We developed a mobile wallet strategy for one of the leading telecoms companies in Central and Eastern Europe to build new revenue streams.
The rise of digital finance has seen the emergence of mobile wallet solutions, which have been made more popular by technology companies than by traditional financial firms. The service is based on the idea that customers can store and use their digitalized bank cards and other electronic tickets and coupons in one place on their mobile phones.
Our partner wanted to improve their mobile wallet solution, which was already on the market but had a low user base and poor reviews, and thus tap into new business opportunities, for which they asked for our help. The main challenge of the project was to develop the right strategy and identify the success factors, since in recent years, with the development of technology, the domestic and international mobile wallet market has become highly competitive, with many players competing for relatively low margins.
Throughout the project, we provided assistance on two main issues. Firstly, on the business side, our aim was to provide a complete outline of exactly what opportunities are available in the market, taking into account the expected risks and financial implications, so that our client could consider in a transparent manner the most ideal strategic directions to take. Then, in a second step, after defining the final business specification, our task is to assist in the design of the implementation process, the assessment of the financial implications and the planning of the concrete technical implementation.
The project was therefore implemented in two phases, taking a total of 3 months.
In the first phase, we conducted a survey of the domestic and international mobile wallet market, with a special focus on the Chinese and American market leaders, as well as Hungarian direct competitors. Based on the solutions available on the market, we prepared a strategic map, in which we placed our client's potential positioning based on profit maximization.
In the second phase, we developed the final functionality of the prospective wallet, where we identified extra solutions with a competitive advantage in addition to the more innovative core functionalities. We also created a business model and technical implementation plan for the application.
In just a few weeks, our client received a complete overview of a lesser-known industry from scratch, resulting in a go-to-market strategy, final functionality of the solution, and a technical and financial feasibility study.
At the end of the project, our client issued a public tender for the development of the mobile wallet based on the strategy document we had created.