Mobilising a digital challenger bank

Translating a digital vision into a successful business.

Launching a new digital bank is an exciting but also daunting challenge.

Getting to market with something of value and at speed is key to getting ahead of the competition and establishing the offering with potential clients.

This is the position a challenger bank found themselves in when they approached Smart Tips for assistance. We helped turn the idea into processes and user journeys which formed the basis of the bank which is currently in full development.

Challenge

In preparation for launch the biggest challenges for the bank were finding a way to quickly and effectively turn the vision into a reality so they could steal a march on the competition and gain first mover advantage.

To do this they needed a system that allowed them to identify and focus on the priorities and prevent the distraction of variations of the business scenarios, which can all too easily cause attentions to shift.

Solution

The first step was to help the bank assess all the various scenarios using an agile methodology. We were able to turn each of them into logical chunks which could then be prioritised according to what was most important for both the bank and its future customers. By not defining every possible variation up front, time was focused on the key scenarios needed to deliver a Minimal Viable Bank (MVB) which could help minimise time to market.

Working closely with the bank we combined scenarios and user journeys that would deliver value. For example, how someone would set up an account and make a successful payment whilst remaining compliant with banking regulations. This level of understanding meant a high level of collaboration between development and test teams and other business departments, resulting in a solution that was technically achievable and delivered the level of customer experience required.

Using BusinessOptix we were able to create a complete view of all the processes.  It allowed us to easily share the processes online with the product owners, suppliers and stakeholders, making sure everyone’s knowledge and expertise could be incorporated into the end product.  The tool also allows each process to be broken down in various levels of detail which made it easier to present the information in a way that was most understandable to the different groups.

Benefit

The bank is currently moving towards full launch but the business still has the identified processes at its core. They form a living library which will grow with them as they deliver new iterations of the service and learn from data and experiences.

The processes also form the knowledge base that staff and suppliers can use to understand the business at a level of detail most relevant to them, thereby reducing onboarding time for new teams and individuals.

With Agile principles at the foundation of its development, the bank is also well placed to develop in a way that is quick and easy to respond to customer requirements and regulatory changes. Part of our legacy has been the impartation of the skills and capabilities to ensure the business model has built in flexibility and they have the tools to deliver change projects that delight customers, staff and all other stakeholders.

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