Research to Understand The Usage of Virtual Cards
Background
Before the launch of the cards product at a fintech, the product team wanted to understand the level of market penetration, virtual cards had with the clients of the company. This would in turn guide the eventual creation of the said product.
Objectives and Research Questions
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Learn what percentage of clients use virtual cards and what they use them for?
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Discover the problems that exist in their usage of virtual cards?
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Evaluate if there is a need for virtual cards.
Methodolgy
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Two research methods were employed for this study, screener sessions were done via surveys and for a deeper understanding of the participants’ experience, In-depth-Interviews.
The participants for this study were chosen from the company's client base and were limited to clients who had made a certain number of banking transactions.
Analysis and Synthesis
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Initial Analysis for this was done on Google sheets with a pivot table for data processing and cleaning.
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Then followed with Affinity mapping on Miro to look out for similarities in reports on their experience with Virtual cards.
Major Findings
The study revealed the following:
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The company’s users had little experience with Virtual cards as only 34% of the participants had ever owned one and only 17 of them had ever made use of the Virtual card.
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Kuda Bank is a major source of virtual cards with 41% of the participants getting their Virtual cards from Kuda.
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Their experience with Virtual cards had been largely effective for the purposes they use it for- which is online payments
Impact
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As a result of the unpopularity of Virtual cards with the users of this product, the product team decided to halt their plans for the creation of this product