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Developing a Digital Wallet for a Telecom Company
Case Study
MJV helped our client enter the financial services industry with a proprietary payment solution.
Industry: Telecommunications
Client: A leading international telecom company
Developing a Digital Wallet for a Telecom Company
In 2018, our client identified an opportunity to launch a new financial product, but still needed some questions answered.
This project was divided into 2 parts:
Over the course of six weeks, we went to the field to map unsatisfied needs. We came up with four ideal customer profiles according to several financial behavior variables, with which to conduct our strategic analysis and evaluation.
These yielded 16 possible journey scenarios and 30 different application features that were used to develop the final digital wallet solution.
During the development phase, MJV reported directly to the parent company's managing partner. We made a classic agile squad, responsible for the back-end development, the entire user journey construction, and the design of the digital wallet.
During development, we mapped out nine key functionalities based on feedback from interviews with real users during the research and discovery stage:
User-centric approach drives feature development
Our Solution
Over the course of six weeks, we went to the field to map unsatisfied needs. We came up with four ideal customer profiles according to several financial behavior variables, with which to conduct our strategic analysis and evaluation.
These yielded 16 possible journey scenarios and 30 different application features that were used to develop the final digital wallet solution.
Our Solution
User-centric approach drives feature development
During the development phase, MJV reported directly to the parent company's managing partner. We made a classic agile squad, responsible for the back-end development, the entire user journey construction, and the design of the digital wallet.
During development, we mapped out nine key functionalities based on feedback from interviews with real users during the research and discovery stage:
The Development Cycle
The battle for wallet shares is just beginning
The rise of fintechs and banking-as-a-service has flooded the market to create an ocean of possibilities. While this project began five years ago, we still hold a squad working on the project - and we know, there are still a number of major players that aren’t taking advantage of the opportunities provided by digital payment solutions.
MJV helped their client enter the financial services industry with a proprietary payment solution.
Transforming Traditional Marketing
In 2018, our client identified an opportunity to launch a new financial product, but still needed some questions answered.
This project was divided into 2 parts:
First, we conducted a behavioral study on the financial habits of the population in a large global market.
Second, was the development cycle.
The rise of fintechs and banking-as-a-service has flooded the market to create an ocean of possibilities. While this project began five years ago, we still hold a squad working on the project - and we know, there are still a number of major players that aren’t taking advantage of the opportunities provided by digital payment solutions.
First, we conducted a behavioral study on the financial habits of the population in a large global market.
Second, was the development cycle.
Why a Digital Wallet?
At the time that our client came to us with the idea, the concept was unprecedented in the local area.
The opportunity also presented itself as a way of accessing around 20% of the local population, which remained unbanked.
Why a Digital Wallet?
At the time that our client came to us with the idea, the concept was unprecedented in the local area.
The opportunity also presented itself as a way of accessing around 20% of the local population, which remained unbanked.
Benefits for Companies
Benefits of Agile over Waterfall
Expand revenue streams
Access to user behavioral data regarding consumer financial behavior
Elimination of the middleman (banks)
Increased Customer Loyalty
The Challenge
Identify opportunities for the creation of a digital wallet, validating the concept and demand with end users.
The Challenge
Double the monthly conversion rates for campaigns to redeem points within a loyalty program.
Double the monthly conversion rates for campaigns to redeem points within a loyalty program.
Benefits for Customers
User journey simplification
Convenience
Integration with other means of payment
More personalized products and offers
Centralization of financial information
Transferring funds between users
Cash-in
Cash-out
Security
Transferring funds to non-users
Physical store purchases
QR code compatibility
Online purchases
Paying bills and line of credit
19 guidelines
that ensured value throughout the app launch plan.
5k downloads
in the first month (up to more than 1.5 million as of now).
4.5 star app evaluation
on the Apple App Store (out of 5).
If you’re thinking of incorporating digital wallets or other payment solutions into your business, why not reach out to one of our consultants to find out what MJV can do for you?
Double the monthly conversion rates for campaigns to redeem points within a loyalty program.
The Challenge
Identify opportunities for the creation of a digital wallet, validating the concept and demand with end users.
The Challenge
Double the monthly conversion rates for campaigns to redeem points within a loyalty program.
Benefits for Companies
Expand revenue streams
Access to user behavioral data regarding consumer financial behavior
Elimination of the middleman (banks)
Increased Customer Loyalty
The Development Cycle
If you’re thinking of incorporating digital wallets or other payment solutions into your business, why not reach out to one of our consultants to find out what MJV can do for you?