Driving Premium Growth: Discovery and Delivery of Key Features in a Fintech Landscape

The Client: European Unicorn Bank

A fintech pioneer founded in 2013, this banking unicorn rapidly emerged as a prominent player in the global banking and financial services landscape with 8 million customers. The company is at the forefront of the digital banking revolution, offering a range of innovative financial products and services to customers worldwide.

Since its founding, it has rapidly expanded its presence and customer base, with operations spanning across Europe, the United States, and other international markets.

To date, the company has raised close to US$ 1.8 billion from some of the world's most renowned investors.

‍

The Mission: Interim Product Manager

We joined the product management team on an interim basis to support a fintech startup in a crucial transition period. The team, part of the Grow & Engage Domain and specifically focused on membership fees and rewards, consisted of 1 Tech lead and 2 developers. They had recently lost their product manager, who moved internally within the company. The need for an interim product manager arose as the team was facing a significant delivery project and managing numerous backend services, which generated many stakeholder requests.

In this challenging environment, our main objectives were to ensure the seamless delivery of a major project aimed at increasing premium customers, facilitate the discovery of new features to shape the roadmap for the second half of the year, manage the influx of stakeholder requests, and efficiently organize the team's workload. Our goal was to maintain the momentum and efficiency of the team until a new, permanent product manager could be hired.

‍

Executing the Cashback Initiative and Exploring Additional Rewards for Premium Customers

Launch: Onboarded Very Fast

In the first four weeks, we quickly onboarded to the cashback initiative to support the delivery process. We identified all key stakeholders and engaged in conversations with the legal team to clarify outstanding questions. By leading the product delivery alongside the developers, we gained a comprehensive overview of all open steps necessary for the project's success. Additionally, we identified new opportunities to decrease churn and increase premium subscribers.

First Deliverables and Results

• Conducted a competitor benchmark of rewards offered by other fintech players.
• Identified and initiated three discovery topics to pursue in the upcoming months.
• Took ownership of communication with key stakeholders, including the legal department.

‍

Explore and Conquer: Solved for the Client

Initiative 1 - Cashback Initiative

Problem:

The cashback initiative was an experiment aimed at determining whether it could increase the number of premium subscribers. To support this, a new backend service and a new upgrade flow in the app for targeted customers were needed. When we joined, the initiative was already in development, but several open points required clarification to ensure a timely launch.

What has been done:

• Reviewed the new upgrade flow app screens with the legal team, incorporating their feedback and evaluating the terms and conditions and privacy policy.
• Coordinated with product design to adapt app screens and manage copy and translations.
• Unblocked the development team by addressing outstanding questions and concerns.
• Collaborated with product marketing on the go-to-market strategy for the initiative.

‍

Initiative 2 - Discover of Premium Rewards

Problem:

The goal was to enhance our premium offerings to make membership upgrades more enticing for customers. This involved identifying additional appealing rewards, exploring integration possibilities with an affiliate platform, and ensuring scalability across all growth use cases.

What has been done:

• Conducted a competitor benchmark to evaluate potential rewards and offerings.
• Initiated reviews with the legal department and the affiliate platform company to streamline the integration process.
• Discovered internal tooling requirements necessary to ensure the successful and scalable integration.
• Planned the roadmap to align initiatives and prioritize features.
• Created Opportunity Solution Trees to identify and visualize potential solutions and opportunities for growth.

Initiative 3 - New Sign-Up Flow

Problem:

Many premium subscribers were unaware that they had to pay immediately for their membership and that insufficient funds in their accounts would lead to overdraft charges. This confusion resulted in an increased churn rate.

What has been done:

• Identified pain points and developed strategies to make the sign-up flow more transparent and easier to understand for premium subscribers.
• Collaborated with product design to create new sign-up screens that improve clarity and user experience.
• Reviewed changes with the legal department to ensure compliance and address any potential concerns.

‍

Discovery Mini-Missions: Our Side Quests

• Rules for Business Cashback: The fintech company already offered cashback for business customers, but we initiated a discovery process to redefine the rules governing cashback eligibility. Our aim was to save costs and prevent fraudulent activities. This involved:
  • Conducting a competitor benchmark, identifying Merchant Category Codes (MCCs) that could be excluded from the cashback program
  • Collaborating with the data analytics team to analyze patterns of cashback claims.
  • Comparing these findings to the MCCs we might want to exclude and develop a preliminary business case to justify the implementation of the new rules.
  • Engaging with the legal department to ensure compliance and understand any necessary considerations.‍
• New Fee for Customers: We supported the discovery phase to introduce a new fee structure for customers in a specific European country. Collaborating closely with the claims and accounting team, we identified the requirements and needs for implementing this new fee, ensuring alignment with business goals and regulatory standards.‍
• Supporting the Launch of Joint Accounts in a new market: We assisted another product team with the launch of Joint Accounts in a new market, which presented unique regulatory requirements. Our support involved ensuring that all necessary compliance measures were implemented to facilitate a successful launch while meeting local regulations.‍
• Upskilling Junior Product Manager: With the arrival of a new junior product manager, we developed an upskilling and mentoring plan. This included creating a comprehensive onboarding document and holding regular meetings to provide guidance and assist them during their first weeks on the job.

‍

Mission Achievements: Delivered Outcomes

💡 Implemented the cashback initiative to increase premium subscribers.

💡 Discovered a new sign-up flow aimed at decreasing churn by 30%.

💡 Discovered appealing rewards and integration opportunities to enhance premium offerings.

💡 Established strategic business cashback rules to prevent fraud and save costs.