Tell me about a time when you made a difficult decision with input from many different sources (customers, stakeholders, partner teams, etc.). What was the situation and how did you arrive at your decision? Did the decision turn out to be the correct one? Why or why not?

I was looking after the payout product which allowed business customers to make payments to vendors, customers or their own employees via NEFT using either dashboard or APIs. This required them to load money into a virtual account.  We were evaluating between adding new items such as instant payment to bank account , payment to CC or DC which would help us launch instant refunds as a feature vs allowing merchants to connect their bank account to make payments directly from bank account.  

To understand the customer feedback and what their future requirements would be, we spoke to sales team and also existing customers directly. we realised that customers wanted a solution where they could disburse money from their own bank account instead of loading it in a wallet first and then disbursing the money. There was a significant trust issue in loading a large amount in a TP wallet first and then making payments. Some customers were not willing to use it like that.  A better experience would have been according to them was if merchants could connect their bank account and make payments to other accounts directly from their own bank account. 

Even if we build new features such as IMPS, payment to cc dc or wallet, we would not get many new customers with this friction. 

The product was at early stage and we did not have many customers. To increase adoption it was important to add the “Connect Bank Account” Feature.  Without onboarding many customers, we would not get the necessary traction and new features would not be used. The new features alone would get us necessary growth that we needed at that stage. 

So we decided to build the feature where customer could connect their bank account and make payments directly from YES BANK. After that, we prioritised adding IMPS feature which allowed merchants to make instant payments 24 by 7.  This was followed by integration with another bank to ensure even ICICI bank customers could connect their bank account and make payments directly from ICICI. 

The decision turned out to be the right one as we were able to onboard 50+ customers - several gaming merchants- in next one month just by reaching out to our payment gateway customers. The payment volume increased from a meagre 50 L per day to 5 Cr a day within the next 3 months.  By adding new features to the product, we increased the volume even further. 

@Bijan please evaluate this answer. Does it make sense to you ? How can i improve this answer?