Card Capture : Financial Management for Millennials
Type : Product Concept and Business Model
Role : Product Manager
As part of my certification in product management, I worked on developing a product concept. My team and I were tasked with creating a product concept and market strategy that attempted to solve the problems users face in modern financial management all within the span of 4 hours.
Financial Management is a segmented market, with each firm and bank offering specific services in competition. This makes it painful for the average user to manage all their finances, often requiring multiple accounts, platforms, and devices. Our Solution was a single sign-on centralized service to facilitate open banking, credit card management, and financial planning.
The Problem
Pictured Above : Examples of user personas generated to guide product direction
To formulate this idea, we began with interviews, and market research. Our initial plan for a smart banking app was predicated on the concern of our interviewees that with multivariate financial products at their disposal, all solving different problems, it was difficult to choose which would be right for them. From this I was able to create three guiding personas, as well as success metrics to compare ourselves to competition. This extrapolation of data enabled us to begin forming a market strategy. Focusing on the needs of credit card management, financial advice, and goal setting we began work.
For our purposes, we constructed a business model, wireframes, and product roadmap. In the case of the business model, we examined key partners, competitors, activities, and resources. As well as a value proposition, cost structure, and revenue streams to derive a plan of action. With our goals and values squared away, it was time to decide the platform and user experience. Having these in place was the bread and butter of our minimum viable product; A product concept and strategy.
The Research
Pictured Above : The Business Model and Key Performance Indicators (KPIs) devised for the product
In the end, my team presented this product strategy to the rest of our cohort with good reception. What mattered most though was the critique that followed. At the end of this short sprint, it was time for us to face the music and recognize no product could be concocted from start to finish in just 4 hours. We had come to conclusions quickly and there was much more to be considered. But that does not mean it was all for naught. We had learned important time boxing skills, a way to combine our knowledge for rapid ideation, and a sweeping understanding of what goes into Product Development.