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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.