Cross Border Card Payments
Objective
The objective of the research was persona profiling and buyer’s journey research.
Challenge
A research firm contacted us on behalf of a leading payments company for the launch of a new payment solution for commercial banks that can help their B2B/HNW customers with smooth and fast domestic, cross-border, and international payments through debit and credit cards.
The client wanted to understand how to connect and engage with HNWIs and B2B customers and position their new payment solution to help commercial banks adopt it successfully. The research also wanted to uncover the key benefits that banks seek from payment solutions and how these offerings can solve their challenges.
Approach
- Over 400 interviews were conducted by Liquid Sample in the United States with decision-makers from commercial banks' strategy, IT, and sales departments, senior executives from commercial banks, and B2B and HNWI customers.
- The aim was to understand the needs of commercial bank executives in terms of technological advancements, potential new products and services, issues with current service offerings, marketing and communication practices, and feedback mechanisms.
- Additionally, the research gathered feedback from B2B/HNWI customers on their usage patterns, pain points, buyer journey, customer touchpoints, customer preferences, engagement practices, customer service, and perceptions.
Results
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The insights and feedback from commercial bank decision-makers, senior executives, B2B customers, or HNWIs helped the client with the following.
- Actual needs from the payments platform from a usage and engagement standpoint
- New technological advancements for smooth and functional experience for HNWI and B2B customers
- Improvement in service offerings and feedback mechanisms
- Marketing strategy
- The buyer’s profile and journey helped the client understand the key motivators of each persona and identify potential technological, communication, and service shortcomings from a user standpoint, which allowed them to plan a customer-centric proposition.
- The insights from the in-depth interviews further gave a detailed understanding of the similarities and differentiation factors that helped the decision-makers to evaluate, improvise, and implement the new platform and solutions.
Testimonial
"It was a pleasure working with Liquid Sample. The research helped us in identifying the
appropriate influencers for our solutions along with the right messaging, content, and channels. The
insights provided us with new ideas that have larger impact on the overall business."
ᅳ Research Manager (Product Marketing Company)