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Fintech

Helping Fintech companies understand evolving customer needs and personas, wallet share of the app / platform, market potential, NPS by conducting on ground research

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What We Do

Customer transaction satisfaction survey
Merchant research
Mapping lending processes
Product benchmarking
Customer needs assessment
Customer persona identification
Customer journey mapping
Customer share of wallet study
Voice of customer
Concept testing
Pre-beta testing of digital channel
Digital channel NPS diagnostic
Brand NPS diagnostic
Offering NPS diagnostics
Customer NPS diagnostic
Micro-market mapping & opportunity analysis
Ad effectiveness monitoring
Unit economics benchmarking
Process benchmarking
Competitive benchmarking
Quick view industry trend

Customer transaction satisfaction survey

What is the level of satisfaction / net promoter score across various parameters?
What are the key drivers for generating loyalty to the application / platform?
How are the consumers using the application / platform? Which are the previously unanticipated use cases?
What are the problems consumers / customers face on the application?
What additional features in the application / platform would make the process better for the end customer?
What are the competitors offering as standard or additional services and how do the customers react to them?
How likely are the customers / consumers of your application / platform to recommend it to their acquaintances?

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Merchant research

How developed is the merchant network in terms of geographical spread and penetration?
What are the different segments of merchants in the market?
How is the product / application / platform / service addressing the needs and wants of each segment?
How robust are the service infrastructure and complaint redressal system?
What features, additional services and terms are the competitors offering and how attractive are these offerings to the merchants?
What additional features / services do the merchants seek?
How likely are merchants to recommend your service / product / platform to other merchants?

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Mapping lending processes

How is the customer experience while underwriting and disbursing a loan? How does it compare with the best-in-class?
What are the friction points for customers in the current journey and how can they be eliminated?
How can physical interventions required from the customer in the loan application journey be eliminated?
Are there adequate checks and balances to ensure that the required information for underwriting can be collected during the customer journey?

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Product benchmarking

How do our product features stack up vis-à-vis competitors?
How seamless is the customer experience and journeys for our products?
How does our service architecture compare with competitors?
What is the customer feedback and net promoter score (NPS) for our products? How does this vary across customer segments and products?
How is the brand / product positioned in the minds of the customers?

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Customer needs assessment

What are the key financial products and services required by customers?
How differentiated are our product offerings from competitors?
What are the key purchase criteria across different product categories?
What are the new avenues or product segments that can be captured?
What is the frequency of usage and use cases across product categories?
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 product and service provider?
What is the level of research undertaken before buying a product / service? What factors influence the customers’ decisions?
What are the key behavioral 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 bank / FI competitively positioned in each of them?

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Customer journey mapping

What are the main touch points in customer journey across different product categories?
What are the key considerations at every touchpoint in customer journey?
How well we are positioned in terms of the key considerations compared to peers?
What are the pain points and area of improvement at all touch points?
How does the future hold for the customer journey? What touch points are set to overhaul?
What technological or other advancements are expected? How well are we positioned to embrace those changes?
What is the level of satisfaction on different touch points during the journey?

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Customer share of wallet study

Which Fintech apps / services are customers associated with across product categories?
What is the value of transactions done on these apps/ services?
What is the market share of wallet of Fintech across product categories?
How can Fintech apps / services capture higher share of customer’s wallet?
How can Fintech apps / services 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 Fintech player providing similar services?

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Voice of customer

Which Fintech company / product are the customers most satisfied with and why?
How has customer experience been across different product categories?
What are the reasons for the preference of one Fintech product over another?
How do customers rate the UI and service experience?
What are the areas of improvement and ways to do so?
What is the level of stickiness?
What are the triggers that would make their customers shift to their peers?
What are the key elements to provide a comprehensive user experience?

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Concept testing

What is the process of collecting 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 are the ways to analyse customer preferences and methods of incorporating it?
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-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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Digital channel NPS diagnostic

What did the customers like most about the digital channel?
What are the areas of improvement?
How likely are customers to recommend this digital channel to others?
How has the digital channel performance been w.r.t key performance metrics? (sales / units sold)
How does the NPS vary across regions and products 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?

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Brand NPS diagnostic

How strong is the brand proposition in the minds of customers?
Is the brand proposition consistent across various regions and individual categories?
What is the position of the brand compared to its peers?
What are the top 3 words most associated with the brand?
How likely are customers to recommend / advocate the brand to others?
Does the brand have a customer pull or distributer push across products / services?
Are customers willing to pay higher fee / commission for availing its service?

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Offering NPS diagnostics

How likely is the customer to promote respective fintech company?
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 fintech?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Customer NPS diagnostic

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

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Micro-market mapping & opportunity analysis

What are the existing and emerging micro-markets in fintech 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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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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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?
What cost or revenue parameters are we leaders / laggards? How can we achieve industry standards or that of competitor?

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Process benchmarking

How do the key metrics of the business processes compare with its peers?
What are the areas of process improvements based on technology adopted?
What is the hands-on-time and wait time for each step of the process?
In how many steps can one complete the process and how does it compare w.r.t its peers?
Can the process be simplified and ways to do so?
What steps of the process can be eliminated or automated?
What are the customer experience and efficiency gains for customers?

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Competitive benchmarking

How does fintech player 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 fintech player win against competitors and where does it lag competitors?
What is the potential value upside in the target market?

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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 been in terms of revenues and costs for the competitors across their product offerings?
What has the regulatory and legal environment been in the industry?
What are the recent changes to regulation?

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Connect with our Fintech Experts

Madhur Singhal

Mentor

Aryaman Tandon

Mentor

Hitesh Gossain

CEO, Network

Amar Choudhary

CEO, Intelligence & Insights

Abhilasha Jaju

Director, Intelligence & Insights

Related Case Studies

Deep dive on Indian Fintech Broking industry

Objective

An established FinTech Broking player wanted to understand their standing in their subcategory/ vertical within the FinTech space. Further, the client wanted to understand strategy and tactics being used by the nearest competitors to garner market share, with special focus on the Industry leader and the incumbents.

Methodology

Conducted an in-depth study on the different attributes of the FinTech brokers with a focus on identifying key backers, their performance and take a view on their expected growth
Identifying 3 business models to categorise the tech-enabled Stockbroker industry
Benchmarked product offerings for Brokers across the three verticals with special focus on the client’s FinTech broker category
Conducted in-depth interviews (N = 25) with customers and industry professionals to understand key pain points and growth areas
Identified areas of differentiation in terms of the business models of the different verticals, with a deep dive on models of new-age Fintech brokers
Identified key drivers of revenue growth and pain points in financial models of the Fintech brokers
Conducted deep dive on the digital adoption in India and the level of digitization of the non Fintech broking players to identify level of incumbent risk

Impact / Outcome

The client developed a thorough understanding of the Fintech space and was able to gather valuable insights regarding the specificities of the Fintech broking space.

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Identify various user archetypes of a cash management platform

Objective

A large fintech start up (cash management app) wanted to identify various customer segments, understand business processes, payment preferences and needs of each customer segments

Methodology

Conducted in-depth conversations (N = 184) with enterprise owners of various MSME segments to understand business processes in 15 cities (metros, tier 1, 2, and below)
Conducted a MSME owner survey (N = 1,000) to understand the current pain points / challenges faced by them while using cash management app
Assessed business processes, business types, turnover of various merchants and deduced it to various user archetypes, using cash management platform for their daily ledger cum lending operations
Mapped daily business journey of each user archetype and identified their usage of various digital payments and other fintech platforms
Identified various opportunities for expansion (B2B payments, commerce, others) amongst MSMEs by various customer segments, prioritize opportunities

Impact / Outcome

Identified 7 user archetypes, using client app and created a shortlist of pain points while using the cash management app
Client launched different product offering / features catering the need of the current users and rolled the new offering to improve user experience

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Mapping digital journey for fintech player

Objective

A leading Insurtech player wanted to compare its customers’ digital journey with other internet-first insurtech players to identify key improvement areas and level of digitization. They also wanted to map the claim settlement process and identify ways to reduce TAT by investing in technology.

Methodology

Conducted in-depth interviews with target customers and competitor customers (N = 100) to understand digital journey, key pain points and improvement areas
Conducted in-depth interviews (N = 15) with competitors’ employees to deep-dive into back-end processes supporting the application
Combed through all apps and website of target and its competitors to identify differentiating metrics in core product features
Conducted mystery shopping to understand digital journey of customer on target vs its competitors
Understood key competitors’ strengths and weaknesses by elaborate secondary research and mapped those to customer needs to identify clear winners

Impact / Outcome

Client had a clear view on how it stacks up against competition in creating a seamless digital journey of customer. The client also got actionable insights to develop its tech in core areas to gain competitive advantage.

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Mapping thinking process for taking online gold loan

Objective

An online gold loan fintech wanted to deep-dive on the thinking process and understand customer mindset while taking a gold loan as compared to other loan products. The client also wanted to understand how the thinking process evolves when the loan is taken online.

Methodology

Conducted in-depth interviews with customers who had either taken a gold loan or considered taking (N = 150) to understand thinking process involved in taking a gold loan, especially taking an online gold loan
Conducted customer survey (N = 500) in 2 weeks across 10 cities (mix of metro, tier 1 and tier 2 cities) for different customer archetypes across geographies, age-groups, income, and employment categories to understand key considerations while taking a gold loan and propensity to take online
Created a flow chart enumerating the 4-step thinking process customers follow while choosing among loan products including reasons thereof
Identified where gold loan fits in the entire thinking process and how customer decides between gold loan and other loans once it enters the consideration set

Impact / Outcome

Client clearly understood the entire thought process behind taking a gold loan and the additional nuances that appear if the loan is given online.

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NPS study for Insurtech player

Objective

A major Insurtech player wanted to understand its perception amongst customers and Direct Selling Agents (DSAs) vs traditional insurance and other Insurtech players
The client also wanted to understand the reasons for stickiness and detraction
The client wanted insights on improving agent efficiency and reducing attrition to other platforms.

Methodology

Conducted consumer survey (N = 500) and agent survey (N = 200) across 10 cities (mix of metro, tier 1 & 2 cities) for different customer segments (based on gender, age groups, income, % disposable income spend on personal care, etc.)
Calculated NPS across different customer segments to understand reasons for the difference in customer satisfaction and dissatisfaction
Conducted in-depth interviews (N = 20) with agents to understand key reasons for stickiness and propensity to switch to other Insurtech players
Used proprietary NPS framework to identify key action items detailing specific improvement points along with identifying relative strengths and weaknesses

Impact / Outcome

The client developed clarity on perception, preferences, and feedback as compared to its competitors with action points on how to improve NPS. The client understood the key reasons for the high attrition of agents and the industry's best practices.

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Sizing the market for FinTech subcategories

Objective

An established PE player wanted to understand the size of various categories within the FinTech space. The study involved a deep dive into multiple verticals within the FinTech space, especially in the Indian context to understand market size and penetration of each category/ sub-category.

Methodology

Identified the verticals within the FinTech space and categorised FinTech players basis their positioning and product proposition
Identified 6 key verticals and developed market sizing methodology for each vertical
Identified relevant growth drivers and key growth areas for these 6 verticals
Conducted in-depth interviews (N = 20) with customers and industry professionals to understand key pain points and growth areas
Conducted in-depth secondary research to identify unique metrics and industry parlance to evaluate performance of prominent players within each vertical
Within each of these verticals understood market penetration and developed an understanding of the extent of adoption in the digital space of traditional finance categories

Impact / Outcome

Client developed an understanding of the FinTech space in terms of size and growth drivers, especially in the Indian context with a special focus on 6 key sub-categories

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