Learning Launch

Challenge

I’m the Director of Product Management for unsecured lending. My challenge is that my company  would like to launch a Secured Lending Product in early Q2’22 to expand the portfolio of lending  products to our current customer base and new customers that we receive from our Mortgage Brokers  referral business.  The project scope includes a complete over hall of how we do business in this lending  space that included defined end to end application process, specific adjudication process including a  new ground up underwriting risk tolerance model, multiple system integrations, appraisals of property  and title search & registrations by third party vendors that require to be onboarded as partners. With  year-end facing us, IT have limited resources and we require to onboard a BA (Business Analysis) in a  short time frame and assign a Project Manager to the project to keep all the cross functional impacted  departments in line to meet the Q2 deadline.  There will also be a requirement to expand and hire the  Under-Writing team to accommodate the application volumes.

Selection

I selected the learning launch tool to incorporate the key ideals from our design thinking approach to  innovate and expand our capabilities on bringing this product to market in a MVP approach. This will  allow us to start gaining application activity, traction and historical data on demand of the product in  one Province and expand in others based on the learnings & adjustments needed from this approach  from a Digital/virtual experience.

Application

The preliminary launch will include a Proof of Concept approach in one specific Province in Canada  (Ontario), this allows us to utilize the existing Mortgage Principal Broker Licensing entity to permit the  company to offer the secured loan product in this Province.  We strategized  by implementing a Teams  shared folder focused on  20 key categories to outline the  gap analysis required to meet this projects  regulatory & technical requirements that include; required capabilities or process, current state,  capability must be built, target state, time line for each category to be prioritized, individual assigned to  task, level of effort, cost/ investment & risk .  This approach provided structure and bonded the ask from  the cross functional departments.  The team was assigned a project manager and we collaborated with  multiple outsourced companies to see what applications exist that we can onboard and what servicing  requirements could be outsourced to reputable vendors instead of building each requirement from the  ground up.  On a daily basis we set up daily stand up calls that were well structured with a specific task- oriented discussion and provided a summary after each call on the individual take away from each stake  holder.

Insight

By implementing the Learning Launch tool, my team was/is able to execute proficiently considering the  extensive requirements are substantial for this project.  By engaging each stake holder in the early  stages and investigating the key essential attributes with outside council allowed us to structure the  requirements and pivot in accurate state.  We also engaged the Executive Leadership team with a  detailed business case outlining the customer journey, servicing requirements & technical development  needs that outlined the investment required. The level of effort with the overall ROI was established

though a funnel of each segmentation of cost from the application point with a attentive attention to  compliance stipulations to launch this initiative.

Approach

Based on the aggressive time line we engaged the Project Management Office to onboard a BA and we  successfully onboard a BA in record time to coordinate all the technical requirements with the cross  functional departments and stakeholders.  Our approach has been well structured with in depth  counselling conversations to ensure we launch a compelling & compliant product. We’ve taken the  initiative to granularly review the legacy Mortgage applications that have been adjudicated to educate  us on the opportunities these applications presented the business to better understand the Secured  Lending customer profile.

Thank you


Learning Launch Challenge I ’m the Director of Product Management for unsecured lending . My challenge is that my company would like to launch a Secured Lending Product in early Q2’22 to expand the portfolio of lending products to our current customer base and new customers that we receive from our Mortgage Brokers referral business . The project scope includes a complete over hall of how we do business in this lending space that included defined end to end application process , specific adjudication process including a new ground up underwriting risk tolerance model , multiple system integrations , appraisals of property and title search & registrations by third party vendors that require to be onboarded as partners . With year - end facing us , IT have limited resources and we require to onboard a BA ( Business Analysis ) in a short time frame and assign a Project Manager to the project to keep all the cross functional impacted departments in line to meet the Q2 deadline . There will also be a requirement to expand and hire the Under - Writing team to accommodate the application volumes . Selection I selected the learning launch tool to incorporate the key ideals from our design thinking approach to innovate and expand our capabilities on bringing this product to market in a MVP approach . This will allow us to start gaining application activity , traction and historical data on demand of the product in one Province and expand in others based on the learnings & adjustments needed from this approach from a Digital / virtual experience . Application The preliminary launch will include a Proof of Concept approach in one specific Province in Canada ( Ontario ) , this allows us to utilize the existing Mortgage Principal Broker Licensing entity to permit the company to offer the secured loan product in this Province . We strategized by implementing a Teams shared folder focused on 20 key categories to outline the gap analysis required to meet this projects regulatory & technical requirements that include ; required capabilities or process , current state , capability must be built , target state , time line for each category to be prioritized , individual assigned to task , level of effort , cost/ investment & risk . This approach provided structure and bonded the ask from the cross functional departments . The team was assigned a project manager and we collaborated with multiple outsourced companies to see what applications exist that we can onboard and what servicing requirements could be outsourced to reputable vendors instead of building each requirement from the ground up . On a daily basis we set up daily stand up calls that were well structured with a specific task- oriented discussion and provided a summary after each call on the individual take away from each stake holder . Insight By implementing the Learning Launch tool , my team was / is able to execute proficiently considering the extensive requirements are substantial for this project . By engaging each stake holder in the early stages and investigating the key essential attributes with outside council allowed us to structure the requirements and pivot in accurate state . We also engaged the Executive Leadership team with a detailed business case outlining the customer journey , servicing requirements & technical development needs that outlined the investment required . The level of effort with the overall ROI was established though a funnel of each segmentation of cost from the application point with a attentive attention to compliance stipulations to launch this initiative . Approach Based on the aggressive time line we engaged the Project Management Office to onboard a BA and we successfully onboard a BA in record time to coordinate all the technical requirements with the cross functional departments and stakeholders . Our approach has been well structured with in depth counselling conversations to ensure we launch a compelling & compliant product . We ’ve taken the initiative to granularly review the legacy Mortgage applications that have been adjudicated to educate us on the opportunities these applications presented the business to better understand the Secured Lending customer profile . Thank you