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. In recent years, many new banks have been created that have introduced a number of unique financial services. Among them are N26 in Germany, Nubank in Brazil, Revolut in the UK and Tinkoff Bank in Russia.

Trailblazing Women in Product Management: Shilpi Gupta, VP of Product Management at Yoma Bank in Myanmar

280 Group

For our next installment of the Trailblazing Women in Product Management series, I interviewed Shilpi Gupta, VP of Product Management at Yoma Bank in Myanmar. We had seen credit cards, digital apps, and banking apps work in developed markets.

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How to Start a Bank from Scratch by Megan Caywood

Mind the Product

Traditionally, the banking industry has been slow to innovate. In this ProductTank London talk Megan Caywood, then Chief Platform Officer at Starling Bank, explains how the bank has challenged the status quo by introducing a current account that is entirely digital and tailored to the smartphone generation. She discusses the challenges involved in starting a bank and how to succeed in a highly regulated industry. The Product Experience gap in Banking.

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. Each promises a more convenient and transparent banking experience compared to traditional firms. In this talk by Ole Mahrt , Product Manager at Monzo, discusses how this approach can enable a powerful, intelligent banking experience.

Everyone Is Accountable and Responsible for a Great Customer Experience!

Speaker: Bryan Horn, Founder, CS Solutions

If you've ever called a bank, cable company, or organization that thinks it's "too big to fail", you've probably run the customer service gauntlet: you start off with a seemingly simple request, and you call the customer service line. Once the general service rep hands you off, you're transferred to every department known to man. Further and further down the rabbit hole you fall, and each time you're transferred, the waiting room music plays longer and longer, and the person at the end of the line knows less and less about you and your problems. After the call, you've probably popped a blood vessel. Join Bryan Horn, author of The Customer Service Revolution and founder of CS Solutions, and learn how to master the warm handoff. Bryan will teach how to develop a culture of accountability so that all members of the organization are equipped to handle customer concerns and offer quick resolutions.

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. The result of this is that the big technology companies and banks have started to circle each other with a great deal of care. At this time banks and big technology companies are more frenemies than rivals for this business. The retail banking industry (e.g.

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

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. Once the pandemic panic has subsided, more of us will be used to accessing financial services remotely and may be more likely to rely on online banking. 70% of participants have a more favorable rating of online banking now.

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. Once the pandemic panic has subsided, more of us will be used to accessing financial services remotely and may be more likely to rely on online banking. 70% of participants have a more favorable rating of online banking now.

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. Once the pandemic panic has subsided, more of us will be used to accessing financial services remotely and may be more likely to rely on online banking. 70% of participants have a more favorable rating of online banking now.

How to Get Your Next 1,000 Customers without Breaking Your Bank

The Product Coalition

How to Get Your Next 1,000 Customers without Breaking Your Bank was originally published in ProductCoalition.com on Medium, where people are continuing the conversation by highlighting and responding to this story. The Business of Generating Business is Getting More Expensive If making money is a top priority of every business then there should be no dispute how much more important an efficient business prospecting process is.

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?

Scaling from 60 to 1,000 People

Mind the Product

Unlike the banks, we display our fee upfront and deduct it before currency conversion. TransferWise was formed in 2011 out of frustration with the expense of sending money overseas.

How Traditional Financial Institutions Fail In The Fintech Age

The Product Coalition

In recent years, we have seen long time banking and financial services players declare a new mission: to become client-centric, vowing a… Continue reading on Product Coalition ». financial-services fintech digital-transformation customer-experience product-management

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. In India, banks which are officially the entities regulated (RE) by RBI?—?the the central bank of India , are allowed to issue payment cards. Non-banking entities are independently not allowed to issue cards.

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. The digital banking sector in the UK is filled with established large banks and financial service providers as well as a slew of new fintech companies that are disrupting the industry. He explains that banks are now seen as technology companies with a balance sheet. What is product leadership?

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

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. Like bank accounts, errors or breaches of trust can quickly empty your account that took years to build. Everyone is now learning about remote work: how to do it, what not to do, and the pros and cons of working from home for different jobs.

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. On-the-go is when customers truly need access to their bank accounts, so mobile apps and cheque scanners make sense. However, when it comes to the other new platforms that are frequently popping up, banks have to look objectively at where there is actual value for clients.

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. Especially when it comes to diversity and inclusion. Take retail, for example. Long before the software industry was reporting the demographics of its leadership and. Read more » The post Women in Product: How to Combat Bias in Product Management appeared first on ProductCraft by Pendo.

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).

Why empathy is a user experience designer's best weapon

Imaginary Cloud - Design

Raiffeisen Bank International app: a simple example. Some of the apps even allow users to connect the app to a bank account to facilitate and create a more automatic process. Empathy is a powerful word and even a more powerful feeling.

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

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. This is often called a “trust bank account.” Like bank accounts, relationships are built upon deposits and withdrawals.

Covid-19 thoughts - Creating a Family fund similar to PM Cares fund

SidsAvenue

To come to the solution, let us draw parallel to the banking system. If I need money, I would go to bank and take a loan if its possible. We do not feel embarrassed to take a loan from bank. The money of the trust is managed by a professional bank. This is a new revenue stream for banks. The bank will know, but the trust members will not. The Covid-19 imposed times are challenging for all of us.

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).

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. Manish started his career in IT and spent his days at a helpdesk servicing customers. Eventually, this evolved into a project management role. While he managed.

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. There are independent solutions for money transfer, lending, cash management, daily banking and investment, putting the customer experience into the spotlight.

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). Through mVisa in the mobile banking app, you can do transactions only if you have visa debit / credit cards. I launched a digital payment product called #mVisa.

Best App Designing Companies to Work With in 2021

StudioTeam

By now, its experts successfully designed and developed over 900 products for clients coming from Healthcare, Banking, Finance, Real Estate, Environmental protection industries, just to name a few. .

Building a 360 Customer View Through Digital and Physical Channels

ProductCraft

For many years, service-based companies such as banks and financial institutions have been using KYC (Know Your Customer) as a key metric representing how much information they have on their customers (within the boundaries of the business relationship).

Top Product Design Companies to Work With in 2021

StudioTeam

The top projects worth mentioning are OTP bank mobile application testing, Microsoft Sharepoint benchmarking tool development, and mobile application creation for Starbucks Russia.

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. But he chose software because what he really wanted. The post Product Love Podcast: Brian Brinkmann, VP of Product Marketing at Logi Analytics appeared first on ProductCraft by Pendo. Podcast

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! People were extremely privacy-conscious in Hong Kong and banks were trusted. After a very promising product design phase, we sadly went from a very agile process to the bank’s traditional default waterfall technical delivery methodology.

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? At this phase, the product manager of a banking app convinces themselves their app needs podcast streaming.

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. In the Kano model, the surprise touches that users enjoy are called “delighters” For example, imagine a staff member handing a free lollipop to your child to keep them happy while you queue at the bank. Much like the lollipop for your child in the queue at the bank.

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. Banks, restaurants, and bars have peak hours as well, but in case of a football game, most of the sales will happen before the match and in the halftime break.

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.”. Your customers don’t care about integrated products as much as you think, but you’d never know it.

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. when the cardholder and the merchant have accounts in different banks) The PoS Provider : The manufacturer and supplier of the Point of Sale (PoS) card swiping machine that is used for transactions at retail stores.