Reflection – Learning Launch

Challenge:

I work as a Digital Product Manager at a fintech and I manage various digital consumer lending products.   I manage a product called “eDebit” in which upfront credit is given in the wallet of the user and he  can utilize it across recharges, shopping, bill payments, other merchants etc. wherever our  organization’s wallet is accepted as a payment method. In order to take this product, the user has to  select the relevant amount and tenure (for EMI repayment) and authenticate himself through the Debit  Card. The challenge is to reduce the drop-offs in the funnel and increase the conversion for the Debit  EMI product. The project scope includes study of historical data, talking to actual users (customers) who  applied for the product but dropped-off within the journey at various stages, and prospective new users.  The project needs to be completed in 4 weeks and solution should include new features/UX to reduce  the drop-off and improve the funnel. The resources for the project include Product Manager (me),  Growth Manager and UX Designer. The focus will be to understand what the pain-points users are  encountering within the flow/journey and how to optimize the journey.

Selection:

We have selected the “Learning Launch” tool as we have already gone through other design thinking  tools. The idea is to quickly test our hypothesis/assumptions.

Application:

For our learning launch, we focused on the pain-points the users are encountering within the journey.  We want to test our assumption that by improving the user experience and adding relevant features we  would be able to improve the conversion and reduce the drop-offs. We conducted focus discussions  with our actual users who applied for the product and dropped-off within the journey. The discussion  included questions regarding existing flow, issues faced by customer and proposed flow. We completed  the entire exercise within the 3 weeks timeline.

Insight:

By using the learning launch tool, we could identify and test our assumptions. We had assumed that by  incorporating new features and improving the users we will be able to improve the conversion. Also, in  specific, we analysed the historic data and figured out that maximum users are dropping on the select  amount and tenure screen and the Authentication through card screen. Almost 90% of users who were  interviewed said that if the option to select any custom amount is provided instead of the current few  pre-defined amount options then they would be much more likely to proceed with the journey as it  gives them more control in selecting the relevant amount they actually need. Also, on the  authentication page, more than 80% of users interviewed said that they have to enter the complete card  details every-time they want to avail the product (5 input fields) and it would be much better if the card

details are saved so that the next time they want to avail the product they can quicky authenticate  themselves. As a next steps, our team will define the flow and UX for the two new features “Select  Custom Amount Option” and “Saved Card Option” and we will then push it for development and  subsequently launch these features.

Approach:

The “Learning Launch” is the appropriate tool for us as we have already used the other design thinking  tools in the past and moreover, we had some assumptions/hypothesis and we wanted to test these  assumptions. As mentioned above we will be going ahead with designing, developing and launching the  new features.


Reflection – Learning Launch Challenge : I work as a Digital Product Manager at a fintech and I manage various digital consumer lending products . I manage a product called “ eDebit ” in which upfront credit is given in the wallet of the user and he can utilize it across recharges , shopping , bill payments , other merchants etc . wherever our organization ’s wallet is accepted as a payment method . In order to take this product , the user has to select the relevant amount and tenure ( for EMI repayment ) and authenticate himself through the Debit Card . The challenge is to reduce the drop - offs in the funnel and increase the conversion for the Debit EMI product . The project scope includes study of historical data , talking to actual users ( customers ) who applied for the product but dropped - off within the journey at various stages , and prospective new users . The project needs to be completed in 4 weeks and solution should include new features / UX to reduce the drop - off and improve the funnel . The resources for the project include Product Manager ( me ) , Growth Manager and UX Designer . The focus will be to understand what the pain - points users are encountering within the flow / journey and how to optimize the journey . Selection : We have selected the “ Learning Launch ” tool as we have already gone through other design thinking tools . The idea is to quickly test our hypothesis / assumptions . Application : For our learning launch , we focused on the pain - points the users are encountering within the journey . We want to test our assumption that by improving the user experience and adding relevant features we would be able to improve the conversion and reduce the drop - offs . We conducted focus discussions with our actual users who applied for the product and dropped - off within the journey . The discussion included questions regarding existing flow , issues faced by customer and proposed flow . We completed the entire exercise within the 3 weeks timeline . Insight : By using the learning launch tool , we could identify and test our assumptions . We had assumed that by incorporating new features and improving the users we will be able to improve the conversion . Also , in specific , we analysed the historic data and figured out that maximum users are dropping on the select amount and tenure screen and the Authentication through card screen . Almost 90 % of users who were interviewed said that if the option to select any custom amount is provided instead of the current few pre - defined amount options then they would be much more likely to proceed with the journey as it gives them more control in selecting the relevant amount they actually need . Also , on the authentication page , more than 80 % of users interviewed said that they have to enter the complete card details every - time they want to avail the product ( 5 input fields ) and it would be much better if the card details are saved so that the next time they want to avail the product they can quicky authenticate themselves . As a next steps , our team will define the flow and UX for the two new features “ Select Custom Amount Option ” and “ Saved Card Option ” and we will then push it for development and subsequently launch these features . Approach : The “ Learning Launch ” is the appropriate tool for us as we have already used the other design thinking tools in the past and moreover , we had some assumptions / hypothesis and we wanted to test these assumptions . As mentioned above we will be going ahead with designing , developing and launching the new features .