Background

A leading payments provider sought to understand the current payment security landscape. The client aimed to understand the evolving needs and expectations of financial institutions, as well as the role and perception of third-party vendors.

With operations spanning multiple stages of the payment security lifecycle, the client wanted to better understand the needs at each stage and procurement behaviours of financial institutions. Their goal was to align future offerings with customer requirements and strengthen their position in the payment security market.

Approach

We applied a proposition development lens, conducting in-depth interviews with senior stakeholders across a spectrum of financial institutions and payment providers.

Our focus was on uncovering the core needs, pain points, and decision-making criteria that drive adoption of new solutions.

This approach developed insight into how organisations evaluate value, prioritise features, and differentiate between competing offerings, enabling a nuanced understanding of market demand.

Outcome

We identified the key needs that financial institutions have for payment security and how this varies across customer groups.

Our recommendations enabled the client to tailor propositions for different segments, focus messaging on relevant needs, and leverage their brand strengths. This supported more effective product positioning and marketing to maximise success when targeting this market.