Supporting the market entry strategy of a new FinTech player

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THE CHALLENGE

Providing strategic consultation to a new FinTech provider to develop a new product structure and strategy

Entering a new product into the market is a difficult endeavour, made more so by the fact that the banking market is competitive and consumers tend to stick with their previously known banking tools for long periods of time.

PayCap aimed to understand their target consumers such that they could develop a product that fit existing needs and desires, was appropriately priced, and could be effectively marketed.

OUR APPROACH

Extensive secondary research laid a solid grounding for the rest of the project and allowed us to identify technological, psychological, and behavioural factors influencing FinTech adoption.

The competitor analysis included the analysis of international competitors and a specialised focus on the market environment at the first point of market entry. The competitor analysis phase revealed the strengths and weaknesses of competitors’ offerings.

Deep interviews were administered for an in-depth discovery of user needs, including unmet needs, pain points, and opportunities for achieving a competitive edge on the market.

BeHive then conducted quantitative research to understand how potential customers perceived PayCap’s new product, and which features they are most excited by.

The Result

BeHive uncovered the most important factors that influence what banking provider a customer chooses, and the strength of branding as a determinant of brand choice. A product feature analysis showed a set of features and preference for those features that customers were most willing to pay for and would enjoy most in a personal banking tool.

Uncovered decision factors 

BeHive uncovered the most important factors, including the unconscious elements of choice, that influence what banking provider a customer chooses, and the strength of branding as a determinant of brand choice.

Insights to feature importance

A product feature analysis showed a set of features and preference for those features per target segment, taking their market size and potential for adoption into account.

Unpacked willingness to pay

Willingness to pay (WTP) was broken down by features and all characteristics of the offerings, and included detailed information on how each target segment’s WTP would be influenced by the addition or absence of said feature. It also included insights on less rational decision making, and what brand name and identity contributes to WTP.

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