Reflection- Learning Launch

Selected Topic: Learning Launch

Industry: Banking & Mobile Wallets

Executive Summary:

The tool I have taken up is Learning Launch (Video ref: Learning Launch Tool). A learning  launch is an experiment conducted in the marketplace quickly and inexpensively. It forms a bridge  between customer co-creation and commercial rollout. This tool of design thinking has allowed  me and my company to explore different opportunities in various marketplaces by not exposing  ourselves to high risk and huge investments. Although we have been unsuccessful on a few  occasions, the one such successful learning launch was exploring the use of mobile wallets in the  African Continent.

This white-paper is a snapshot of the adaptation of the learning launch concept in an attempt to  reduce the percentage of under-banked population in Africa. The entire exercise gave us a lot  more insight at a meek stage of the roll-out that now puts us in a better position to plan the vast  launch better.

Background:

As a family company, we are a mobile-wallet business that wanted to create a change and  disruption in the way money was moved and managed. The scope, as always, remains in  developing countries that are in the pursuit of growth and innovation and have an evolving  ecosystem opening doors for companies from across the world to launch their products.

The Challenge:

In our preparation for the experiment, we studied that the African Continent was a hugely under- banked market which was untapped by mobile wallets and mobile banking solutions. The number  of bank branches in Africa per 100,000 people was just 8.85, i.e., 9 branches for every 100,000  people, compared to an average of 18.13 branches for every 100,000 people in other countries  of the world. This was 2.04 times lesser than the world average. It was seriously lower in African  Countries like Uganda (2.58) and C.A. Republic (0.68).

Some of the key reasons for the large under-banked population were:

•  Reliance on traditional banking models of branch networks

•  Inadequate systems

•  Socio-political factors

Selection:

Launching altogether in such a vast Continent like Africa would have been too big a challenge to  tackle right from the start and hence, we used the tool of Learning Launch by taking the product  only to Uganda to analyze the acceptance and market reaction since the rate of unbanked  population was higher in Uganda than the other African Markets giving us a reasonably untapped  space to explore.

Reflection- Learning Launch

Approach and Application:

We had several brainstorming sessions and discussed different patterns and possibilities with the  team. We came up with ideas which would benefit by reducing the risk and investment required.

The main business idea was to introduce the mobile wallet in Uganda as well as to bring a  revolution in the current situation. We broke down the entire launch plan in different stages as  below:

1. Market research - The first instinct was to hire a team of consultants in Uganda to learn

the actual requirements, needs and the human behavior.

2. Market Evaluation - Using the inputs gathered by the consultants via observation,

interviews to our benefit, we learnt that most of the people didn’t have bank accounts and  found it tough to leave their daily wages/jobs to open one and also didn’t come across like  mobile banking previously.

3. Market Entry – In order to combat the problem gaged by the consultants, we had now

had to get to action. As a part of the learning launch:

a. We first tied up with a bank in Kampala, the Capital of Uganda. This collaboration

benefited us because the individuals of Kampala could open a bank count using  the mobile wallet provided by us. Also, places where the bank did not have  branches, the accounts were opened, and this helped a vast majority of the  population to convert their smart phone into a bank in their palm. This phase took  us just about a month following which, we were now ready for soft launch.

b. We then segmented our target market by targeting only 3% of the population

(43,000 people) at first just to see how the product performs based on the reaction  of the public. It was critical for us to get the prototype running in the market with  the target audience as quickly as possible.

Insights:

Upon launch, the initiative was largely accepted as it gave people a chance to get themselves a  bank account set aside operating it remotely from their palms.

We were successfully able to reach and convert 34% (14,620) of the targeted audience. This was  just a part of learning launch we had and were surprised by the overwhelming response from the  audience. This tool of design thinking helped me (and my team) understand that it isn’t always  necessary to have grand or an over the board budget in order to have a successful launch of the  product. But doing it quickly, with a plan and with the right target audience helps you reduce the  level of risk and investment and most importantly, quickens the go-to-action time.

With the use of other tools of design thinking such as mind mapping and the learning launch, me  and my company now have a better understanding of what is required and how to reach the  destination with just taking some baby steps. With the insights developed from the first learning  launch, our team is ready to review and implement this into the next learning launches too in order  to reach the ultimate goal by launching in other parts of Africa. I am excited to use the other tools  of design thinking in the future assignments too.


Reflection- Learning Launch Selected Topic : Learning Launch Industry : Banking & Mobile Wallets Executive Summary : The tool I have taken up is Learning Launch ( Video ref : Learning Launch Tool ) . A learning launch is an experiment conducted in the marketplace quickly and inexpensively . It forms a bridge between customer co - creation and commercial rollout . This tool of design thinking has allowed me and my company to explore different opportunities in various marketplaces by not exposing ourselves to high risk and huge investments . Although we have been unsuccessful on a few occasions , the one such successful learning launch was exploring the use of mobile wallets in the African Continent . This white - paper is a snapshot of the adaptation of the learning launch concept in an attempt to reduce the percentage of under - banked population in Africa . The entire exercise gave us a lot more insight at a meek stage of the roll - out that now puts us in a better position to plan the vast launch better . Background : As a family company , we are a mobile - wallet business that wanted to create a change and disruption in the way money was moved and managed . The scope , as always , remains in developing countries that are in the pursuit of growth and innovation and have an evolving ecosystem opening doors for companies from across the world to launch their products . The Challenge : In our preparation for the experiment , we studied that the African Continent was a hugely under- banked market which was untapped by mobile wallets and mobile banking solutions . The number of bank branches in Africa per 100,000 people was just 8.85 , i.e. , 9 branches for every 100,000 people , compared to an average of 18.13 branches for every 100,000 people in other countries of the world . This was 2.04 times lesser than the world average . It was seriously lower in African Countries like Uganda ( 2.58 ) and C.A. Republic ( 0.68 ) . Some of the key reasons for the large under - banked population were : • Reliance on traditional banking models of branch networks • Inadequate systems • Socio - political factors Selection : Launching altogether in such a vast Continent like Africa would have been too big a challenge to tackle right from the start and hence , we used the tool of Learning Launch by taking the product only to Uganda to analyze the acceptance and market reaction since the rate of unbanked population was higher in Uganda than the other African Markets giving us a reasonably untapped space to explore . Reflection- Learning Launch Approach and Application : We had several brainstorming sessions and discussed different patterns and possibilities with the team . We came up with ideas which would benefit by reducing the risk and investment required . The main business idea was to introduce the mobile wallet in Uganda as well as to bring a revolution in the current situation . We broke down the entire launch plan in different stages as below : 1 . Market research - The first instinct was to hire a team of consultants in Uganda to learn the actual requirements , needs and the human behavior . 2 . Market Evaluation - Using the inputs gathered by the consultants via observation , interviews to our benefit , we learnt that most of the people did n’t have bank accounts and found it tough to leave their daily wages / jobs to open one and also did n’t come across like mobile banking previously . 3 . Market Entry – In order to combat the problem gaged by the consultants , we had now had to get to action . As a part of the learning launch : a. We first tied up with a bank in Kampala , the Capital of Uganda . This collaboration benefited us because the individuals of Kampala could open a bank count using the mobile wallet provided by us . Also , places where the bank did not have branches , the accounts were opened , and this helped a vast majority of the population to convert their smart phone into a bank in their palm . This phase took us just about a month following which , we were now ready for soft launch . b. We then segmented our target market by targeting only 3 % of the population ( 43,000 people ) at first just to see how the product performs based on the reaction of the public . It was critical for us to get the prototype running in the market with the target audience as quickly as possible . Insights : Upon launch , the initiative was largely accepted as it gave people a chance to get themselves a bank account set aside operating it remotely from their palms . We were successfully able to reach and convert 34 % ( 14,620 ) of the targeted audience . This was just a part of learning launch we had and were surprised by the overwhelming response from the audience . This tool of design thinking helped me ( and my team ) understand that it is n’t always necessary to have grand or an over the board budget in order to have a successful launch of the product . But doing it quickly , with a plan and with the right target audience helps you reduce the level of risk and investment and most importantly , quickens the go - to - action time . With the use of other tools of design thinking such as mind mapping and the learning launch , me and my company now have a better understanding of what is required and how to reach the destination with just taking some baby steps . With the insights developed from the first learning launch , our team is ready to review and implement this into the next learning launches too in order to reach the ultimate goal by launching in other parts of Africa . I am excited to use the other tools of design thinking in the future assignments too .