Approach: Customer Needs Mapping with Global TMCs
To answer this question, we conducted in-depth interviews with global and regional TMCs across North America, Europe, and Asia-Pacific. Our research focused on:
- Role in Payment Process: Explored TMCs’ involvement as merchant of record and their influence on payment flows.
- Virtual Card Usage: Assessed the prevalence, benefits, and pain points of virtual card payments in TMC operations.
- Challenges and Barriers: Identified operational, technical, and commercial challenges faced by TMCs when adopting virtual card solutions.
- Future Needs and Innovation: Gathered TMCs’ perspectives on payment innovation, unmet needs, and appetite for new solutions.
- Ecosystem Mapping: Investigated the payment providers and software platforms TMCs use to support virtual card payments.
Findings were analysed to identify common themes, regional differences, and opportunities for payments innovation.
Outcome: Customer-Centric Insights for Product Innovation
We delivered a clear, evidence-based view of TMCs’ payment needs, challenges, and opportunities for innovation. Key deliverables included:
- Needs Assessment: Detailed mapping of what TMCs require from payments providers to streamline operations and enhance value.
- Barriers to Adoption: Identification of the main obstacles to virtual card uptake and potential solutions.
- Innovation Opportunities: Recommendations for new product features and service enhancements tailored to TMCs’ evolving requirements.
Armed with these insights, our client is now positioned to develop targeted, attractive payment solutions for the TMC segment, supporting their innovation pipeline and strengthening their market position.
Why Choose Us for Payments Sector Market Analysis?
Our deep expertise in financial services and customer-centric innovation enables us to help clients deliver services that resonate with the market. To explore this further please read our blog on the role of customer needs analysis in product and service innovation.
