How did I get here?
I aimed to enhance the product’s performance, and the key to achieving this was engaging in conversations with the product’s real users. Throughout the optimization process, my primary focus has been on our current product, meticulously assessing the needs of our direct users, and aligning our offerings with market expectations. Instead of delving into the unknown, my mission has been to enhance and refine. The research objective was clear: pinpoint the most valuable features for our users’ businesses and enhance them.
The core user needs
A recurring theme in discussions with bankers utilizing our platform was the desire for more extensive data regarding their customers’ transactions. The user story succinctly encapsulated this sentiment
“As a banker, I want detailed analytics on my customers to effortlessly monitor and analyze a wide range of financial data and transactions directly from my dashboard.”
Optimizing Financial Analytics
While focusing on optimizing the financial analytics feature, I observed that our existing functionality did not completely align with the preferences of bankers for their analytical toolkit. This insight prompted a realignment of our goals and objectives to better meet the specified demands and enhance the feature.
AARRR Framework Adoption
To maximize the benefits of this enhancement journey, I employed the AARRR Framework. This framework provided a comprehensive overview of the user journey, ensuring that product development consistently aligns with user desires and requirements.
Acquisition: How do bankers find this feature?
Activation: How do bankers engage this feature whenever they use it?
Retention: Do bankers keep using the feature regularly?
Referral: Do bankers tell others about this feature and recommend it?
Revenue: How much are bankers willing to pay for this feature?
Cross-Functional Collaboration: My role
- Conducted extensive research to grasp industry trends and user expectations, engaging directly with bankers to analyze user feedback and pinpoint specific needs, with a particular focus on detailed analytics.
- Facilitated seamless communication between users, stakeholders, and the development team, ensuring that product development aligns with both business goals and user expectations. Additionally, I prioritized features according to their business impact and user value, creating a roadmap that accurately reflected these priorities.
- Collaborating closely with cross-functional teams spanning data analytics, design, research, and engineering, I implemented systems for data-driven decision-making. I defined key metrics aligned with the AARRR Framework and ensured cohesive feature development. This approach guaranteed that the financial analytics feature met functional requirements and provided a user-friendly interface for data representation.
- Conducted a comprehensive risk assessment to identify potential operational, reputational, and legal risks associated with the financial analytics tool. Collaborated closely with the legal and compliance departments to understand and interpret all financial regulations affecting the product.
Growth
- In the upcoming quarter, as we launch our marketing campaigns, we foresee a substantial uptick of around 20% in the influx of new bankers utilizing our financial analytics tool to access and analyze comprehensive data about their users.
- We aim to achieve a strong user retention rate of 85% in the upcoming six months, with user-centric features facilitating sustained engagement.
- With forthcoming initiatives focused on community building, we anticipate a 30% increase in the referral rate, signaling a growing number of bankers recommending our financial analytics feature.
- In the coming year, we expect a 27% uptick in revenue generation as we enhance and broaden our range of features. This growth is fueled by an increased perceived value and users’ willingness to pay.
