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Cards and Payments

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

Credit cards UPI Mobile wallet

What We Do

Digital adoption mapping
Concept testing
Pre-launch test for new features
Pre-beta testing of digital channel
Unit economics benchmarking
Channel performance study
Customer needs assessment
Customer persona identification
Customer journey mapping
Customer share of wallet study
Voice of customer
Brand NPS diagnostics
Offering NPS diagnostics
Customer NPS diagnostic
Employee NPS diagnostics
Sales channel NPS diagnostic
Merchant NPS diagnostic
Ad effectiveness monitoring
Competitive benchmarking
Micro-market mapping & opportunity analysis
Quick view industry trend

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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Concept testing

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?

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Pre-launch test for new features

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?

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Pre-beta testing of digital channel

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?

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Unit economics benchmarking

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.)?

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Channel performance study

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?

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Customer needs assessment

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?

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Customer persona identification

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?

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Customer journey mapping

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?

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Customer share of wallet study

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?

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Voice of customer

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?

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Brand NPS diagnostics

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?

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Offering NPS diagnostics

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?

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Customer NPS diagnostic

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?

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Employee NPS diagnostics

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?

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Sales channel NPS diagnostic

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?

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Merchant NPS diagnostic

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?

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Ad effectiveness monitoring

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?

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Competitive benchmarking

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?

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Micro-market mapping & opportunity analysis

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?

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Quick view industry trend

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?

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Connect with our Cards and Payments Experts

Madhur Singhal

Mentor

Aryaman Tandon

Mentor

Hitesh Gossain

CEO, Network

Amar Choudhary

CEO, Intelligence & Insights

Related Case Studies

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

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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

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Process mapping across various payment modes

Objective

Client was looking to understand the process flow of various payment modes (RTGS, NEFT, IMPS transaction, card payments, e-Wallet, etc.). The client also wanted to understand the transaction charges / fee / earning models in each payment mode along with comparison in terms of time taken

Methodology

Conducted in-depth interviews (N = 20) with payment industry experts to understand the mechanics of various payment modes
Conducted in-depth interviews (N = 10) with banking industry experts to understand the transaction and fees involved in each payment mode
Identified various stakeholders involved in the payment process (Payer, beneficiary bank, PSP, merchant, etc.) and conducted in-depth interviews to deep-dive into each step
Mapped entire process flow for each payment mode in detailed steps along with Turnaround Time (TAT)
Combed through regulatory data (NCPI, RBI, etc.) to understand transaction charges and fees involved in each payment mode

Impact / Outcome

Client clearly understood process flow for each payment mode along with transaction / fees charges and TAT

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Mapping customer spends and preferences in payments

Objective

A leading Fintech company wanted to understand the needs and preferences of consumers with respect of payments across different use cases. Further, the client wanted to understand overall spend patterns, most important factors influencing payment modes, and reasons for preference of one player over the other.

Methodology

Conducted customer survey (N = 600) for across in 2.5 weeks across 15 cities (mix of metro, tier 1 and tier 2 cities) for different customer archetypes across geographies, age-groups, income, and employment categories
Deep-dived into analysing monthly spend patterns across demographic cuts to identify key cost areas
Conducted in-depth customer interviews (N = 30) to map typical customer spend on various digital apps and identify frequently used payment modes and key pain points
Identified preference of payment modes across key use cases and reasons thereof across age groups, gender, educational qualification and income
Understood key competitors’ strengths and weaknesses by elaborate secondary research and mapped those to customer needs to identify clear winners in each use case

Impact / Outcome

Client understood detailed insights on key consumer behaviour and preferences, key strengths and improvement areas for payment players and improvement areas to improve its NPS

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Millennial digital banking behaviour research

Objective

A leading Fintech company wanted to understand the digital banking behavior of millennials, including:
Customer lifestyle, goals & aspirations, purchase behavior, brand preferences
Banking behavior & pain points with current offerings
Financial behavior, preferred payment and investment modes

Methodology

Conducted customer survey (N = 500) for millennials (21-27 years old) in 2 weeks across 5 cities (mix of metro and tier-1 cities) for different customer archetypes based on age groups, employment status, gender, income, educational qualification, educational background and years of job experience
Combed through demographic data from survey to create customer personas to identify best bet for innovative offerings
Mapped typical consumer personal finance management journey to identify key pain points
Conducted in-depth interviews (N = 25) of financially independent millennials to understand their lifestyle and goals, financial and banking behavior and willingness to adopt new financial offering
Carried out product and service benchmarking for key players offerings to identify differentiation metrics

Impact / Outcome

Client understood the lifestyle, goals and aspirations of millennials, the gap in their aspiration and reality and the purchase process of large ticket expenses. The client also understood the financial and banking behavior of millennials, their KP?C and pain points.

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Potential market assessment for cross-border payments

Objective

A global online payments company wanted to size the digital market of exports within a range of USD 10K across goods & services in top 10 verticals in buyer countries. The client wanted to develop its EBITDA strategy and evaluate growth trends in different categories. Further, they also wanted to understand payment options available to exporters and competitive differentiation with key players

Methodology

Developed four-step approach to shortlist key sectors and estimate TAM (Total Addressable Market) for export of goods and services
Conducted in-depth interviews with a comprehensive list of N = 200 players across the export corridor with an indication about their scale – traffic, no. of transactions
Triangulated market sizing with bottom-up analysis using a 7-step approach across goods and services
Estimated TAM for online and offline export of goods and services after shortlisting key verticals and identifying addressable segments (transaction size, number of transactions etc. player-wise in each vertical
Identified key export corridors in each shortlisted vertical and top players in shortlisted geos that could be onboarded
Understood key competitors’ strengths and weaknesses by elaborate secondary research

Impact / Outcome

Client understood the size of the digital market of export and its current market share along with their standing in the market. The client was also able to successful create their EBITDA model based on inputs from research

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