Part 4 - Leap of Data
When you shed light, you realise that there are many discoveries to be made. We were collecting a mountain of data. We opened up to questions from everyone. What we were monitoring matured over a period of 9 weeks and here is a time view
Week 0 – How many transactions per day are we doing
Week 1 – Breakdown of transactions, like incoming, outgoing, payments
Week 4 – A detailed breakdown of Transaction Types, Payments, Hourly forecasts, peaks knowledge
Week 5 – Areas where failure was occurring
Week 8 – Engagements where the failures were being picked by operations and
Week 9 – Revenue vs feature, what was generating revenue vs customer use.
The sales teams were in high gear, they were getting all manners of pivots on data. It was like a new rigor born out of this knowledge. We were drawing up cost, release and return strategies based on data. This was shaping up the priority tracker. The changes were becoming a revenue chasing target. We needed to pause and think strategy. The conversations became increasingly frustrating for many sales folks as their numbers were not adding up or were not getting attention on the priority agenda. The complexity of calculations and projections was not passing the need to stay nimble. ?
Increasingly, integrations with third party service provers was taking precedence, this was projected to provide the bank with key non-interest income. We also started to look at the features to keep the customer transaction within the banks ecosystem of partners, merchants and services.
We built up a mechanism that would allow the bank to track how much net revenue, cost and margin were we adding with addition of customers. What was the cause of growth and contraction across various areas of service and products. Most of the data was based on projections. ?
The conclusion was simple. We needed to accelerate the customer acquisition. This became our baseline strategy. All products and service designs were focussed on acquiring and retaining customers. Factors that became the key measurement areas were
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-????????? Net number of customers added per week
-????????? Net transaction volume (With a view of Weekly and seasonal variances)
-????????? Merchant transactions (Non card based and SME Banking)
-????????? Cards Acquiring business – Large project that was already in play
How did we bring this about?
Structure and Commitment. Two words which required very heavy investments from all that were involved. Each of these required effort to fulfil the voids and ensure transparency.
What can you use. If you have come across a platform for documentation, Notion and there is a specific template that we used Its called Release Manager? (https://www.notion.so/templates/release-manager). It helps you write the stories and then put it through the rigour of analysis, design, prototyping, validation and release. The principles used were of #kanban. ??
We created our own method, but this was a good starting point for many who are planning to do the same or something similar. (We will write an summary at the end on how you can present and launch the exercise within your organisation)
We had intentionally put in a constraint, Our Priority List. We were accelerating and it was visible and measurable, what we needed to work on next was sustainable.