A digital-only SME solution provider, aiming to respond to financial and non-financial needs through an intuitive app-based ecosystem.
- Assess the market for international payments as a response to SME pain points that directly or indirectly relate to payments activity.
- Many SMEs at the smaller and micro end are not fully capitalising on overseas trade due to cost, inconvenience and security fears.
- Invoices account for around half of the £18bn annual fraud losses experienced by SMEs.
How we helped
- Identified the SME pain points around payments and categorise these into four key pillars – Cost, Transparency, Speed and Security
- A thorough market assessment and competitive analysis including using 6 months of social media data to gain in-depth insights into real customer conversations, perceptions, trends supported our initial hypotheses,
- Competitor analysis and user journeys highlighted the priority pain points, what customers felt most strongly about (and valued most) and which providers best served their needs. This drive high-level requirements definition.
- The exercise identified and substantiated the customer pain points and value drivers, and provided first-hand evidence of who and how providers were getting it right.
- This enabled a clear definition of the service offering, backed by robust data to support the claims.
- We set out a clear feature roadmap to deliver an MVP and full product launch using the prioritised wish list from the client and market research. The client is now well placed to secure funding to develop the proposition and launch.