Situation
A leading global Fortune 500 Financial Services firm, offering decisioning analytics tools, wanted to better understand the needs of enterprise customers when managing credit risk. The objective of the research was to explore, by target industry, potential customers’ day-to-day approach to credit risk management, to identify areas of competitor weakness and customer unmet needs. Through the research findings, the client sought to develop best-in-class capabilities that would attract new customers and help to ensure maximum retention.
Methodology
The Maia team employed a blinded primary qualitative research methodology, where we interviewed potential customers and other industry stakeholders who possessed insight on the alignment of competitor offerings with customer needs. We also researched each competitor’s approach to attracting and retaining customers and how their practices resonated with the overall market. Our research gathered candid and unbiased insights and outlined the most significant day-to-day challenges enterprise customers face.
Analysis
Maia’s analysis involved an in-depth exploration of the processes involved in preventing credit risk. We explored the decision-making chain, tools used to support decision-making, and key challenges each decision-making team faced across global customer segments. Findings were segmented by industry and business size.
Impact
The research revealed new perspectives on how enterprise customers approached credit risk management. Respondents identified failings within their existing tools and shared definitive ways to improve upon current credit risk management solutions. Armed with this insight, our client was able to structure products and related services to better meet customer needs. The result was the development of a value proposition that more effectively resonated with each unique customer industry and size, enabling our client to develop new sales opportunities and significantly improve retention rates.