PRODUCT INNOVATION

Background

With headquarters in the US, this venerable global research and advisory firm has over three decades of experience working across eight countries with an international roster of employees. It is firmly established as a consumer and market intelligence leader in major sectors including pharmaceuticals and life sciences, technology and financial services.

Challenge

As a notable research services provider with a history of robust growth, the Canadian division of the company faced a pivotal moment as expansion plateaued and annual growth slowed to a near standstill. The firm had become accustomed to year over year growth and as a result, had not innovated its core product and services lines in roughly two decades.

Faced with emerging services in the fintech, crypto and payment sector, anchor clients in the company’s banking sector demanded insight and strategy, in addition to traditional data feeds, to help them navigate the high risk disruption of open banking.  Though the company excelled in deep research methodology and data analytics, it was not positioned to provide go-to-market strategy and subject matter expertise in the developing, high risk open banking sector.   

Strategy

While key financial services clients clamoured for insights beyond traditional data feeds to navigate the disruptive landscape brought about by open banking, the nascent state of this emerging industry created a knowledge and data gap within both traditional and up-and-coming research and advisory firms.

Seizing upon an early-to-market advantage, we developed a deep-insight market intelligence product squarely focused on user adoption analysis and reliable market forecasts. These provided cohesive guide posts and benchmarks within the financial services ecosystem. Supported with solid primary and secondary data and extensive competitive intelligence, we vetted quantitative insights and recommendation with industry leaders, economists and intelligence analysts which resulted in highly differentiated approach and unbiased clarity. 

Outcome

Under our guidance and management, a business development team was onboarded to bring these novel solutions to market. Within the first ninety days of launch, the company secured contracts with three major banks, with a view to onboard three of the Big Four IT consulting firms. The establishment of this new practice led to the creation of a lucrative revenue stream within the burgeoning open banking sector, promoting the firm’s reputation as a credible thought leader and premier subject matter expert.