
Identified merchant behaviour towards their existing POS system, other payment and fintech solution, key selection criteria, and challenges faced by them
Presented various features of the upcoming product as different concepts and identified their preference, and expectations with them
Validated the survey finding by in-depth interviews (N = 100) with different merchant segments based on their demography, business turnover, and likeliness towards offerings
Deep-dived into merchant behaviour towards likeliness of different product offerings, its potential impact on their businesses, and identified their expectations with the upcoming features or identified other new features needed to be included

Impact / Outcome

The client validated and tested the upcoming product across different major cities and looked forward towards marketing and advertising strategy through different media platforms

Cards and PaymentsApr 7, 2021

Preference and adoption of digital payments apps

Objective

A leading Fintech company wanted to understand the level of adoption of consumers with respect to digital payments apps. Further, the client wanted to understand willingness of millennials to adopt a new financial product / offering, the key functionalities expected from the offering and their willingness to pay.

Methodology

Conducted customer survey (N = 1,000) for across in 3.5 weeks across 10 cities (mix of metro and tier 1 cities) for different customer archetypes across geographies, age-groups, income, and employment categories
Mapped typical consumer personal finance management journey to identify existing digital touch points and further opportunities for digitization
Conducted in-depth customer interviews (N = 30) to understand the functionalities they want from a new digital financial offering, the key drivers of digital adoption, importance of brand and their willingness to pay
Deep-dived into product and performance benchmarking of key players to identify level of digitization and functionality
Conducted in-depth competitor interviews (N = 10) to understand strategy towards customer acquisition for digital offerings and technological pipeline

Impact / Outcome

Client gained detailed insights on adoption of digital payment apps across demographic cuts and extent of digitization across payment players. The client also understood key strengths and improvement areas for different digital payment players along with customer’s willingness to adopt a new financial offering

Showing 1–2 of 6 case studies · Page 1 of 3

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