What are the best practices for conducting a mobile wallet gap analysis?

2 Research the market

The next step is to research the market and understand the current trends, opportunities, and challenges in the mobile wallet industry. You can use various sources of information, such as industry reports, customer surveys, competitor analysis, user feedback, and social media. You should also look at the best practices and standards for mobile wallet design, security, compliance, and interoperability. This will help you identify the gaps between your mobile wallet and the market expectations and requirements.

3 Assess your capabilities

The third step is to assess your capabilities and resources to deliver a high-quality mobile wallet. You need to evaluate your mobile wallet's features, functionality, usability, reliability, and scalability. You also need to consider your technical infrastructure, human resources, budget, and time constraints. You should also look at your strengths, weaknesses, opportunities, and threats (SWOT) analysis. This will help you identify the gaps between your mobile wallet and your objectives and capabilities.

4 Prioritize your gaps

The fourth step is to prioritize your gaps and decide which ones are the most urgent and important to address. You can use various criteria, such as customer impact, business value, feasibility, cost, and risk. You should also consider your competitive advantage and differentiation. You should rank your gaps from high to low priority and create a list of action items and recommendations. This will help you plan and implement your mobile wallet improvement or innovation projects.

5 Communicate your findings

The fifth step is to communicate your findings and recommendations to your stakeholders and team members. You need to present your gap analysis report in a clear, concise, and compelling way. You should highlight the main gaps, their causes, their impacts, and their solutions. You should also provide evidence, data, and examples to support your arguments. You should also invite feedback, questions, and suggestions from your audience. This will help you gain buy-in and support for your mobile wallet initiatives.

6 Monitor your progress

The final step is to monitor your progress and evaluate your results. You need to track and measure your mobile wallet performance and customer satisfaction before and after implementing your gap analysis recommendations. You should also compare your mobile wallet with the market trends and best practices periodically. You should also review and update your gap analysis report as needed. This will help you ensure that your mobile wallet is meeting your objectives and delivering value to your customers.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?