We kicked off the research by conducting a “research spike” whereby we workshopped what the riskiest assumptions are for the proposed solution with key stakeholders. The format was to brainstorm a whole series of assumptions then prioritise them based on riskiest to least risky – which formed the basis of the research moving forward. Assumptions included potential customers propensity to pay and likelihood of customers moving their day to day banking to Wisr.

We first sent out a mass survey to 400 respondents as a means of creating an initial segmentation of the different types if customer archetypes, based on their behaviours, traits and attitudes toward their finances. This also gave us the basis to recruit appropriate participants for the one on one interviews we conducted subsequently. We spoke with 24 participants which provided us with the insights necessary to validate or invalidate the riskiest assumptions along with additional learnings which we used to make recommendations for Go to Market strategy of the product. Through the process of interviews we were also able to refine the archetypes and prioritise the types of customers who were most likely to be early adopters of this solution – such as people are desired a financial “safety net” buffer for emergencies.

A second survey was sent subsequently with the aim of gathering the quant data necessary to corroborate the insights uncovered during the interviews. This helped give confidence to the validation of the assumptions through statistical significance – an example of qual and quant data working together to provide solid actionable insights.

‍

We presented the findings from our research, including the archetypes identified, results of the interviews and surveys as well as a series of recommendations for the product based on the assumptions we tested. We broke up each assumption at a granular level to demonstrate which identified archetype resonated with particular assumptions. This gave the team a clear view of which assumptions was a go/no go depending on which target audience they wish to target. We also produced initial market sizing of the product was to launch and the results were very encouraging.

The product has since had a soft launch as a financial wellness app provided by Wisr with very positive feedback from early adopters so far. The target audience was very much informed by this piece of research and has also given direction for the product roadmap moving forward.

Find out more about Wisr Today, https://wisr.com.au/wisr-today

‍