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Cards and Payments
Enabling clients understand key market trends, customer / merchant personas, needs-assessment, competitive benchmarking, etc.
What we do
- 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?
- 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?
- 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?
- 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?
- 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.)?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
Digital adoption mapping
- 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?
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Why 1Lattice?
Tech Enabled
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