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April 15, 2024
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New Product Development for a US Fintech client
Business Problem
A leading financial services company from Washington DC, US was looking to diversify the portfolio and launch a new product. The primary challenge was penetrating a competitive market and achieving significant growth within the first year.
Our Discovery
During the discovery phase, we identified key gaps in market research, competitive analysis, and product strategy. The client needed a comprehensive roadmap and an effective go-to-market strategy to ensure the product’s success.
Solution
We implemented a multi-faceted approach:
- Refinance Product Launch: We spearheaded the launch of the refinance product, conducting extensive market research, ideation, and financial analysis to identify new product lines.
- Business Diversification: Our strategy diversified the business from a single product focus to multiple revenue streams, driving eligible application volume to $110 million.
- Product Growth Acceleration: We managed the product roadmap and partner ecosystem, accelerating product growth from zero to $1.1 million per month in just 9 months. The product was successfully launched in 46 states across the United States, disbursing $2.2 million within the first 12 months.
- Funnel Optimization: By optimizing the overall funnel, we minimized initial consumer drop-off by 56%. This included leading the product analytics team to introduce over 10 dashboard automations to track product metrics, achieving a 95% review automation rate and a Hively happy rating of 96.5%.
- Application Journey Improvement: We administered a third-party Typeform UI implementation, reducing the application journey time from 50 minutes to under 8 minutes.
- Feature and Automation Implementation: Implemented over 10 product features, enhancing the customer journey and credit automation processes, reducing manual touchpoints by 46%.
· Innovative Product Journey: Developed a new product journey and funnel experience for the applied segment worth $112 million.
Result
Within 9 months, the refinancing product’s growth accelerated from zero to $1.1 million per month. In the first 12 months, the product disbursed $2.2 million. The product which was launched in 17 states in US initially had spread to 46 states by then.
Saved the business $33.8 million in 2022, with a projected application volume saving of $55 million in 2023. Achieved a review automation rate of 95% and a Hively happy rating of 96.5%.