Articulating digital payments product to resonate with financial institutions and increase adoption
January 26, 2021
TABLE OF CONTENTS
A US-based, multinational, technology company wanted to refresh their digital payments product as they continued their global expansion. Getting major financial institutions (FIs) on board would prove to be challenging; however, allowing their cards to be used on the new payments platform would be necessary for the product’s success.
To better shape and define the product, the client teamed up with Levvel to get product recommendations, identify and highlight the most valuable product features for FIs, and help the client speak the language of the major banks. Levvel’s financial services expertise helped facilitate informed conversations with banks to articulate the product in a way that would resonate and improve bank adoption.
A major roadblock in the client’s journey was identifying the components of the payments product that would appeal most to potential banking partners. Certain attributes of the digital wallet product were not being highlighted, and the overall product architecture was not properly oriented to align to bank objectives. As an example, many banks were unaware they could build their own digital wallet experience through this platform. This was only one of the misconceptions caused by highlighting the wrong attributes of the product, and not aligning the product to the needs of the bank partners.
The gaps in understanding of banks’ business drivers led to other challenges, including:
Levvel’s mission was to spend time with the client’s product teams to better understand the digital payments product and what the roadmap looked like moving forward. These sessions would build confidence for the client in terms of future navigation and knowledgeable conversations with financial institutions.
The product strategy expertise Levvel provided transformed the client’s mobile payments product in a way that spoke directly to banks’ needs and desires. The new framing of the product drove partner adoption, helping lead to a resoundingly successful product launch and brought the mobile payments product to millions of people around the world.
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