Client overview

A leading commercial bank in the BFSI sector sought to improve its fraud prevention offerings by conducting a comprehensive competitor analysis. Focused on enhancing the user experience of its check positive pay solution, the bank aimed to identify industry best practices and areas for improvement in its ACH solutions.

Business challenges

The bank faced the challenge of refining its check positive pay and similar fraud prevention solutions to meet evolving customer needs. They needed an in-depth assessment of competitor offerings to understand how the user interface, functionality, and overall experience compared across the market. This analysis would enable the bank to align its product with industry standards and improve customer satisfaction with its ACH solutions.

Netscribes’ Solutions

Netscribes conducted a tailored competitor assessment using extensive research and analytical methods:

• Secondary research: Performed desk research on ACH solutions and check positive pay fraud prevention solutions to understand current market trends and features.
• Competitor analysis: Reviewed ACH solutions and check positive pay offerings at competitor banks, analyzing user experiences via websites, demos, and customer resources.
• Gap analysis: Conducted a feature-by-feature comparison to highlight specific areas for improvement in the check positive pay solution and offer targeted recommendations to enhance the bank’s ACH solutions.

Impact

The competitor assessment provided the bank with critical insights into gaps within its check positive pay solution. As a result, the bank identified key improvement areas, strengthened its product offerings, and considered the introduction of new fraud prevention solutions aligned with industry trends and customer expectations in ACH solutions.

Take a look at our case study

Interested in the detailed findings and actionable recommendations? Download the case study to learn how Netscribes helped the bank:

• Pinpoint gaps in fraud prevention features and user experience in ACH solutions
• Enhance the check positive pay solution to improve customer satisfaction
• Strengthen product offerings with insights into competitor strategies for ACH solutions
• Explore new fraud prevention solutions aligned with market trends

Use these insights to refine your organization’s fraud prevention approach and elevate customer experience in the competitive BFSI landscape.