How to Prepare Banks for Digital Transformation

The Product Coalition

David Gledhill , DBS Bank Chief Information Officer. Bank customers’ requests are rapidly changing. Today, people want to be able to manage their finances entirely online, a feature not every bank is currently able to provide. can set a bank apart from its competitors”?—?

How to Start a Bank from Scratch by Megan Caywood

Mind the Product

Traditionally, the banking industry has been slow to innovate. She discusses the challenges involved in starting a bank and how to succeed in a highly regulated industry. The Product Experience gap in Banking. Requirements for Building a Bank.

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Building a challenger bank the Monzo way – Ole Mahrt (ProductTank London)

Mind the Product

In 2013, the Bank of England scaled back the rules and regulations involved in starting a bank. They hoped to kick-start technological innovation within the banking industry through increasing competition. Ole describes the dire state of technology within existing banks in 2012.

Product Managers At Tech Giants Try To Not Anger Banks With New Products

The Accidental Product Manager

Product managers have to practice being frenemies with banks Image Credit: 401(K) 2012. The Problem With Banks. However, there is a problem here: these markets are already being served by banks. Amazon, Microsoft , and Alphabet all offer cloud services that banks need.

How to use AI in Banking & Fintech and How it’s transforming Fintech

The Product Coalition

Currently, AI builds its solutions using the following approaches: Prediction Classification Clustering Optimization Why are banks making use of AI in their back-office functions? Banks manage a great deal of data day in and day out?—?client Just how are banks assisting shape this?

For Banks and Financial Institutions, COVID-19 Presents an Opportunity to Meet Consumers Online

AlphaHQ

Online banking isn’t a new concept, but it may become a mainstay due to the spread of COVID-19. For the safety of consumers, the bank staff, all our families and the community, nobody should be walking into a branch.

Banking on bad UX: Finance website designs are failing gens Y & Z

TryMyUI

The post Banking on bad UX: Finance website designs are failing gens Y & Z appeared first on TryMyUI Blog. Financial institutions are mired in bad design and even worse PR. Now, younger generations aren't buying in. How are financial website designs failing? How can financial institutions hope to rebound in the eyes of these tech-savvy and socially aware customers? Finance TryMyUI UX Industry Design finance millennial Usability Testing User Experience UX Design website zoomer

How to Build Products That Transform People?s Lives by Chris Hay

Mind the Product

Following the success of M-Pesa he oversaw the launch of M-Shwari, a loans and savings bank account linked to the M-Pesa system which can also be accessed with a mobile phone. Both M-Pesa and M-Shwari have revolutionised personal banking in the remotest corners of Africa and have become the most successful service of their kind in the developing world. What does it take to manage the unlikely transformation in personal banking in rural parts of Africa?

Co-branded Card Issuance, Explained?—?I

The Product Coalition

Locally, in India we have seen multiple private players releasing their own cards in partnerships with different banks. Central banks across the world outline the guidelines for banking, payments and settlements systems in respective countries. What’s in it for the sponsor banks?

Working Remotely as a Product Manager: It’s about trust.

Product Management Unpacked

I call this type of trust-building process in relationships a “trust bank account.” Relationships are like bank accounts because you make deposits and withdrawals. However, like real bank accounts, trust cannot be built quickly.

Product Leadership in Financial Services by Hakim Mendjeli

Mind the Product

Watch the video to see his talk in full, or read on for an overview of his key points: An overview of the UK digital banking sector. The UK Digital Banking Sector. He explains that banks are now seen as technology companies with a balance sheet. What is product leadership?

Optimize for an Experience not a Platform

Mind the Product

VR Banking? Take banking for example. Banks have faced serious pressure over the last couple years to make the move to mobile, since that’s where their customers live. The VR experience is a good example – customers probably aren’t going to leverage VR for their banking.

Women in Product: How to Combat Bias in Product Management

ProductCraft

Traditional industries like retail, insurance, and banking may have a lot to learn from the software industry to evolve into digital enterprises, but they have plenty to teach as well.

Becoming a Product Leader: Leading Product Success in the First 100 Days

Product Management Unpacked

Build your trust bank account with small victories: Build alliances and make deposits in your “trust bank account,” where your small victories will contribute to the stability of your relationships. Build your trust bank account with small victories.

Integrated Products or Integrated Workflows: What Your Customers Really Want

Proficientz

Their customers were large retail banks and credit card issuers. I distinctly remember one of the bank executives telling my client, “if you’d do a better job of integrating your products, it would really help us execute our strategy better.”.

Product Management Puzzle!

The Product Coalition

And, immediately after the launch, Reserve Bank of India (Indian Banking Regulator) came up with a new regulatory requirement: every Indian Bank has to offer #BharatQR, a QR based card payment solution that accepts all network cards (#Visa, #Mastercard & #Rupay).

How Lean Usability Testing Can Improve The User Experience

UserInterviews

Research doesn't have to take a long time or break the bank. Here's how you can do fast, affordable research to improve your user experience

How Lean Usability Testing Can Improve The User Experience

UserInterviews

Research doesn't have to take a long time or break the bank. Here's how you can do fast, affordable research to improve your user experience

Product Love Podcast: Manish Patel, CPO of Tier1 Financial Solutions

ProductCraft

This week on Product Love, I sat down with Manish Patel, CPO of Tier1 Financial Solutions, a global relationship management software for capital markets, investment banking, and investment management.

Case Study: Launching PayMe from HSBC

Mind the Product

However, I quickly discovered that there’s too much brand risk for a trusted bank to take this type of lean startup approach. Venus quickly became the key to getting everything done, including getting us a new banking licence!

5 Tech Trends in 2019 We Need to Consider as a Design Team

StudioTeam

More and more fields are reaching “digital business maturity” by integrating digital technology in all of their areas especially banks. Mobile banking – smartphones have become a very efficient solution for customers to access and handle their money on the go.

How Lean Usability Testing Can Improve The User Experience

UserInterviews

Research doesn't have to take a long time or break the bank. Here's how you can do fast, affordable research to improve your user experience

Product Love Podcast: Brian Brinkmann, VP of Product Marketing at Logi Analytics

ProductCraft

When Brian graduated with his MBA from the Kellog School of Business at Northwestern University, he could have taken a variety of paths — investment banking, management consulting, etc. This week on Product Love, I talked to Brian Brinkmann, the VP of product at Logi Analytics.

Feature Engineering?—?Hypothesis-driven vs. ML-driven

Piyanka Jain

Hypothesis-driven vs. ML-driven I was talking to a CTO of a Fortune 100 bank this morning and we got talking about feature engineering in AI/ML models. Feature Engineering?—?Hypothesis-driven With the advent of ML and AI, many believe that the statistical methods of feature engineering are redundant. For example, in the case of a supervised classification 0/1 problem, many use LASSO now to identify features of importance instead of using the correlation matrix (stat approach).

Helping Product Managers to Let Go by Michael Sippey

Mind the Product

Sippey references a tweet – “My bank’s iOS app let me know it now offers ‘podcast streaming’ and I really need to talk to the product manager” – and asks if the banking customer is confused, what does it say about the bank’s internal teams?

3 Signs That Product Paralysis Is Imminent and How to Avoid It

Proficientz

The end result is a portfolio of industry specific solutions that your target customers perceive as higher value, e.g., payment processing solutions for retailers, data security solutions for banks, etc. Your customers are banks, telecoms, retailers, hospitals, etc.

Georgie Smallwood on Product Culture, Leadership and Fintech

Mind the Product

In a product career that has taken her from Australia to Hong Kong and to Europe, she’s currently Chief Product Officer for Berlin-based challenger bank N26. But huge numbers of people in the region still don’t have a bank account.

Organizing product expertise

Under10 Playbook

A vice president at a bank created a method for detecting fraud. But because he also had market expertise of the industry—he’d been a bank vice president after all—the sales team hounded him for sales calls.

Passion and domain expertise

Under10 Playbook

A vice president at a bank created a method for detecting fraud. But because he also had market expertise of the industry—he’d been a bank vice president after all—the sales team hounded him for sales calls. We are what we repeatedly do.

How service design changed the Super Bowl forever

StudioTeam

He also explains that you would never ever experience the same extremes of emotions whilst going to a bank as you do when your favourite team wins the ball game with a last-second field goal attempt. I don’t know about you but I never felt like this when visiting my bank.

How Humanising Your Product can Make all the Difference

Mind the Product

Now imagine the same scenario but this time, rather than a machine, you’re inside the bank speaking to a human cashier. Delighters generally have a greater satisfaction to investment ratio than other features; think of the cost of lollipops relative to a complete refit of the bank’s interior.

Know your metrics

The Product Coalition

Cost of Goods Sold (CoGS $) The payment facilitator integrates with multiple banks and processors to provide a unified experience to its customers. Banks work with multiple payment processors (think of them as a 3rd party managing tech operation for the bank?—?this

When your product is your product team

Product Management Unpacked

If you’re wondering how Crofts got into product management, you may be surprised to learn that he initially wanted to pursue investment banking or management consulting — a logical choice with his academic background in economics and finance.

Let’s talk about Card Payment Processing

The Product Coalition

The Issuer : The bank with which the card holder maintains his account. This bank ‘issues’ the card to his customer and hence is referred as the Issuer. The Acquirer : The bank with which the merchant maintains his account. This bank ‘acquires’ (i.e.

Product Manager vs. Product Owner

Roman Pichler

Many organisations that have adopted Scrum like banks, retailers, and media companies traditionally don’t have a product management group and hence no product mangers.

28. Technical debt and how to handle it

The Product Coalition

You take out a loan from a bank for whatever reason and you are given a grace period of a month or two to pay back the money you owe. Just like banks do. You most probably know how credit cards work.

How do you Make Your Mark as a new Product Manager?

Mind the Product

When I first started as product lead at a bank, information used to fly right past me. We were a new team and we didn’t know what product management should encompass at the bank.

How Technology is Changing Our Expectations of the Employee Experience

Innovatemap

We all know that technology is disrupting every industry, from music, to travel, to banking, and more. And we know that this technology has changed customer experience, but how has technology impacted our expectations for employee experience?

Four Challenges Finance Apps Face and How to Conquer Them

Apptentive

Another challenge comes with the unique loyalty customers feel towards their financial institutions and banks. Inefficient customer service is one of the main reasons why customers leave their banks or financial tools. Bank run surveys on a large, macro scale.

How Sustainably Does UX Research On A Limited Budget

The Product Coalition

Based in Edinburgh Scotland, they’re the creators of a platform where every time a customer makes a purchase on their linked debit card or through their bank, they can choose to round that amount to the nearest pound(£), and have it donated to the charity of their choice. What is Open Banking?