MOMENTUM DESIGN LAB
Commercial Banking Program Leadership
THE CHALLENGE
Understand the scope
Momentum signed a large design project without a clear scope because the client was on an aggressive timeline.
Momentum needed a senior leader to
•Analyze the situation
•Determine the scope
•Propose a plan of action for the design phase
THE CHALLENGE
Commercial Banking
The overall project consisted of redesigning a commercial banking platform:
White label SaaS platform
Current offering is 15 years old
Losing clients because it became confusing and difficult to use
Used by over 100 financial institutions
THE APPROACH
Stakeholder interviews
We needed to understand the key product success metrics and who are the users.
We interviewed 3 product managers, 2 executive leaders and 2 other roles at the financial institution.
We decided to deepen our research with a review of the existing research, competing products, and full product review.
THE APPROACH
Review existing research and competition
We reviewed existing research for insights.
We searched for comparable competitive products in the market.
We found that no other product exists and that the commercial banking space is under research and underserved.
THE APPROACH
Current product review
We mapped all flows and captured all functionalities in the current platform.
By visualizing the application using a flow diagram, we identified multiple potential pain points for users.
It provided a view of the implied information architecture of the product.
THE APPROACH
Backlog construction
The new product would cover all existing functionalities.
It would also offer additional functionalities expected in a modern banking platform.
We listed all the desired functionalities in a design backlog. The format allows for key information such as release target or priority.
THE APPROACH
Information Architecture
Once you have the existing information architecture and the backlog of all the desired functionalities, you can proceed with the design and optimization of the information architecture of the new system.
We grouped the items in a way that would make sense for the users, keeping in mind the functionalities that will be released in the future to make the system scalable.
THE APPROACH
Ways of working
Not all functionalities are created equal.
We established three distinct approaches based on
Complexity
How well the functionality is understood
What previous technology could be reused
THE APPROACH
Planning
We now had all the pieces to plan out the design.
We brainstormed approaches with our client to accommodate their release plans and development methodology.
We settle on an Agile-based approach for transparency and scalability.
THE RESULTS
Impacts
Our analysis allowed to build a clear project scope, plan and map out the step to define and execute on a new CX strategy.
It provided a clear framework that the development teams used to plan out their work and raise their efficiency.
Our work opened up a $1M+ opportunity for Momentum.
THE RESULTS
Impacts
We set the foundations to design and build an innovative and unparalleled commercial banking platform, opening up revenue potential north of $300M.
Our work also invalidated some of the long-held core assumptions from the product team, allowing them to build the new product from a new and validated set of assumptions, potentially saving hundreds of thousands of dollars in product rework down the road.