How did a FinTech Startup venture into the Banking and Financial Sector mitigate its Product Analysis Challenges?

A FinTech startup after a year of being in the online payment business had the idea to venture into other arenas. However, this new opportunity for growth was dimmed by inexperienced and inefficient product designs and quality. The company authorities went on to seek the services of Research Nester analysts for ample guidance and solutions through their product analysis consulting services.

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An overview:

1

A startup dealing in banking and financial services went on to build e-wallets and integrate them with different payment systems. Even though the idea was novel, the implementation of a digital wallet solution was tougher than anticipated.

2

The company failed to identify the crucial challenges of the product such as security issues, adoption problems, compliance, and regulations.

3

With an intrinsic streamlined focus only on implementing the new product in the market, the company ignored the potential challenges and found itself in a fix.

4

With a major setback in delivering a functional and efficient user experience, the company faced the loss of revenue and a loyal customer base.

5

Finally, Research Nester was brought into the domain for thorough product analysis and insights to navigate through the issues.

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The Story

The startup was initiated as a fintech company in 2015. Soon after, it ventured into developing e-wallets for its banking and financial services. The startup offers versatile installments and digital banking. The company’s plan of action changed drastically since its inception and now evolving as a company managing versatile installments, banking administrations, commercial centers, energize and charge installments, e-wallets, and many other provisions which serve around 100 million enlisted clients. It offers online use-cases as versatile energizes, service charge installments, travel, motion pictures, and occasions appointments. In-store installments at markets, leafy foods shops, cafés, stopping, tolls, drug stores, and instructive establishments can be accessed through the FinTech QR code. According to the organization, more than 7 million traders crosswise over India utilize its QR code to acknowledge installments straightforwardly into their bank account. This QR code caused digital fraud due to the absence of a security system. Hacking of e-wallets continued and this resulted in poor customer satisfaction, loss of revenue, and complaints. Research Nester analysts were approached in this dire scenario to offer competent strategies and insights.

Our Solution:

Faulty products and negligence in in-depth product analysis and mitigation was the major challenging factor of the company. Research Nester analysts conducted extensive product analysis and noted the areas that needed rework. A stronger, competent network security system software needs to be established. This will ensure the safety of sensitive data and help customers to trust. To boost further growth and profitability FinTech could also be promoted as FinTech-as-a-service, where customers could pay a subscription that covered both the product’s use and associated services. To emphasize it further RNPL consultants offered its product analysis consulting services solution and also briefed on the opportunities and future trends of fintech as a service platform. The following strategies were further presented as a report by RNPL analysts-

  • Clear objectives should be defined regarding the functionality of the product.
  • Conduct regular product analysis and access different areas to improve.
  • Establish a stronger network security framework and win the trust of customers.
  • Work with multiple e-commerce websites on successful implementation of e-wallets.

The company incorporated the above strategies to finally achieve its targeted business objective.

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Results

The company offers online use cases such as versatile energizes, service charge installments, travel, motion pictures, and occasions appointments. The Fintech QR codes were widely used for all purchases since 2016. In 2017, the company became India’s first installment application to traverse 100 million application downloads. By 2020, customers were seen to question the security of QR codes and compliance regulatory issues arose. The revenue growth of the company fell from USD 10 billion in 2020 to 6 billion in 2021 which picked up the pace in 2022 to USD 12 billion after Research Nester’s intervention. The leadership of the company took the advice and suggestions offered by RNPL consultants to bring the business back on track. This way the startup was able to build a prominent market position and create profitable prospects for future growth.

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Swara Keni

Head- Global Business Development

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