Concept Testing of a Mobile Wallet (Fintech Industry)Market Research
Concept testing in banking is typically used to evaluate consumer response to an idea before introducing a product to market. It identifies perceptions, wants and needs of a product or service.
The concept research focus on :
- Indicates concentrated segments of the population to which the product appeals
- Assesses the relative appeal of alternative product ideas/configurations/positions and features desirable to the targeted market segments
- Provides necessary information for developing the product and its promotion, distribution and pricing
Our client, a financial Institution based out of GCC (B2B with medium/large institutions which accepts money wallet transactions like coffee shops). They wanted to understand the perception, current usage and attitude, problems faced etc while using money wallet apps. Further to this, the institution wanted to test various business concepts on commissions, fee and charges, and other attributes
We administered a research survey among potential users of the money wallet app and the merchants who would accept the payment. The research identified customer behaviour, acceptance and challenges they could face while adopting such a product.
Concept testing provided insights for designing a more optimal money wallet app product. The product is now available on the Apple App Store and Google Playstore with more than 100K downloads.