Financial Solutions: Shaping Product Strategy with User Insights
In this project, I led a strategic research initiative to uncover key user insights that would guide the development of a Banking-as-a-Service (BaaS) product. The goal was to understand why businesses weren’t adopting the product at scale and to identify opportunities to align it better with market needs. My research helped shape the product direction, improving user trust, adoption, and the overall market fit
Research Methods
Interviews | Surveys | Quantitative Analysis
Project Overview
In this project, I led a strategic research initiative aimed at uncovering key user insights to guide the development of a Banking-as-a-Service (BaaS) product. The goal was to understand why businesses were not adopting the product at scale and identify opportunities to better align the product with market needs.
The project involved in-depth exploration of the challenges small and medium-sized businesses face when considering digital financial solutions. Through research, we aimed to gain a deeper understanding of user behavior, pain points, and the underlying factors that hinder product adoption.
My research efforts helped shape the product direction, enabling the team to focus on trust-building features and tailor the product to meet the specific needs of users. By aligning the product's features with business processes, we improved market fit, increased user adoption, and boosted overall user trust.
Research Process
To uncover valuable insights and drive product decisions, I utilized a combination of qualitative and quantitative research methods. These methods provided both in-depth user understanding and data-driven insights to help shape the product's strategy and development.
User Interviews: Conducted one-on-one interviews with small and medium-sized business owners to understand their pain points, trust issues, and adoption barriers.
Surveys: Developed and distributed surveys to a broader set of potential users to gather quantitative data on user behavior and product preferences.
Data Analysis: Analyzed existing product data to identify usage patterns and engagement trends, helping pinpoint areas that required improvement.
Cross-Functional Collaboration: Worked closely with product managers, designers, and stakeholders to share insights and refine the research questions.
By combining these methods, I was able to draw comprehensive conclusions that shaped the product's direction and roadmap.
Key Insights & Recommendations
Key Insights:
Barriers to Adoption: Many small and medium-sized businesses face challenges when adopting digital financial tools due to trust and complexity concerns.
Need for Cash Flow Management: Businesses often struggle with financial planning, and cash flow management tools are essential for them to thrive.
User Trust: Trust in the product is a significant factor in adoption. Improving transparency around pricing and support will make the product more appealing.
Recommendations:
Build Trust: Focus on building user trust by offering transparent pricing and providing personalized support for a more seamless experience.
Improve Financial Management: Integrate cash flow management tools within the product to meet the specific needs of small businesses.
Align Features with SMB Needs: Prioritize features that cater directly to small and medium-sized businesses, ensuring the product aligns with their unique workflows and challenges.
Impact on Product Strategy
The insights I uncovered significantly shaped the product direction. My research led to actionable recommendations, which were presented to the leadership team and integrated into the product roadmap. These recommendations helped align the product’s features with user needs and business goals, ensuring a more user-centered development process.
Despite the project still being in progress when I left, the changes to the product strategy were already being set in motion, and my contributions had a direct impact on guiding the product’s future direction.
