Concept testing in the finance industry is typically used to evaluate consumer response to an idea before introducing a product to market. It identifies perceptions, wants and needs of a product or service. A concept research focus on delivering insights including
Our client, a well funded financial startup based out of GCC is working on an innovative crypto concept which can be used for retail commerce. They wanted to understand the perception & knowledge, adoption, current usage and attitude, problems faced etc while using such wallet or crypto apps . Further to this, the startup also wanted to test various business concepts on commissions, fee and charges, and other attributes.
Concept testing is crucial to better understand user preferences and reduce the risk for new product and concept ideas. Online concept testing was administered to a group of potential users or those who are already using similar crypto trading or investing platforms. The research identified customer behaviour, acceptance, willingness to use, and challenges they could face while adopting such a product. The online testing also aided in understanding the product areas which needed tweaking or new features which could be added.
The lack of licenses and recognition of crypto currencies by any of the central banks in the region as a legal tender was one of the reasons which inhibited wider adoption. The results were not encouraging enough for the client to push ahead with the concept. The product was observed to be too early in the market and lacked encouraging customer acceptance. While the concept is still on the road map for the client, it is planned to be launched in a horizon of 15-18 months. (FY23), once they have better regulations on the use of crypto assets including cryptocurrencies..
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