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Mobilising a Digital Challenger Bank

Translating a digital vision into a successful business

Challenge

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 one challenger bank found itself in when directors approached Clarasys for assistance. One of the biggest challenges they faced was finding a way to quickly and effectively turn their vision into a reality so the bank could steal a march on its competitors and gain first mover advantage.  We helped turn the idea into processes and user journeys which formed the basis of the bank now in full development.

Solution

Together, we assessed the possible solutions using an agile methodology. We prioritised the work 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 to deliver value. For example, how would someone 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 technically achievable solution which 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 allowed each process to be broken down into various levels of detail, making it easier to present the information in a way that was most understandable to different groups.

Benefits

  • 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 and inform new iterations of the service.

  • 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 allows a rapid response 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 the tools to deliver change projects that delight customers, staff and all other stakeholders.