Financial Services

Client:  A credit card processing company

Issue:  The company developed two new financial-based technology concepts in which they sought consumer input before moving forward with additional product development. 

Methodology:  For concept #1, six User Experience lab (uxLab®) mini-groups and for concept #2, three Reality Research mini-groups

Research ROI:  Concept #1:  Groups were broken into various types of users.  As the consumers tested the concept, level of complication, budgeting issues, money management tools were all topics of discussion.  What they liked most and least and their projected level of usage were covered.  The end result was a lack of interest in the new concept, therefore ending the product development cycle and saving the company millions in developing a product that was not considered useful to the consumer.

Concept #2:  Showed more interest and promise.  Through the use of Reality Research, consumers were able to interact with the technology while at the same time expressing their thoughts and concerns on various features and processes.  In-depth discussions regarding safety, security and privacy concerns took place, including how this technology would fit in with their lives and banking habits.  This concept was pushed forward on a trial basis to further observe the consumer's usage. 

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